-----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, Udgy5Fgn4rONcuhAlDuLuHquRXCCz9E9CNwbu8ybOnfpMw+gQ2RxysM6KDMMgWTY Ad6GMrZ1Y64SISP4Y7QkjQ== 0000840258-96-000001.txt : 19960216 0000840258-96-000001.hdr.sgml : 19960216 ACCESSION NUMBER: 0000840258-96-000001 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960214 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTURY PACIFIC TAX CREDIT HOUSING FUND II CENTRAL INDEX KEY: 0000840258 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF APARTMENT BUILDINGS [6513] IRS NUMBER: 954178283 STATE OF INCORPORATION: CA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 033-24537 FILM NUMBER: 96520412 BUSINESS ADDRESS: STREET 1: 1925 CENTURY PARK EAST STE 1760 CITY: LOS ANGELES STATE: CA ZIP: 90067 BUSINESS PHONE: 8002628242 MAIL ADDRESS: STREET 1: 1925 CENTURY PARK EAST STREET 2: SUITE 1760 CITY: LOS ANGELES STATE: CA ZIP: 90067 10-Q 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 1995 Commission file number 33-24537 CENTURY PACIFIC TAX CREDIT HOUSING FUND II (Exact name of registrant as specified in its charter) CALIFORNIA 95-4178283 (State of other jurisdiction of (IRS Employer incorporation of organization) Identification Number) 1925 Century Park East, Suite 1760 Los Angeles, CA 90067 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (800) 262-8242 No Change (Former name, former address and former fiscal year if changed since last report) Indicate by a 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 [ ] EX-27 2
5 3-MOS MAR-31-1996 DEC-31-1995 1,711 0 770 0 0 2,481 0 0 1,393,352 17,044 0 0 0 0 0 1,393,352 900 900 0 0 83,461 (82,561) 0 (82,561) 0 0 0 0 0 (82,561) 0 0
EX-99 3 *********************************************** * FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA * *********************************************** CENTURY PACIFIC TAX CREDIT HOUSING FUND II BALANCE SHEET (Unaudited) December 31, 1995 ------------- ASSETS Cash $1,711 Advance to General Partners 770 Investments in Limited Partnerships (Note 4) 1,390,871 ---------- $1,393,352 ========== LIABILITIES AND PARTNERS' EQUITY Accounts Payable and Accrued Expenses $17,044 Amounts Payable to Related Parties (Note 3) 776,917 Advance from Affiliates 30,000 ------- 823,961 ------- Partners' Equity, per accompanying statement General Partners (43,360) Limited Partners 612,751 ------- 569,391 ------- $1,393,352 ========== The accompanying notes are an integral part of this statement. CENTURY PACIFIC TAX CREDIT HOUSING FUND II STATEMENT OF INCOME (Unaudited) Three Months Ended Year to Date December 31, 1995 Dec. 31, 1995 ------------------ -------------- REVENUES: Other income $900 $1,700 ---- ----- 900 1,700 ---- ----- EXPENSES: General & Adm. (Note 3) 9,400 28,585 Equity in Net Losses of Operating Partnership (Note 4) 74,061 162,366 ------ ------- 83,461 190,951 ------ ------- Net Loss ($82,561) ($189,251) ========= ========== The accompanying notes are an integral part of this statement. CENTURY PACIFIC TAX CREDIT HOUSING FUND II STATEMENT OF PARTNERS' EQUITY December 31, 1995 (Unaudited) General Limited Partners Partners Total -------- -------- -------- Balance at March 31, 1995 ($41,467) $800,109 $758,642 Net Income (Loss) (1,893) (187,358) (189,251) Equity (Deficit) at December 31, 1995 ($43,360) $612,751 $569,391 ========= ======== ======== Percentage Interest December 31, 1995 1% 99% 100% ========= ======== ========= The accompanying notes are an integral part of this statement. CENTURY PACIFIC TAX CREDIT HOUSING FUND II STATEMENT OF CASH FLOWS (Unaudited) Three Months Year to Date Ended December 31, Dec. 31, 1995 1995 -------------- ------------- Cash Flow from Operating Activities: Transfer Fee Income Received $900 $1,700 General & Admin. Expenses 0 (1,185) ----- ------- Net Cash Used in Operating Activities 900 515 ===== ======= Net Increase (Decrease) in Cash and Cash Equivalents 900 515 Cash and Cash Equivalents at Beginning of Period 811 1,196 ---- ----- Cash and Cash Equivalents at End of Period $1,711 $1,711 ====== ====== The accompanying notes are an integral part of this statement. CENTURY PACIFIC TAX CREDIT HOUSING FUND II a California limited partnership NOTES TO FINANCIAL STATEMENTS For the Quarter Ended December 31, 1995 NOTE 1 - DESCRIPTION OF THE PARTNERSHIP AND ITS ORGANIZATION: Century Pacific Tax Credit Housing Fund II, a California limited partnership (the "Partnership" or "CPTCHF II") was formed on September 2, 1988 for the purpose of raising capital and selling limited partnership interests and then acquiring limited partnership interests in partnerships (the "Operating Partnerships") owning and operating existing residential apartment properties (the "Properties"). The general partners of the Partnership are Century Pacific Capital II Corporation, a California corporation, ("CPII") and Irwin Jay Deutch, an individual (collectively, the "General Partners"). The General Partners and affiliates of the General Partners (the "General Partners and Affiliates") have interest in the Partnership and receive compensation from the Partnership and the Operating Partnerships (Note 3). The Properties qualify for the "Low-Income Housing Tax Credit" established by Section 42 of the Tax Reform Act of 1986 (the "Low-Income Housing Tax Credit"). These properties are leveraged low-income multifamily residential complexes and some receive one or more forms of assistance from federal, state or local governments, or agencies (the "Government Agencies") while others do not receive any subsidy from Government Agencies although some may have mortgage loans insured by a Government Agency. In September 1988, the Partnership began raising capital from sales of limited partnership interests, at $1,000 per unit. The limited partnership offering closed as of December 31, 1989, with 5,754 units having been sold. As of March 31, 1992, the Partnership acquired limited partnership interest of 90% in Washington Courts Limited Partnership and 60% in Laurel-Clayton Limited Partnership, two existing Operating Partnerships which own apartment rental properties. NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Method of Accounting for Investments in Operating Partnerships The Partnership uses the equity method to account for its investment in the Operating Partnerships in which it has invested (Note 4). Under the equity method of accounting, the investment is carried at cost and adjusted for the Partnership's share of the Operating Partnerships' results of operations and by cash distributions received. Equity in the loss of each Operating Partnership allocated to the Partnership is not recognized to the extent that the investment balance would become negative. Basis of Accounting The Partnership maintains its financial records on the tax basis. Memorandum entries, while not recorded in the records of the Partnership, have been made in the financial statements to reflect generally accepted accounting principles. On August 7, 1991, management of the Partnership changed from a calendar year end to a fiscal year end of March 31 for financial reporting purposes. Accordingly, the Partnership's quarterly periods end June 30, September 30, and December 31. The Operating Partnerships, for financial reporting purposes, have a calendar year. The Partnership, as well as the Operating Partnerships, have a calendar year for income tax purposes. Syndication Costs Public offering costs have been recorded as a direct reduction to the capital accounts of the Limited Partners. Organization, Acquisition and Other Costs Costs incurred in organizing the Partnership and expenditures made by the Partnership in connection with its acquiring limited partnership interest in Operating Partnerships are deferred and amortized over a period of sixty months on a straight-line basis or capitalized as investments in Operating Partnerships. Other fees and expenses of the Partnership are recognized as expenses in the period the related services are received. Income Taxes No provision has been made for income taxes in the accompanying financial statements since such taxes and/or the recapture of the Low-Income Housing Tax Credits benefits received, if any, are the liability of the individual partners. The Partnership uses the accrual method of accounting for tax purposes. Statement of Cash Flows - Cash and Cash Equivalents For the purpose of the statement of cash flows, the Partnership considers all highly liquid instruments purchased with an original maturity date of three months or less to be cash equivalents. NOTE 3 - TRANSACTIONS WITH THE GENERAL PARTNERS AND AFFILIATES OF THE GENERAL PARTNERS: The General Partners of the Partnership are CPII and Irwin Jay Deutch. Century Pacific Placement Corporation ("CPPC"), an affiliate of the General Partners, served as the broker-dealer- manager for sales of the limited partnership interests in the Partnership. Century Pacific Realty Corporation ("CPRC"), an affiliate of CPII, is a general partner in each of the Operating Partnerships. The General Partners have an aggregate one percent interest in the Partnership. CPRC has a one-half percent interest in each of the Operating Partnerships. The General Partners and their Affiliates receive compensation and reimbursement of expenses from the Partnership, as set forth in the limited partnership agreement, for their services in managing the Partnership and its business. Pursuant to the partnership agreement, the Partnership is required to pay CPII an annual Management Fee for its services in connection with the management affairs of the Partnership. The annual Management Fee is equal to .5% of Invested Assets (as defined by the partnership agreement). The General Partners and Affiliates also receive compensation and reimbursement of expenses from the Operating Partnerships. This compensation and reimbursement include services provided to the Partnership during its offering stage, acquisition stage and operational stage. NOTE 4 - INVESTMENTS IN OPERATING PARTNERSHIPS: The following is a summary of the Partnership's investments in Operating Partnerships: Nine Months Ended Dec. 31, 1995 ---------------- Cash Contribution to Operating Partnerships to fund purchase of beneficial interest in Properties $4,536,020 Equity in net losses of Operating Partnerships (3,145,149) ----------- $1,390,871 ========== The Properties in which the Operating Partnerships hold beneficial interests are as follows: Name of Operating Partnership Property Name Location - --------------------- ----------------- ----------------- Washington Courts, L.P. Washington Courts Chicago, Illinois Laurel-Clayton, L.P. Plumley Village Worcester, Massachusetts The following combined statements of operations is prepared on the accrual basis and summarizes the operations of the Operating Partnerships for the period ended December 31, 1995. COMBINED STATEMENT OF OPERATIONS OF PROPERTIES ACQUIRED BY THE OPERATING PARTNERSHIPS IN WHICH CENTURY PACIFIC TAX CREDIT HOUSING FUND II HAS INVESTED (Unaudited) Three Months Ended Year to Date December 31, 1995 Dec. 31, 1995 ------------------ -------------- REVENUES: Rental Income $1,290,416 $3,789,556 Other 135,880 322,611 ---------- ---------- 1,426,296 4,112,167 ---------- ---------- EXPENSES: Operating, General and Administrative 1,287,028 3,939,291 Depreciation 249,299 747,897 Interest 127,483 378,431 --------- --------- 1,663,810 5,065,619 --------- --------- Net Income (Loss) ($237,514) ($953,452) ========== ========== THIRD QUARTER 1995 PROPERTY SUMMARY PLUMLEY VILLAGE - Worcester, Massachusetts Plumley Village consists of 430 units situated on approximately 16 acres of land adjacent to Downtown Worcester. There is one 16 story high-rise and three low-rise structures on the site. The property has good freeway access and is convenient to stores, churches and hospitals. The property's occupancy remained at a high 99% rate. Cash flow was sufficient to cover operating expenses. Property rents were last increased in May 1995, bringing the annual gross potential rental revenue to approximately $4,292,000. WASHINGTON COURTS - Chicago, Illinois Washington Courts consists of 103 units on several sites in the Austin neighborhood of Chicago. The property is convenient to banks, schools, churches and commercial areas. The property averaged a 96% occupancy rate during the quarter. Cash flow was sufficient to cover operating expenses. Property rents were increased 1.5% in May 1995, increasing the annual gross potential rental revenue to approximately $1,062,000. * * * SIGNATURE Pursuant to the requirements of Section 13 or 15(d) of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. CENTURY PACIFIC TAX CREDIT HOUSING FUND II a California limited partnership By: Century Pacific Capital II Corporation, a California Corporation General Partner By: Irwin J. Deutch, President -----END PRIVACY-ENHANCED MESSAGE-----