-----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, NuVQscHMVZHQVbnrTm29jnBNME38+G4dPiHh0wJBsJ2TTSRiVp+ydIzB06ngiJTz YYTB8/qIZjxW3wNlMKXzqQ== 0000889812-95-000632.txt : 19951119 0000889812-95-000632.hdr.sgml : 19951119 ACCESSION NUMBER: 0000889812-95-000632 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951113 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTURY PENSION INCOME FUND XXIV CENTRAL INDEX KEY: 0000780590 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 942984976 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-15710 FILM NUMBER: 95589700 BUSINESS ADDRESS: STREET 1: 5665 NORTHSIDE DR CITY: ATLANTA STATE: GA ZIP: 30328 BUSINESS PHONE: 4049169090 MAIL ADDRESS: STREET 1: POST & HEYMANN STREET 2: 5665 NORTHSIDE DR NW CITY: ATLANTA STATE: GA ZIP: 30328 10-Q 1 QUARTERLY REPORT 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 September 30, 1995 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 0-15710 Century Pension Income Fund XXIV, A California Limited Partnership (Exact name of Registrant as specified in its charter) California 94-2984976 (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 5665 Northside Drive N.W., Ste. 370, Atlanta, Georgia 30328 (Address of principal executive office) (Zip Code) Registrant's telephone number, including area code (770) 916-9090 N/A Former name, former address and fiscal year, if changed since last report. Indicate by check mark whether 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_____ APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS: Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 12, 13, or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes _____ No _____ APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date __________________. 1 of 18 CENTURY PENSION INCOME FUND XXIV - FORM 10-Q - SEPTEMBER 30, 1995 A California Limited Partnership PART I - FINANCIAL INFORMATION Item 1. Financial Statements. Balance Sheets September 30, December 31, 1995 1994 Assets Cash and cash equivalents $ 2,072,000 $ 2,038,000 Other assets 218,000 185,000 Investments in unconsolidated joint ventures 7,588,000 7,681,000 Real Estate: Real estate 17,734,000 17,324,000 Accumulated depreciation (3,093,000) (2,764,000) ------------ ------------ Real estate, net 14,641,000 14,560,000 Deferred leasing commissions, net 140,000 102,000 ------------ ------------ Total assets $ 24,659,000 $ 24,566,000 ============ ============ Liabilities and Partners' Equity Accrued expenses and other liabilities $ 165,000 $ 154,000 ------------ ------------ Total liabilities 165,000 154,000 ------------ ------------ Commitments and Contingencies Partners' equity (deficit): General partner - (20,000) Limited partners (73, 341 units outstanding at September 30, 1995 and December 31, 1994) 24,494,000 24,432,000 ------------ ------------ Total partners' equity 24,494,000 24,412,000 ------------ ------------ Total liabilities and partners' equity $ 24,659,000 $ 24,566,000 ============ ============ See notes to financial statements. 2 of 18 CENTURY PENSION INCOME FUND XXIV - FORM 10-Q - SEPTEMBER 30, 1995 A California Limited Partnership Statements of Operations For the Nine Months Ended September 30, September 30, 1995 1994 Revenues: Rental $ 1,430,000 $ 1,311,000 Interest income 70,000 66,000 Equity in unconsolidated joint ventures' operations 481,000 220,000 ------------ ------------ Total revenues 1,981,000 1,597,000 ------------ ------------ Expenses: General and administrative 377,000 367,000 Depreciation 329,000 328,000 Operating 360,000 330,000 ------------ ------------ Total expenses 1,066,000 1,025,000 ------------ ------------ Net income $ 915,000 $ 572,000 ============ ============ Net income per limited partnership assignee unit $ 12.09 $ 7.69 ============ ============ Cash distributions per limited partnership assignee unit $ 11.25 $ 11.25 ============ ============ See notes to financial statements. 3 of 18 CENTURY PENSION INCOME FUND XXIV - FORM 10-Q - SEPTEMBER 30, 1995 A California Limited Partnership Statements of Operations For the Three Months Ended September 30, September 30, 1995 1994 ------------ ------------ Revenues: Rental $ 461,000 $ 469,000 Interest income 21,000 17,000 Equity in unconsolidated joint ventures' operations 148,000 122,000 ------------ ------------ Total revenues 630,000 608,000 ------------ ------------ Expenses: General and administrative 121,000 113,000 Depreciation 110,000 109,000 Operating 119,000 123,000 ------------ ------------ Total expenses 350,000 345,000 ------------ ------------ Net income $ 280,000 $ 263,000 ============ ============ Net income per limited partnership assignee unit $ 3.79 $ 3.56 ============ ============ Cash distributions per limited partnership assignee unit $ 3.75 $ 3.75 ============ ============ See notes to financial statements. 4 of 18 CENTURY PENSION INCOME FUND XXIV - FORM 10-Q - SEPTEMBER 30, 1995 A California Limited Partnership Statements of Cash Flows For the Nine Months Ended September 30, September 30, 1995 1994 Operating Activities: Net income $ 915,000 $ 572,000 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 357,000 340,000 Equity in unconsolidated joint ventures' operations (481,000) (220,000) Provision for doubtful receivables - 1,000 Leasing commissions paid (66,000) (44,000) Changes in operating assets and liabilities: Other assets (33,000) (66,000) Accrued expenses and other liabilities 11,000 5,000 ------------ ------------ Net cash provided by operating activities 703,000 588,000 ------------ ------------ Investing Activities: Additions to real estate (410,000) (46,000) Unconsolidated joint venture distributions received 574,000 150,000 Proceeds from cash investments - 1,283,000 ------------ ------------ Net cash provided by investing activities 164,000 1,387,000 ------------ ------------ Financing Activities: Cash distributions to partners (833,000) (833,000) ------------ ------------ Cash (used in) financing activities (833,000) (833,000) Increase in Cash and Cash Equivalents 34,000 1,142,000 Cash and Cash Equivalents at Beginning of Period 2,038,000 1,036,000 ------------ ------------ Cash and Cash Equivalents at End of Period $ 2,072,000 $ 2,178,000 ============ ============ See notes to financial statements. 5 of 18 CENTURY PENSION INCOME FUND XXIV - FORM 10-Q - SEPTEMBER 30, 1995 A California Limited Partnership NOTES TO FINANCIAL STATEMENTS 1. General The accompanying financial statements, footnotes and discussions should be read in conjunction with the financial statements, related footnotes and discussions contained in the Partnership's Annual Report for the year ended December 31, 1994. The financial information contained herein is unaudited. In the opinion of management, however, all adjustments necessary for a fair presentation of such financial information have been included. All adjustments are of a normal recurring nature. The results of operations for the nine and three months ended September 30, 1995 and 1994 are not necessarily indicative of the results to be expected for the full year. On August 17, 1995, the stockholders of National Property Investors, Inc. ("NPI, Inc."), the sole shareholder of NPI Equity Investments II, Inc. ("NPI Equity"), the entity which controls Fox Capital Management Corporation, the managing general partner of the Partnership's general partner, entered into an agreement to sell to IFGP Corporation, an affiliate of Insignia Financial Group, Inc. ("Insignia"), all of the issued and outstanding stock of NPI, Inc. The sale of the stock is subject to the satisfaction of certain conditions and is scheduled to close in January 1996. 2. Transactions with Related Parties (a) An affiliate of NPI, Inc. received reimbursements of administrative expenses amounting to $72,000 and $71,000 during the nine months ended September 30, 1995 and 1994, respectively. These reimbursements are included in general and administrative expenses. (b) During the nine months ended September 30, 1995 and 1994, an affiliate of NPI, Inc. was paid a $16,000 and a $10,000 fee ($5,000 and $3,000 allocated to the Partnership, respectively) relating to successful real estate tax appeals on the Partnership's Coral Palm Plaza and Minneapolis Business Park joint venture properties. These fees are included in operating expenses. (c) The general partner is entitled to receive a partnership management fee in the amount equal to 10 percent of cash available for distribution. For each of the nine month periods ended September 30, 1995 and 1994, the general partner received $93,000. These fees are included in general and administrative expenses. (d) In accordance with the partnership agreement, the general partner was allocated its one percent continuing interest in the Partnership's cash distributions (see Note 3). Net income has been allocated to the general partner in an amount equal to the amount of cash distributions received by the general partner which had not been previously allocated. 3. Distributions to Partners The Partnership distributed $833,000 in cash during each of the nine month periods ended September 30, 1995 and 1994 ($825,000 to limited partners and $8,000 to the general partner). 6 of 18 CENTURY PENSION INCOME FUND XXIV - FORM 10-Q - SEPTEMBER 30, 1995 A California Limited Partnership NOTES TO FINANCIAL STATEMENTS 4. Equity in Unconsolidated Joint Ventures' Operations At the Partnership's unconsolidated joint venture property, Coral Palm Plaza, management accepted a lease buy-out of $800,000 in December 1994 from a significant tenant which occupied 27,000 square feet (and was received in 1995). During June 1995, management re-leased 20,000 square feet of the unoccupied space, on similar terms, and recognized a portion of the lease buy-out in the amount of $517,000 ($172,000 allocated to the Partnership). During September 1995, management re-leased the remaining 7,000 square feet of the unoccupied space, on similar terms, and recognized the remaining portion of the lease buy-out in the amount of $266,000 ($89,000 allocated to the Partnership). During 1994, $17,000 of the lease buy-out was recognized as rental income. 7 of 18 CENTURY PENSION INCOME FUND XXIV - FORM 10-Q - SEPTEMBER 30, 1995 A California Limited Partnership NOTES TO FINANCIAL STATEMENTS 5. Investment in Unconsolidated Joint Ventures Registrant has investments in two unconsolidated joint ventures, Coral Palm Plaza Joint Venture and Minneapolis Business Parks Joint Venture. The following are the condensed balance sheets as of September 30, 1995 and December 31, 1994 and condensed statements of operations for the nine and three months ended September 30, 1995 and 1994 of Coral Palm Plaza Joint Venture. CORAL PALM JOINT VENTURE CONDENSED BALANCE SHEETS September 30, December 31, 1995 1994 Assets Cash and cash equivalents $ 213,000 $ 239,000 Receivables and other assets 91,000 881,000 Real Estate: Real estate 16,130,000 16,065,000 Accumulated depreciation (2,982,000) (2,829,000) Allowance for impairment of value (7,091,000) (7,091,000) ------------ ----------- Real estate, net 6,057,000 6,145,000 Deferred leasing commissions, net 116,000 87,000 ----------- ----------- Total assets $ 6,477,000 $ 7,352,000 =========== =========== Liabilities and partners' equity Accrued expenses and other liabilities $ 200,000 $ 844,000 ----------- ----------- Total liabilities 200,000 844,000 ----------- ----------- Commitments and Contingencies Partners' equity: Century Pension Income Fund XXIII 4,185,000 4,339,000 Century Pension Income Fund XXIV 2,092,000 2,169,000 ---------- ---------- Total partners' equity 6,277,000 6,508,000 ---------- ---------- Total liabilities and partners' equity $6,477,000 $7,352,000 ========== ========== 8 of 18 CENTURY PENSION INCOME FUND XXIV - FORM 10-Q - SEPTEMBER 30, 1995 A California Limited Partnership NOTES TO FINANCIAL STATEMENTS 5. Investment in Unconsolidated Joint Ventures (Continued) CORAL PALM JOINT VENTURE CONDENSED STATEMENTS OF OPERATIONS For the Nine Months Ended September 30, September 30, 1995 1994 Revenues Rental $ 665,000 $ 775,000 Other 700,000 - ------------ ------------ 1,365,000 775,000 Expenses 568,000 648,000 Net income $ 797,000 $ 127,000 ============ ============ Allocation of net income: CPIF XXIII $ 531,000 $ 85,000 CPIF XXIV 266,000 42,000 ------------ ------------ Net income $ 797,000 $ 127,000 ============ ============ For the Three Months Ended September 30, September 30, 1995 1994 Revenues Rental $ 236,000 $ 284,000 Other 183,000 - ------------ ------------ 419,000 284,000 Expenses 210,000 197,000 ------------ ------------ Net income $ 209,000 $ 87,000 ============ ============ Allocation of net income: CPIF XXIII $ 139,000 $ 58,000 CPIF XXIV 70,000 29,000 ------------ ------------ Net income $ 209,000 $ 87,000 ============ ============ 9 of 18 CENTURY PENSION INCOME FUND XXIV - FORM 10-Q - SEPTEMBER 30, 1995 A California Limited Partnership NOTES TO FINANCIAL STATEMENTS 5. Investment in Unconsolidated Joint Ventures (Continued) The following are the condensed balance sheets as of September 30, 1995 and December 31, 1994 and condensed statements of operations for the nine and three months ended September 30, 1995 and 1994 of Minneapolis Business Parks Joint Venture. MINNEAPOLIS BUSINESS PARKS JOINT VENTURE CONDENSED BALANCE SHEETS September 30, December 31, 1995 1994 Assets Cash and cash equivalents $ 891,000 $ 648,000 Other assets 707,000 134,000 Real Estate: Real estate 20,341,000 20,214,000 Accumulated depreciation (4,452,000) (3,999,000) ------------ ------------ Real estate, net 15,889,000 16,215,000 Deferred leasing commissions, net 245,000 214,000 ------------ ------------ Total assets $ 17,732,000 $ 17,211,000 ============ ============ Liabilities and partners' equity Accrued expenses and other liabilities $ 720,000 $ 151,000 ------------ ------------ Total liabilities 720,000 151,000 ------------ ------------ Commitments and Contingencies Partners' equity: Century Pension Income Fund XXIII 11,516,000 11,548,000 Century Pension Income Fund XXIV 5,496,000 5,512,000 ------------ ------------ Total partners' equity 17,012,000 17,060,000 ------------ ------------ Total liabilities and partners' equity $ 17,732,000 $ 17,211,000 ============ ============ 10 of 18 CENTURY PENSION INCOME FUND XXIV - FORM 10-Q - SEPTEMBER 30, 1995 A California Limited Partnership NOTES TO FINANCIAL STATEMENTS 5. Investment in Unconsolidated Joint Ventures (Continued) MINNEAPOLIS BUSINESS PARKS JOINT VENTURE CONDENSED STATEMENTS OF OPERATIONS For the Nine Months Ended September 30, September 30, 1995 1994 Rental and other revenues $ 2,178,000 $ 2,051,000 Expenses 1,505,000 1,495,000 ------------ ------------ Net income $ 673,000 $ 556,000 ============ ============ Allocation of net income: CPIF XXIII $ 458,000 $ 378,000 CPIF XXIV 215,000 178,000 ------------ ------------ Net income $ 673,000 $ 556,000 ============ ============ For the Three Months Ended September 30, September 30, 1995 1994 Rental and other revenues $ 743,000 $ 789,000 Expenses 498,000 498,000 ------------ ------------ Net income $ 245,000 $ 291,000 ============ ============ Allocation of net income: CPIF XXIII $ 167,000 $ 198,000 CPIF XXIV 78,000 93,000 ------------ ------------ Net income $ 245,000 $ 291,000 ============ ============ 11 of 18 CENTURY PENSION INCOME FUND XXIV - FORM 10-Q - SEPTEMBER 30, 1995 A California Limited Partnership Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. This item should be read in conjunction with the Financial Statements and other Items contained elsewhere in this Report. Liquidity and Capital Resources Registrant's real estate properties consist of three shopping center properties and investments in two unconsolidated joint ventures. The three shopping centers are located in South Carolina, North Carolina and Georgia. The unconsolidated joint venture properties include one shopping center in Florida and three business parks in Minnesota. The properties are leased to tenants subject to leases with remaining lease terms of up to twenty years. Registrant receives rental income from its properties and is responsible for operating expenses, administrative expenses and capital improvements. All of Registrant's properties, except for Butler Square Center, generated positive cash flow for the nine months ended September 30, 1995. Registrant's Butler Square Center property generated negative cash flow due to extensive tenant improvements. Registrant uses working capital reserves provided from any undistributed cash flow from operations and distributions from unconsolidated joint ventures as its primary source of liquidity. For the long term, cash from operations and distributions from unconsolidated joint ventures will remain Registrant's primary source of liquidity. Registrant distributed $833,000 to partners (including $8,000 to the general partner) during the nine months ended September 30, 1995 and 1994. Distributions are expected to continue in the near future. The level of such distributions will be contingent upon successful future operations. The level of liquidity based on cash and cash equivalents experienced a $34,000 increase at September 30, 1995, as compared to December 31, 1994. Registrant's $574,000 of distributions received from unconsolidated joint ventures (investing activities) and the $703,000 of net cash provided by operating activities were only partially offset by the $410,000 of improvements to real estate (investing activities) and $833,000 of cash distributions to partners (financing activities). The improvements to real estate were primarily at Registrant's Butler Square Center property relating to a significant tenant's expansion of its existing space. Registrant renegotiated the tenant's lease terms to expand the tenant's existing space by 6,500 square feet, extend the expiration date of its lease from August 31, 2007 to April 30, 2015 and include Registrant's payment of $250,000 for tenant improvements. All other increases (decreases) in certain assets and liabilities are the result of the timing of receipt and payment of various operating activities. Working capital reserves are invested in a money market account or in repurchase agreements secured by United States Treasury obligations. At Registrant's joint venture property, Coral Palm Plaza, management accepted a lease buy-out of $800,000 in December 1994 from a significant tenant that had occupied 27,000 square feet, (and was received in 1995). During June 1995, management re-leased 20,000 square feet of the unoccupied space, on similar terms, and recognized a portion of the lease buy-out in the amount of $517,000 ($172,000 allocated to the Partnership). During September 1995, management re-leased the remaining 7,000 square feet of the unoccupied space, on similar terms, and recognized the remaining portion of the lease buy-out in the amount of $266,000 ($89,000 allocated to the Partnership). In addition, management is currently negotiating a lease buy-out with a tenant which 12 of 18 CENTURY PENSION INCOME FUND XXIV - FORM 10-Q - SEPTEMBER 30, 1995 A California Limited Partnership Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. Liquidity and Capital Resources (Continued) occupies 11,300 square feet of space at Registrant's Coral Palm Plaza joint venture property for approximately $300,000. In anticipation of a successful buy-out, management is attempting to find a replacement tenant. The Managing General Partner believes that if market conditions remain relatively stable, cash flow from operations, when combined with working capital reserves, will be sufficient to fund required capital improvements and the current level of distributions for the next twelve months and the foreseeable future. On August 17, 1995, Insignia Financial Group, Inc. and certain of its affiliates (collectively, "Insignia") entered into agreements pursuant to which (i) the stockholders of NPI, Inc., the sole shareholder of NPI Equity, agreed to sell to Insignia all of the issued and outstanding stock of NPI, Inc., and (ii) Insignia would acquire all of the interests in NPI- AP Management, L.P., the property manager at Registrant's residential properties. The consummation of these transactions is subject to the satisfaction of certain conditions (including, third party consents and other conditions not within the control of the parties to the agreement) and is scheduled to close in January 1996. Upon closing, it is expected that Insignia will elect new officers and directors of NPI Equity. Insignia is a fully integrated real estate service company specializing in the ownership and operation of securitized real estate assets. According to Commercial Property News and the National Multi-Housing Council, since 1992 Insignia has been the largest property manager in the United States. The Managing General Partner does not believe these transactions will have a significant effect on Registrant's liquidity or results of operation. Real Estate Market The national real estate market has suffered from the effects of the real estate recession including, but not limited to, a downward trend in market values of existing properties. In addition, the bailout of the savings and loan associations and sales of foreclosed properties by auction reduced market values and caused a further restriction on the ability to obtain credit. As a result, Registrant's ability to sell its properties may be restricted. These factors caused a decline in market property values and serve to reduce market rental rates and/or sales prices. Furthermore, management believes that the emergence of new institutional purchasers, including real estate investment trusts and insurance companies, should create a more favorable market value for Registrant's properties in the future. Results of Operations Nine Months Ended September 30, 1995 vs. September 30, 1994 Operating results improved by $343,000 for the nine months ended September 30, 1995, as compared to 1994, due to an increase in revenues of $384,000, which was only slightly offset by an increase in expenses of $41,000. Revenues increased by $384,000 for the nine months ended September 30, 1995, as compared to 1994, due to increases in equity in unconsolidated joint venture operations of $261,000, rental income of $119,000 and interest income of $4,000. Equity in unconsolidated joint ventures' operations increased 13 of 18 CENTURY PENSION INCOME FUND XXIV - FORM 10-Q - SEPTEMBER 30, 1995 A California Limited Partnership Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. Nine Months Ended September 30, 1995 vs. September 30, 1994 (Continued) due to increases in occupancy at Registrant's Alpha Business Center and Westpoint Business Center joint venture properties and the recognition of the termination payment accepted from a major tenant at Coral Palm Plaza, which was only slightly offset by a decrease in occupancy at Registrant's Plymouth Service Center and Coral Palm Plaza joint venture properties. Rental income increased primarily due to increased rental rates and occupancy at Registrant's Butler Square Center property. Interest income increased slightly due to the effect of higher interest rates, which was partially offset by a decrease in average working capital reserves available for investment. Expenses increased by $41,000 for the nine months ended September 30, 1995, as compared to 1994, due to increases in operating expenses of $30,000, general and administrative expenses of $10,000 and depreciation expense of $1,000. Operating expenses increased slightly at all of Registrant's properties, which included an increase in amortization of leasing commissions at Registrant's Butler Square Center property. General and administrative and depreciation expenses remained relatively constant. Three Months Ended September 30, 1995 vs. September 30, 1994 Operating results improved by $17,000 for the three months ended September 30, 1995, as compared to 1994, due to an increase in revenues of $22,000, which was only slightly offset by an increase in expenses of $5,000. Revenues increased by $22,000 for the three months ended September 30, 1995, as compared to 1994, due to increases in equity in unconsolidated joint venture operations of $26,000 and interest income of $4,000, which were only partially offset by a decrease in rental income of $8,000. Equity in unconsolidated joint ventures' operations increased due to an increase in occupancy at Registrant's Westpoint Business Center joint venture property and the recognition of the remaining portion of the termination payment accepted from a major tenant at Coral Palm Plaza in December 1994, which was substantially offset by decreases in occupancy at Registrant's Plymouth Service Center, Alpha Business Center and Coral Palm Plaza joint venture properties. Interest income increased slightly due to the effect of higher interest rates, which was partially offset by a decrease in average working capital reserves available for investment. Rental revenue remained relatively constant. Expenses increased by $5,000 for the three months ended September 30, 1995, as compared to 1994, due to increases in general and administrative expenses of $8,000 and depreciation expense of $1,000, which were partially offset by a decrease in operating expenses of $4,000. General and administrative, operating and depreciation expenses remained relatively constant. 14 of 18 CENTURY PENSION INCOME FUND XXIV - FORM 10-Q - SEPTEMBER 30, 1995 A California Limited Partnership Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. Properties A description of the properties in which Registrant has an ownership interest during the period covered by this Report, along with occupancy data, follows: CENTURY PENSION INCOME FUND XXIV, A California Limited Partnership OCCUPANCY SUMMARY
Average Occupancy Rate(%) Date Nine Months Ended Three Months Ended of Square September 30, September 30, Name and Location Purchase Type Footage 1995 1994 1995 1994 Butler Square Center 01/88 Shopping 80,000 94 78 95 80 Mauldin, South Carolina Center Kenilworth Commons Shopping Center 08/88 Shopping 38,000 100 100 100 100 Charlotte, North Carolina Center Plantation Pointe Shopping Center 04/89 Shopping 63,000 98 98 98 98 Smyrna, Georgia Center Coral Palm Plaza Joint Venture: Coral Palm Plaza (1) 01/87 Shopping 135,000 73 86 80 87 Coral Springs, Florida Center Minneapolis Business Parks Joint Venture: Alpha Business Center (2) 05/87 Business 172,000 92 88 88 91 Bloomington, Minnesota Park Plymouth Service Center (2) 05/87 Business 74,000 95 98 85 100 Plymouth, Minnesota Park Westpoint Business Center (2) 05/87 Business 161,000 92 76 95 83 Plymouth, Minnesota Park
(1) Property is owned by a joint venture between Registrant, which has a 33 and one-third percent interest, and an affiliated partnership. (2) Property is owned by a joint venture between Registrant, which has a 32 percent interest, and an affiliated partnership. 15 of 18 CENTURY PENSION INCOME FUND XXIV - FORM 10-Q - SEPTEMBER 30, 1995 A California Limited Partnership PART II - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K (a) Exhibits 2. NPI, Inc. Stock Purchase Agreement dated as of August 17, 1995 incorporated by reference to Exhibit 2 to Registrant's Current Report on Form 8-K filed with the Securities and Exchange Commission on August 24, 1995. (b) Report on Form 8-K On August 24, 1995, Registrant filed a Current Report on Form 8-K with the Securities and Exchange Commission with respect to the sale of the stock of NPI, Inc. (Item 1, Change in Control). 16 of 18 CENTURY PENSION INCOME FUND XXIV - FORM 10-Q - SEPTEMBER 30, 1995 A California Limited Partnership SIGNATURE 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 XXIV, A California Limited Partnership By: FOX PARTNERS VI, Its General Partner By: FOX CAPITAL MANAGEMENT CORPORATION, A General Partner /S/ ARTHUR N. QUELER Secretary/Treasurer and Director (Principal Financial Officer) 17 of 18 CENTURY PENSION INCOME FUND XXIV - FORM 10-Q - SEPTEMBER 30, 1995 A California Limited Partnership EXHIBIT INDEX Exhibit Page No. NPI, Inc. Stock Purchase Agreement * dated August 17, 1995 * Incorporated by reference to Exhibit 2 to Registrant's Current Report on Form 8-K filed with the Securities and Exchange Commission on August 24, 1995. 18 of 18 EX-27 2 FINANCIAL DATA SCHEDULE
5 The schedule contains summary financial information extracted from Century Pension Income Fund XXIV and is qualified in its entirety by reference to such financial statements. 1 9-MOS DEC-31-1995 JAN-01-1995 SEP-30-1995 2,072,000 0 0 0 0 0 17,734,000 (3,093,000) 24,659,000 0 0 0 0 0 24,494,000 24,659,000 0 1,911,000 0 689,000 0 0 0 915,000 0 915,000 0 0 0 915,000 12.09 12.09
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