-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, mFWffDvH7qa9kea85AAz2YS4Yu+H2uDtkzcxrgPyQ7tYqgZH2Rjd0Yz21LYSMyJS cj3voRxssKZwcbIvAskjtg== 0000810481-95-000002.txt : 19950530 0000810481-95-000002.hdr.sgml : 19950530 ACCESSION NUMBER: 0000810481-95-000002 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950331 FILED AS OF DATE: 19950515 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MCNEIL REAL ESTATE FUND XXVII LP CENTRAL INDEX KEY: 0000810481 STANDARD INDUSTRIAL CLASSIFICATION: 6532 IRS NUMBER: 330214387 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-17173 FILM NUMBER: 95538973 BUSINESS ADDRESS: STREET 1: 13760 NOEL ROAD STREET 2: SUITE 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 PRIME PLUS L P 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 March 31, 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 0-17173 MCNEIL REAL ESTATE FUND XXVII, L.P. - - - - ----------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 33-0214387 - - - - ----------------------------------------------------------------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 13760 Noel Road, Suite 700, LB70, Dallas, Texas, 75240 - - - - ----------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) Registrant's telephone number, including area code (214) 448-5800 -------------------------- Indicate by check mark whether the registrant, (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days. Yes X No --- --- MCNEIL REAL ESTATE FUND XXVII, L.P. PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS - - - - ------ -------------------- BALANCE SHEETS (Unaudited)
March 31, December 31, 1995 1994 ---------- ---------- ASSETS - - - - ------ Real estate investments: Land..................................................... $ 5,387,855 $ 5,387,855 Building and improvements................................ 26,186,354 26,072,480 ---------- ---------- 31,574,209 31,460,335 Less: Accumulated depreciation and amortization......... (5,909,359) (5,538,346) ---------- ---------- 25,664,850 25,921,989 ---------- ---------- Mortgage loan investments................................... 1,757,253 1,821,352 Less: Allowance for impairment.............................. (303,626) (349,325) ---------- ---------- 1,453,627 1,472,027 Mortgage loan investments - affiliates...................... 2,235,902 3,207,902 Cash and cash equivalents .................................. 9,200,884 7,196,410 Cash segregated for security deposits and repurchase........ of limited partnership units............................. 71,829 404,312 Accounts receivable......................................... 523,822 525,287 Accrued interest receivable................................. 21,080 49,373 Deferred borrowing costs, net of accumulated amortization of $102,183 and $91,612 at March 31, 1995 and December 31, 1994, respectively................. 193,795 204,366 Prepaid expenses and other assets........................... 496,733 520,187 ---------- ---------- $39,862,522 $39,501,853 ========== ========== LIABILITIES AND PARTNERS' EQUITY (DEFICIT) - - - - ----------------------------------------- Mortgage note payable....................................... $6,689,873 $ 6,726,266 Accounts payable and accrued expenses....................... 76,053 72,431 Accrued property taxes...................................... 200,481 - Payable to limited partners................................. - 332,931 Payable to affiliates....................................... 265,150 227,189 Security deposits and deferred rental income................ 223,539 194,886 ---------- ---------- 7,455,096 7,553,703 ---------- ---------- Partners' equity (deficit): Limited partners - 10,000,000 limited partnership units authorized; 5,310,877 limited partnership units outstanding at March 31, 1995 and December 31, 1993...... 32,560,280 32,105,597 General Partner.......................................... (152,854) (157,447) ---------- ---------- 32,407,426 31,948,150 ---------- ---------- $39,862,522 $39,501,853 ========== ==========
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 XXVII, L.P. STATEMENTS OF OPERATIONS (Unaudited)
Three Months Ended March 31, ---------------------------- 1995 1994 --------- --------- Revenue: Rental revenue............................................... $1,931,262 $1,811,367 Interest income on mortgage loan investments................. 53,772 30,602 Interest income on mortgage loan investments-affiliates...... 93,971 65,412 Other interest income........................................ 89,943 31,351 Property tax refund.......................................... 30,515 - --------- --------- Total revenue.............................................. 2,199,463 1,938,732 --------- --------- Expenses: Interest..................................................... 186,878 190,254 Depreciation and amortization................................ 371,013 352,653 Property taxes............................................... 219,920 197,994 Personnel costs.............................................. 182,492 150,531 Utilities.................................................... 109,917 111,575 Repairs and maintenance...................................... 129,951 123,279 Property management fees - affiliates........................ 108,127 100,692 Other property operating expenses............................ 164,643 161,579 General and administrative................................... 7,793 34,355 General and administrative - affiliates...................... 259,453 245,859 --------- --------- Total expenses............................................. 1,740,187 1,668,771 --------- --------- Net income..................................................... $ 459,276 $ 269,961 ========= ========= Net income allocable to limited partners....................... $ 454,683 $ 267,261 Net income allocable to General Partner........................ 4,593 2,700 --------- --------- Net income..................................................... $ 459,276 $ 269,961 ========= ========= Net income per weighted average hundred limited partnership units............................................ $ 8.56 $ 5.00 ========= =========
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 XXVII, L.P. STATEMENTS OF PARTNERS' EQUITY (DEFICIT) (Unaudited) For the Three Months Ended March 31, 1995 and 1994
Total General Limited Partners' Partner Partners Equity -------- ---------- ---------- Balance at December 31, 1993.............. $(171,003) $31,096,521 $30,925,518 Net income................................ 2,700 267,261 269,961 -------- ---------- ---------- Balance at March 31, 1994................. $(168,303) $31,363,782 $31,195,479 ======== ========== ========== Balance at December 31, 1994.............. $(157,447) $32,105,597 $31,948,150 Net income................................ 4,593 454,683 459,276 -------- ---------- ---------- Balance at March 31, 1995................. $(152,854) $32,560,280 $32,407,426 ======== =========== ==========
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 XXVII, L.P. STATEMENTS OF CASH FLOWS (Unaudited) Increase in Cash and Cash Equivalents
Three Months Ended March 31, --------------------------------- 1995 1994 --------- ---------- Cash flows from operating activities: Cash received from tenants........................ $1,945,420 $1,803,901 Cash paid to suppliers............................ (552,063) (699,998) Cash paid to affiliates........................... (329,619) (469,811) Interest received................................. 95,554 71,107 Interest received from affiliates................. 124,726 82,653 Interest paid..................................... (176,307) (179,683) Property taxes paid............................... (19,439) (51,363) Property tax refund............................... 30,515 - --------- --------- Net cash provided by operating activities............ 1,118,787 556,806 --------- --------- Cash flows from investing activities: Additions to real estate investments.............. (113,874) (59,810) Proceeds from collection of mortgage loan investments..................................... 64,099 - Mortgage loan investments - affiliates............ - (93,830) Proceeds from collection of mortgage loan investments - affiliates........................ 972,000 1,603,135 --------- --------- Net cash provided by investing activities............ 922,225 1,449,495 --------- --------- Cash flows from financing activities: Net decrease in cash segregated for repurchase of limited partnership units.................... 332,786 249,536 Principal payments on mortgage note payable......................................... (36,393) (33,016) Repurchase of limited partnership units........... (332,931) (332,933) --------- --------- Net cash used in financing activities................ (36,538) (116,413) --------- --------- Net increase in cash and cash equivalents............ 2,004,474 1,889,888 Cash and cash equivalents at beginning of period............................................ 7,196,410 4,580,636 --------- --------- Cash and cash equivalents at end of period........... $9,200,884 $6,470,524 ========= =========
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 XXVII, L.P. STATEMENTS OF CASH FLOWS (Unaudited) Reconciliation of Net Income to Net Cash Provided by Operating Activities
Three Months Ended March 31, --------------------------------- 1995 1994 --------- --------- Net income........................................... $ 459,276 $ 269,961 --------- --------- Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization..................... 371,013 352,653 Amortization of deferred borrowing costs.......... 10,571 10,571 Allowance for impairment of mortgage loan investment...................................... (45,699) - Changes in assets and liabilities: Cash segregated for security deposits........... (303) (17,594) Accounts receivable............................. 1,465 (2,514) Accrued interest receivable..................... 28,293 26,395 Prepaid expenses and other assets............... 23,454 (52,894) Accounts payable and accrued expenses........... 3,622 (95,971) Accrued property taxes.......................... 200,481 146,631 Payable to affiliates........................... 37,961 (123,260) Security deposits and deferred rental income........................................ 28,653 42,828 --------- --------- Total adjustments............................. 659,511 286,845 --------- --------- Net cash provided by operating activities............ $1,118,787 $ 556,806 ========= =========
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 XXVII, L.P. Notes to Financial Statements March 31, 1995 (Unaudited) NOTE 1. - - - - ------ McNeil Real Estate Fund XXVII, L.P. (the "Partnership"), formerly known as Southmark Prime Plus, L.P., was organized by affiliates of Southmark Corporation ("Southmark") on January 16, 1987, as a limited partnership under the provisions of the Delaware Revised Uniform Limited Partnership Act to make short-term loans to affiliates of the general partner. 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, 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, 1995 are not necessarily indicative of the results to be expected for the year ending December 31, 1995. 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, 1994, and the notes thereto, as filed with the Securities and Exchange Commission, which is available upon request by writing to McNeil Real Estate Fund XXVII, L.P., c/o McNeil Real Estate Management, Inc., Investor Services, 13760 Noel Road, Suite 700, Dallas, Texas 75240. NOTE 3. - - - - ------ Certain prior period amounts have been reclassified to conform to the current period presentation. NOTE 4. - - - - ------ The Partnership pays property management fees equal to 5% of the gross rental receipts for its mini-storage warehouses 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 mini-storage warehouses and commercial properties and leasing services for its mini-storage warehouses. 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 $30 per gross square foot for mini-storage warehouses 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, ------------------------------- 1995 1994 ------- ------- Property management fees............................. $108,127 $100,692 Charged to general and administrative - affiliates: Partnership administration........................ 107,999 104,537 Asset management fee.............................. 151,454 141,322 ------- ------- $367,580 $346,551 ======= =======
Under the terms of its amended partnership agreement, the Partnership is expressly permitted to make loans to affiliates of the General Partner, so long as such loans meet certain conditions, including that such loans bear interest at a rate of prime plus 2.5%, or prime plus 3.5% if the loan is junior to other indebtedness. These loans are secured by income-producing real estate and may be either junior or senior to other indebtedness secured by such property. The Partnership received repayments from affiliates of $972,000 during the first three months of 1995. The Partnership loaned $93,830 and received repayments from affiliates of $1,603,135 during the first three months of 1994. In order to induce the Partnership to lend funds to affiliates of the General Partner, the General Partner agreed to pay (i) the difference between the interest rate required by the Partnership's amended partnership agreement to be charged to affiliates and the interest rate actually paid by certain of those affiliates, and (ii) all points (1.5% or 2% if the loan is junior to other indebtedness), closing costs and expenses. The Partnership recorded interest income on affiliate loans of $93,971 and $65,412 for the three months ended March 31, 1995 and 1994, respectively, of which $6,719 and $3,745, respectively, was paid or payable by the General Partner. In addition, the General Partner paid in advance the interest which would be owed for one year pursuant to this arrangement which totaled $4,300 for the three months ended March 31, 1994. The Partnership repaid $42,500 of such prepaid interest to the General Partner in connection with loans repaid during the first three months of 1994. No such repayment was made during the first three months of 1995. Payable to affiliates at March 31, 1995 and December 31, 1994 consisted primarily of a performance incentive fee of $141,647 accrued in prior years, Partnership general and administrative expenses, asset management fees and prepaid interest. Except for the performance incentive fee and prepaid interest, all accrued fees are due and payable from current operations. NOTE 5. - - - - ------ The Partnership filed claims with the United States Bankruptcy Court for the Northern District of Texas, Dallas Division (the "Bankruptcy Court") against Southmark for damages relating to improper overcharges, breach of contract and breach of fiduciary duty. The Partnership settled these claims in 1991, and such settlement was approved by the Bankruptcy Court. An Order Granting Motion to Distribute Funds to Class 8 Claimants dated April 14, 1995 was issued by the Bankruptcy Court. In accordance with the Order, in May 1995 the Partnership received in full satisfaction of its claims, $984,649 in cash, and common and preferred stock in the reorganized Southmark currently valued at approximately $300,000, which amounts represent the Partnership's pro-rata share of Southmark assets available for Class 8 Claimants. NOTE 6. - - - - ------ On May 9, 1995, the Partnership paid down its mortgage note payable by $4,675,000. 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, 1994. The Partnership reported net income for the first three months of 1995 of $459,276 as compared to $269,961 for the first three months of 1994. Revenues were $2,199,463 for the first three months of 1995, up from $1,938,732 for the same period in 1994. Expenses were $1,740,187 in 1995 as compared to $1,668,771 in 1994. Net cash provided by operating activities was $1,118,787 for the three months ended March 31, 1995, a change from $556,806 during the same three month period in 1994. The Partnership expended $113,874 for capital improvements, $36,393 for principal payments on the mortgage note payable and $145 for the repurchase of limited partnership units (net of a decrease in cash segregated for the repurchase of limited partnership units). The Partnership received $972,000 for repayment of affiliate loans and $64,099 in collections of principal on mortgage loan investments to an unaffiliated borrower, resulting in a net increase in cash of $2,004,474 at March 31, 1995. RESULTS OF OPERATIONS - - - - --------------------- Revenue: Total revenue increased by $260,731 the first three months of 1995 as compared to the same period in the prior year. The increase was primarily due to an increase in rental revenue, as discussed below. Rental revenue for the three months ended March 31, 1995 increased by $119,895 as compared to the same period in 1994. The increase was mainly due to increases in occupancy at One Corporate Center III Office Building and AAA Sentry Mini-Storage. One Corporate Center III was 96% occupied at March 31, 1995 as compared to 88% at March 31, 1994, resulting in an increase in rental revenue of approximately $70,000. Rental revenue increased by approximately $25,000 at AAA Sentry as occupancy increased to 100% at the end of the first quarter of 1995 from 96% for the same period in 1994. Interest income on the Partnership's mortgage loan investments to an unaffiliated borrower (the A-Quality Mini-Storage loan) increased by $23,170 for the three months ended March 31, 1995 in relation to the respective period in the prior year. The increase was mainly due to an increase in the interest rate earned on the first lien loan which is based on the prime lending rate of Bank of America. Interest income on mortgage loans investments - affiliates increased by $28,559 for the three months ended March 31, 1995 as compared to the prior year. The increase was the result of higher interest rates earned on outstanding loans which are based on the prime lending rate of Bank of America. Other interest income for the three months ended March 31, 1995 increased by $58,592 as compared to the same period in the prior year. The increase was primarily the result of higher average cash balances available for short-term investment in 1995. The Partnership held $9.2 million of cash and cash equivalents at March 31, 1995 as compared to $6.5 million at March 31, 1994. In addition, there was a slight increase in interest rates earned on invested cash in 1995. In 1995, the Partnership received a $30,515 property tax refund for AAA Century Self Storage as a result of an appeal filed on behalf of the property. No such tax refund was received in the first quarter of 1994. Expenses: Total expenses increased by $71,416 for the first three months of 1995 as compared to the same period in the prior year, as discussed below. Property taxes increased by $21,926 for the three months ended March 31, 1995 in relation to the comparable period in the prior year. The increase was the result of an increase in the assessed taxable value of One Corporate Center I and III Office Buildings by taxing authorities. Personnel costs for the first three months of 1995 increased by $31,961 as compared to the first three months of 1994. The increase was due to an increase in compensation paid to on-site personnel at all of the properties. General and administrative expenses decreased by $26,562 for the three months ended March 31, 1995 as compared to the same period in 1994. In the first three months of 1994, the Partnership incurred approximately $23,000 more in legal expenses than in 1995. The majority of these expenses were attributable to a law suit against the borrower on the A-Quality Mini-Storage loan and a suit against the officers and directors of the original general partner and the Partnership's former auditors. LIQUIDITY AND CAPITAL RESOURCES - - - - ------------------------------- The Partnership generated $1,118,787 of cash through operating activities in the first quarter of 1995 as compared to $556,806 in the first quarter of 1994. The increase in 1995 was partially due to an increase in cash received from tenants (see discussion of the increase in rental revenue above). In addition, there was a decrease in cash paid to suppliers and cash paid to affiliates due to the timing of the payment of invoices at the end of the quarter. The Partnership expended $113,874 and $59,810 for capital improvements to its properties in 1995, and 1994, respectively. The increase in 1995 was mainly due to costs for replacing a roof at Military Trail Mini-Storage. In 1995, the Partnership received $64,099 in payments on its mortgage loan investment to an unaffiliated borrower. The loan was modified effective January 1994; however, no principal payments were received on the loan until April 1994. Prior to the modification, interest only from the excess cash flow of the property was paid on the loan. The Partnership collected principal on loans to affiliates (net of loans made) of $972,000 and $1,509,305 in the first three months of 1995 and 1994, respectively. Short-term liquidity: - - - - -------------------- At March 31, 1995, the Partnership held cash and cash equivalents of $9,200,884. 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 1995. The Partnership has budgeted $641,000 for necessary capital improvements for all properties in 1995 which is expected to be funded from available cash reserves or from operations of the properties. In May 1995, the Partnership paid down its mortgage note payable by $4,675,000. The Partnership is currently negotiating to secure a $5 million line of credit. If a line of credit is obtained, available cash reserves will be used to pay off the remaining balance of the Partnership's mortgage note payable. If this occurs, the Partnership will evaluate its cash reserves to determine when distributions to the partners will be resumed. Long-term liquidity: - - - - ------------------- The Partnership's only debt is not due until 1999. As previously discussed, the remaining balance of this loan may be paid off in 1995 if a line of credit is obtained. PART II. OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS - - - - ------ ----------------- Robert Lewis v. McNeil Real Estate Fund XXVII, L.P. and McNeil Partners, L.P., - - - - ------------------------------------------------------------------------------ Civil Action No. 13287 (Del. Ch.). This complaint alleged, among other things, that the General Partner caused the Partnership to loan money to affiliated partnerships at rates lower than the Partnership's cost of borrowing, which the plaintiff alleged constituted a breach of the General Partner's fiduciary duties. The complaint alleged that the affiliate loans were designed to enable the affiliated partnerships to continue in business so as to enable the General Partner to continue collecting fees from them. An answer to the complaint was filed on February 3, 1994, denying the material averments of wrongdoing and asserting affirmative defenses. In 1995, the plaintiff and the Partnership executed a Stipulation and Order of Dismissal, which dismissed the action without prejudice. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K - - - - ------ -------------------------------- (a) Exhibits.
Exhibit Number Document Description ------- -------------------- 4.2 Amended and Restated Partnership Agreement of McNeil XXVII, L.P. 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). 10. Mutual Release and Settlement Agreement between Southmark Storage Associates Limited Partnership and McNeil Real Estate Fund XXVII, L.P. 11. Statement regarding computation of Net Income per Hundred Limited Partnership Units. Net income per one hundred limited partnership units is computed by dividing net income income allocated to the limited partners by the weighted average number of limited partnership units outstanding (expressed in hundreds). Per unit information has been computed based on 53,109 and 53,483 weighted average limited partnership units (in hundreds) outstanding in 1995 and 1994.
(b) Reports on Form 8-K. There were no reports on Form 8-K filed during the quarter ended March 31, 1995. MCNEIL REAL ESTATE FUND XXVII, 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 XXVII, L.P. By: McNeil Partners, L.P., General Partner By: McNeil Investors, Inc., General Partner May 15, 1995 By: /s/ Donald K. Reed - - - - ---------------------------- ------------------------------------------- Date Donald K. Reed President and Chief Executive Officer May 15, 1995 By: /s/ Robert C. Irvine - - - - ---------------------------- ------------------------------------------- Date Robert C. Irvine Chief Financial Officer of McNeil Investors, Inc. Principal Financial Officer May 15, 1995 By: /s/ Carol A. Fahs - - - - ---------------------------- -------------------------------------------- Date Carol A. Fahs Chief Accounting Officer of McNeil Real Estate Management, Inc.
EX-27 2
5 12-MOS 3-MOS DEC-31-1994 DEC-31-1995 DEC-31-1994 MAR-31-1995 7,196,410 9,200,884 0 0 525,287 523,822 0 0 0 0 0 0 31,460,335 31,574,209 (5,538,346) (5,909,359) 39,501,853 39,862,522 0 0 6,726,266 6,689,873 0 0 0 0 0 0 31,948,150 32,407,426 39,501,853 39,862,522 7,234,070 1,931,262 7,974,099 2,199,463 0 0 0 0 5,852,941 1,553,309 0 0 765,595 186,878 1,355,563 459,276 0 0 1,355,563 459,276 0 0 0 0 0 0 1,355,563 459,276 0 0 0 0
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