-----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, DuA3NQoAAXgRle84tll9MzdDOj/EXTc678YO+azqHjyEOHtWUrRatpKPLfBaLPeE xzPdnYrSKgnyl5ShKvty0g== 0000950148-98-002052.txt : 19980819 0000950148-98-002052.hdr.sgml : 19980819 ACCESSION NUMBER: 0000950148-98-002052 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980630 FILED AS OF DATE: 19980818 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTURY HILLCRESTE APARTMENT INVESTORS L P CENTRAL INDEX KEY: 0000835596 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF APARTMENT BUILDINGS [6513] IRS NUMBER: 954166241 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 033-22857 FILM NUMBER: 98693522 BUSINESS ADDRESS: STREET 1: 9090 WILSHIRE BLVD STE 201 CITY: BEVERLY HILLS STATE: CA ZIP: 90211 BUSINESS PHONE: 3102782191 MAIL ADDRESS: STREET 1: 9090 WILSHIRE BLVD STREET 2: STE 201 CITY: BEVERLY HILLS STATE: CA ZIP: 90211 10-Q 1 FORM 10-Q 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended JUNE 30, 1998 Commission File Number 33-22857 CENTURY HILLCRESTE APARTMENT INVESTORS, L.P. (A California Limited Partnership) I.R.S. Employer Identification No. 95-4166241 9090 WILSHIRE BLVD., SUITE 201 BEVERLY HILLS, CALIF. 90211 Registrant's Telephone Number, Including Area Code (310) 278-2191 Indicate by check mark whether the registrant (1) has filed all documents and reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve 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 [ ] 2 CENTURY HILLCRESTE APARTMENT INVESTORS, L.P. (A CALIFORNIA LIMITED PARTNERSHIP) INDEX TO FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 1998 PART I. FINANCIAL INFORMATION Item 1. Financial Statements and Notes to Financial Statements Balance Sheets, June 30, 1998 and December 31, 1997 ......................................1 Statements of Operations, Six and Three Months Ended June 30, 1998 and 1997.................................2 Statement of Partners' Capital (Deficiency) Six Months Ended June 30, 1998 ...................................................3 Statements of Cash Flows Six Months Ended June 30, 1998 and 1997...........................................4 Notes to Financial Statements ............................................................5 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations .....................................................12 PART II. OTHER INFORMATION Item 1. Legal Proceedings.............................................................................13 Item 6. Exhibits and Reports on Form 8-K..............................................................14 Signatures ............................................................................................15
3 CENTURY HILLCRESTE APARTMENTS INVESTORS, L.P. (A CALIFORNIA LIMITED PARTNERSHIP) BALANCE SHEETS JUNE 30, 1998 AND DECEMBER 31, 1997 ASSETS
1998 (Unaudited) 1997 ----------- ----------- RENTAL PROPERTY (Notes 1, 2 and 3) $33,672,790 $34,013,326 CASH AND CASH EQUIVALENTS (Note 1) 4,977,351 4,100,537 RESTRICTED CASH (Notes 1 and 5) 158,700 158,700 OTHER ASSETS (Note 5) -- 39,001 ----------- ----------- $38,808,841 $38,311,564 =========== =========== LIABILITIES AND PARTNERS' CAPITAL ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Note 4) $ 403,475 $ 367,529 SECURITY DEPOSITS 293,630 297,622 PREPAID RENT 6,832 16,866 ----------- ----------- 703,937 682,017 COMMITMENTS AND CONTINGENCIES (Note 5) PARTNERS' CAPITAL (Note 1) 38,104,904 37,629,547 ----------- ----------- $38,808,841 $38,311,564 =========== ===========
The accompanying notes are an integral part of these financial statements. 4 CENTURY HILLCRESTE APARTMENTS INVESTORS, L.P. (A CALIFORNIA LIMITED PARTNERSHIP) STATEMENTS OF INCOME SIX AND THREE MONTHS ENDED JUNE 30, 1998 AND 1997 (Unaudited)
Six months Three months Six months Three months ended ended ended ended June 30, 1998 June 30, 1998 June 30, 1997 June 30, 1997 ------------- ------------- ------------- ------------- REVENUES Rental income $ 3,112,838 $ 1,620,007 $ 2,898,813 $ 1,458,217 Interest and other income (Note 3) 128,431 40,984 88,925 43,929 ------------- ------------- ------------- ------------- 3,241,269 1,660,991 2,987,738 1,502,146 ------------- ------------- ------------- ------------- EXPENSES Operating (Note 4) 671,541 359,792 707,408 374,800 Property taxes 253,229 189,162 135,578 68,676 Management fee - (Note 4) 91,611 46,398 70,364 29,070 General and administrative (Note 4) 194,709 103,621 624,632 500,133 Depreciation 352,778 176,389 352,778 176,389 ------------- ------------- ------------- ------------- 1,563,868 875,362 1,890,760 1,149,068 ------------- ------------- ------------- ------------- NET INCOME $ 1,677,401 $ 785,629 $ 1,096,978 $ 353,078 ============= ============= ============= ============= NET INCOME PER DEPOSITORY UNIT $ 0.23 $ 0.11 $ 0.15 $ 0.05 ============= ============= ============= =============
The accompanying notes are an integral part of these financial statements. 5 CENTURY HILLCRESTE APARTMENTS INVESTORS, L.P. (A CALIFORNIA LIMITED PARTNERSHIP) STATEMENTS OF PARTNERS' CAPITAL (DEFICIENCY) SIX MONTHS ENDED JUNE 30, 1998 (Unaudited)
Special Limited General Limited Partner Partners Partners (Note 1) Total ------------ ------------ ------------ ------------ PARTNERSHIP INTERESTS 7,258,000 ============ BALANCE, JANUARY 1, 1998 $ (274,234) $ 37,903,781 $ -- $ 37,629,547 DISTRIBUTIONS (Note 7) (12,020) (1,190,024) -- (1,202,044) NET INCOME FOR THE SIX MONTHS ENDED JUNE 30, 1998 16,774 1,660,627 -- 1,677,401 ------------ ------------ ------------ ------------ BALANCE, JUNE 30, 1998 $ (269,480) $ 38,374,384 $ -- $ 38,104,904 ============ ============ ============ ============
The accompanying notes are an integral part of these financial statements. 6 CENTURY HILLCRESTE APARTMENTS INVESTORS, L.P. (A CALIFORNIA LIMITED PARTNERSHIP) STATEMENTS OF CASH FLOWS SIX MONTHS ENDED JUNE 30, 1998 AND 1997 (Unaudited)
1998 1997 ----------- ----------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 1,677,401 $ 1,096,978 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 352,778 352,778 Decrease in other assets 39,001 40,472 Increase (decrease) in accounts payable and accrued liabilities 35,946 (173,242) Decrease in security deposits (3,992) (17,826) Decrease in prepaid rent (10,034) (54,239) ----------- ----------- Net cash provided by operating activities 2,091,100 1,244,921 ----------- ----------- CASH FLOWS FROM INVESTING ACTIVITIES: Increase in rental property (12,242) (354,534) ----------- ----------- CASH FLOWS FROM FINANCING ACTIVITIES: Distributions to partners (1,202,044) (1,169,731) ----------- ----------- NET INCREASE IN CASH AND CASH EQUIVALENTS 876,814 (279,344) CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 4,100,537 3,490,463 ----------- ----------- CASH AND CASH EQUIVALENTS, END OF PERIOD $ 4,977,351 $ 3,211,119 =========== ===========
The accompanying notes are an integral part of these financial statements. 7 CENTURY HILLCRESTE APARTMENT INVESTORS, L.P. (A CALIFORNIA LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS JUNE 30, 1998 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES GENERAL The information contained in the following notes to the financial statements is condensed from that which would appear in the annual financial statements; accordingly, the financial statements included herein should be reviewed in conjunction with the financial statements and related notes thereto contained in the Annual Report for the year ended December 31, 1997 prepared by Century HillCreste Apartment Investors, L.P. (the "Partnership"). Accounting measurements at interim dates inherently involve greater reliance on estimates than at year end. The results of operations for the interim periods presented are not necessarily indicative of the results for the entire year. In the opinion of National Partnership Investments Corp. ("NAPICO"), the accompanying unaudited financial statements contain all adjustments (consisting primarily of normal recurring accruals) necessary to present fairly the financial position as of June 30, 1998, and the results of operations for the six and three months then ended and changes in cash flows for the six months then ended. ORGANIZATION The Partnership, a California limited partnership, was formed on June 6, 1988, with NAPICO (the "Managing General Partner"), and HillCreste Properties Inc. (the "Non-Managing General Partner") as the general partners (collectively, the "General Partners"). On October 26, 1988, the Partnership issued to investors (the "Limited Partners") 7,258,000 depositary units (each depositary unit being entitled to the beneficial interest of a limited partnership interest) for a total amount raised of $72,580,000, through a public offering. NAPICO is a wholly owned subsidiary of Casden Investment Corporation, which is wholly owned by Alan I. Casden. Concurrent with the issuance of the depository units, the Partnership purchased a 315-unit luxury apartment complex in the Century City area of Los Angeles (the "Property") from an affiliate of the Managing General Partner (the "Seller") for a purchase price of $68,548,000. To complete the purchase of the Property, the Seller purchased a 10 percent special limited partnership interest in the Partnership for $6,855,000. The Partnership Agreement provides that the 10 percent special limited partnership interest is subordinate to the other Limited Partners' specified priority return in the case of distributions of net cash flow from operations, plus the other Limited Partners' return of capital in the case of net sales or refinancing distribution proceeds. 5 8 CENTURY HILLCRESTE APARTMENT INVESTORS, L.P. (A CALIFORNIA LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 1998 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) USE OF ESTIMATES The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. MINIMUM DISTRIBUTION GUARANTEE The minimum distribution guarantee payments from the seller have been reflected as a reduction in the carrying amount of the Property. DEPRECIATION Depreciation is reported using the straight-line method over the estimated useful lives of the buildings and equipment as follows: Buildings 35 years Furniture and equipment 5 years
CASH AND CASH EQUIVALENTS Cash and cash equivalents consists of cash and bank certificates of deposit with an original maturity of three months or less. The Partnership has its cash and cash equivalents on deposit primarily with one money market mutual fund. Such cash and cash equivalents are uninsured. RESTRICTED CASH Restricted cash consists of bank certificates of deposits assigned to the City of Los Angeles in lieu of purchasing a subdivision improvement bond to effectuate the privatization of city streets located within the Property's perimeter (see Note 5). INCOME TAXES No provision has been made for income taxes in the accompanying financial statements as such taxes, if any, are the liability of the partners. 6 9 CENTURY HILLCRESTE APARTMENT INVESTORS, L.P. (A CALIFORNIA LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS JUNE 30, 1998 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) NET INCOME PER DEPOSITORY UNIT Net income per depository unit was computed by dividing the limited partners' share of net income (99 percent) by the number of depository units outstanding during the year. The number of depository units was 7,258,000 for the periods presented. IMPAIRMENT OF LONG-LIVED ASSETS The Partnership reviews long-lived assets to determine if there has been any permanent impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If the sum of the expected future cash flows is less than the carrying amount of the assets, the Partnership recognizes an impairment loss. NOTE 2 - RENTAL PROPERTY Rental property is carried at cost and consists of the following at June 30, 1998 and December 31, 1997:
1998 1997 ------------ ------------ Land $ 16,175,000 $ 16,175,000 Building 24,694,402 24,694,402 Furniture and equipment 3,870,000 3,870,000 Improvements 839,349 827,107 ------------ ------------ 45,578,751 45,566,509 Less accumulated depreciation (11,905,961) (11,553,183) ------------ ------------ $ 33,672,790 $ 34,013,326 ============ ============
In a consent solicitation statement, dated July 21, 1998, NAPICO is seeking the consent of the unitholders of the Partnership to a proposal to compel the sale of the property to an affiliate of NAPICO for $58,500,000, payable in cash. NOTE 3 - MINIMUM DISTRIBUTION GUARANTEE RECEIVABLE FROM PARTNER The Minimum Distribution Guarantee Agreement (the "Guarantee Agreement") required the Seller, who is also the Special Limited Partner, to make payments to the Partnership, if and when necessary, in an amount sufficient to enable the Partnership to provide the Limited Partners with distributions 7 10 CENTURY HILLCRESTE APARTMENT INVESTORS, L.P. (A CALIFORNIA LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS JUNE 30, 1998 NOTE 3 - MINIMUM DISTRIBUTION GUARANTEE RECEIVABLE FROM PARTNER (CONTINUED) sufficient to achieve a minimum annual return upon the Limited Partners' investment in the Partnership, through December 31, 1993, as follows:
Years Ended December 31, Annual Return on Investment ------------------------ --------------------------- 1988 8.0% 1989 8.0% 1990 8.5% 1991 9.0% 1992 9.0% 1993 9.0%
The Seller has funded a total of $13,130,998 directly to the Partnership for distributions to the Limited Partners pursuant to the Guarantee Agreement. This amount has been reflected as a reduction in the carrying amount of the Property. Commencing in 1994, distributions to the Partners have been made from cash flow from operations. NOTE 4 - FEES PAID TO GENERAL PARTNERS AND AFFILIATES In accordance with the Partnership Agreement certain fees and reimbursements are paid to the General Partners and their affiliates as follows: (a) A Partnership management fee payable to the Managing General Partner of $50,000 annually. The fee is included in general and administrative expenses. (b) Partnership expense reimbursements not to exceed $50,000 annually are paid to the Non-Managing General Partner. The Non-Managing General Partner expense reimbursement for 1990 through 1996 in the amount of $350,000, which were previously disputed, were paid in the three months ended June 30, 1997. Of this amount, $50,000 was expensed in 1990 and was included in accounts payable and accrued liabilities. The balance of $300,000 was expensed and included in general and administrative expenses in the three months ended June 30, 1997. (c) The Partnership is obligated to pay certain fees to the Managing General Partner or its affiliates upon sale of the Property. The payment of such fees is subordinated to certain preferred returns to the Limited Partners. (d) The Managing General Partner is entitled to receive 1 percent of distributions (as defined in the Partnership Agreement). This is paid quarterly by the Partnership to the Managing General Partner. 8 11 CENTURY HILLCRESTE APARTMENT INVESTORS, L.P. (A CALIFORNIA LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS JUNE 30, 1998 NOTE 5 - COMMITMENTS AND CONTINGENCIES a. Construction to "privatize" the streets and alleys providing access to the Property and to construct wrought iron security fencing with controlled entrances into the Property is now complete at a cost to the Partnership of $839,349. The Partnership pledged a certificate of deposit in the amount of $158,700 to the City, to secure an improvement guarantee on the additional construction of a storm drain and related improvement, which is also complete. Upon final inspection, the Partnership will receive its deposit of $158,700. b. The Managing General Partner of the Partnership is a plaintiff in various lawsuits and has also been named as a defendant in other lawsuits arising from transactions in the ordinary course of business. In the opinion of management and the Managing General Partner, the claims will not result in any material liability to the Partnership. In addition, the Partnership is involved in the actions described below: c. The Partnership, NAPICO, and several of NAPICO's officers, directors and affiliates consented to the entry, on June 25, 1997, of an administrative cease and desist order by the U.S. Securities and Exchange Commission (the "Commission"), without admitting or denying any of the findings made by the Commission. The order concerns, in part, the treatment of Partnership funds deposited between September 1991 and July 1993 in a master disbursement account used by the Partnership's previous property management company. The Commission found that those funds should have been recorded on the Partnership's books and reported in its financial statements as related party accounts receivable rather than as cash as done so by the Partnership's auditors. Although the Commission found that this misclassification of current assets violated federal securities laws, the Commission did not find that these violations were intentional nor did the Commission find that limited partners had suffered any loss or damage as a result of these violations. Moreover, the Commission's order does not impose any cost, burden or penalty on the Partnership and does not impact NAPICO's ability to serve as the Partnership's Managing General Partner. The events that gave rise to the Commission's order occurred in or before 1993. Subsequent corrective action by the Partnership and its general partners precludes any recurrence of the cash management issues described in the Commission's order. d. The Partnership has assessed the potential impact of the Year 2000 computer systems issue on its operations. The Partnership believes that no significant actions are required to be taken by the Partnership to address the issue and that the impact of the Year 2000 computer systems issue will not materially affect the Partnership's future operating results or financial condition. 9 12 CENTURY HILLCRESTE APARTMENT INVESTORS, L.P. (A CALIFORNIA LIMITED PARTNERSHIP) NOTES TO FINANCIAL STATEMENTS JUNE 30, 1998 NOTE 6 - FAIR VALUE OF FINANCIAL INSTRUMENTS Statement of Financial Accounting Standards No. 107, "Disclosure about Fair Value of Financial Instruments," requires disclosure of fair value information about financial instruments. The carrying amounts of assets and liabilities reported on the balance sheets that require such disclosure approximate fair value due to their short-term maturity. 10 13 CENTURY HILLCRESTE APARTMENT INVESTORS, L.P. (A CALIFORNIA LIMITED PARTNERSHIP) JUNE 30, 1998 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL POSITION AND RESULTS OF OPERATIONS CAPITAL RESOURCES AND LIQUIDITY The Partnership raised proceeds of $72,580,000 from the sale of depository units, pursuant to a public offering and received additional capital contributions from the General Partners of $1,050 and from the special limited partner of $6,855,000. Currently, the only sources of Partnership income consist of income from rental operations at the Property and interest earned on Partnership reserves. Construction to "privatize" the streets and alleys providing access to the Property and to construct wrought iron security fencing with controlled entrances into the Property is now complete at a cost to the Partnership of $839,349. The Partnership pledged a certificate of deposit in the amount of $158,700 to the City, to secure an improvement guarantee on the additional construction of a storm drain and related improvement, which is also complete. Upon final inspection, the Partnership will receive its deposit of $158,700. RESULTS OF OPERATIONS Occupancy averaged 98 percent and 97 percent for the six months ended June 30, 1998 and 1997, respectively. Rental income increased in 1998 as compared to 1997 as a result of the increase in occupancy and an increase in rental charges per unit. Included in the interest and other income is interest income earned on cash and cash equivalents of $70,000 and $44,000 for the six months ended June 30, 1998 and 1997, respectively. Interest income increased in 1998 as compared to 1997 as a result of the increase in cash and cash equivalents from $4,100,537 at December 31, 1997 to $4,977,351 at June 30, 1998. The Partnership has its cash and cash equivalents on deposit primarily with one money market mutual fund. General and administrative expenses decreased for the six months ended June 30, 1998 as compared to June 30, 1997 primarily as a result of $300,000 in expense reimbursements to the Non-Managing General Partner for 1991 through 1996 which was expensed in 1997. In addition, legal fees decreased approximately $118,000 as a result of certain litigation which was resolved in 1997. The Partnership has assessed the potential impact of the Year 2000 computer systems issue on its operations. The Partnership believes that no significant actions are required to be taken by the Partnership to address the issue and that the impact of the Year 2000 computer systems issue will not materially affect the Partnership's future operating results or financial condition. A real estate investment trust ("REIT") organized by affiliates of NAPICO has proposed to purchase the property owned by the Partnership. A consent solicitation statement has been sent to the limited partners setting forth the terms and conditions for the purchase of the property from the Partnership, together with an amendment to the Partnership Agreement and other disclosures of various conflicts of interest in connection with the transaction. 11 14 CENTURY HILLCRESTE APARTMENT INVESTORS, L.P. (A CALIFORNIA LIMITED PARTNERSHIP) JUNE 30, 1998 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL POSITION AND RESULTS OF OPERATIONS (CONTINUED) RESULTS OF OPERATIONS (CONTINUED) The REIT proposes to purchase such property for $58,500,000 in cash, which it plans to raise in connection with a private placement of its equity securities. The purchase is conditioned upon, among other things, approval of the sale and the amendment by a majority-in-interest of the unitholders of the Partnership. 12 15 CENTURY HILLCRESTE APARTMENT INVESTORS, L.P. (A CALIFORNIA LIMITED PARTNERSHIP) JUNE 30, 1998 PART II - OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS As of June 30, 1998, NAPICO, the Managing General Partner, was a plaintiff or defendant in several lawsuits, which are unrelated to the Partnership. In addition, the Partnership is involved in the actions described below: Securities and Exchange Commission The Partnership, NAPICO, and several of NAPICO's officers, directors and affiliates consented to the entry, on June 25, 1997, of an administrative cease and desist order by the U.S. Securities and Exchange Commission (the "Commission"), without admitting or denying any of the findings made by the Commission. The order concerns, in part, the treatment of Partnership funds deposited between September 1991 and July 1993 in a master disbursement account used by the Partnership's previous property management company. The Commission found that those funds should have been recorded on the Partnership's books and reported in its financial statements as related party accounts receivable rather than as cash as done so by the Partnership's auditors. Although the Commission found that this misclassification of current assets violated federal securities laws, the Commission did not find that these violations were intentional nor did the Commission find that limited partners had suffered any loss or damage as a result of these violations. Moreover, the Commission's order does not impose any cost, burden or penalty on the Partnership and does not impact NAPICO's ability to serve as the Partnership's Managing General Partner. The events that gave rise to the Commission's order occurred in or before 1993. Subsequent corrective action by the Partnership and its general partners precludes any recurrence of the cash management issues described in the Commission's order. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) No reports on Form 8-K were filed during the quarter ended June 30, 1998. 13 16 CENTURY HILLCRESTE APARTMENT INVESTORS, L.P. (A CALIFORNIA LIMITED PARTNERSHIP) 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 HILLCRESTE APARTMENT INVESTORS, L.P. (a California limited partnership) By: National Partnership Investments Corp. Managing General Partner /s/ BRUCE NELSON -------------------------------------- Bruce Nelson President Date: 8/14/98 -------------------------------------- /s/ CHARLES H. BOXENBAUM -------------------------------------- Charles H. Boxenbaum Chief Executive Officer Date: 8/14/98 -------------------------------------- 14 EX-27 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE PARTNERSHIP'S STATEMENTS OF EARNINGS AND BALANCE SHEETS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 6-MOS DEC-31-1998 JAN-01-1998 JUN-30-1998 4,977,351 0 0 0 0 5,136,051 45,578,751 11,905,961 38,808,841 403,475 0 0 0 0 38,104,904 38,808,841 0 3,241,269 0 0 1,563,868 0 0 1,677,401 0 1,677,401 0 0 0 1,677,401 0 0
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