-----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, Wgj76HTW24Nq/XMe1cOetN3BjuEFTXxqB2Qvi30hO4tyPAgNw0ysf1nKvvce4jxd 89R7uriyklozaRgCk1y9zA== 0000870499-97-000002.txt : 19970228 0000870499-97-000002.hdr.sgml : 19970228 ACCESSION NUMBER: 0000870499-97-000002 CONFORMED SUBMISSION TYPE: 10-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19970227 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUBLIC STORAGE PROPERTIES XV INC CENTRAL INDEX KEY: 0000870499 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 954300885 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-10837 FILM NUMBER: 97545344 BUSINESS ADDRESS: STREET 1: 701 WESTERN AVE STREET 2: SUITE 200 CITY: GLENDALE STATE: CA ZIP: 91201-2397 BUSINESS PHONE: 8182448080 MAIL ADDRESS: STREET 1: 701 WESTERN AVE STREET 2: SUITE 200 CITY: GLENDALE STATE: CA ZIP: 91201 10-K/A 1 AMENDMENT UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K/A Amendment No. 2 [X] Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 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 ------- ------- to Commission File Number 1-10837 ------- PUBLIC STORAGE PROPERTIES XV, INC. ----------------------------------------------------- (Exact name of registrant as specified in its charter) California 95-4300885 - --------------------------------- ------------------------------------ (State or other jurisdiction (IRS Employer Identification Number) of incorporation or organization) 701 Western Avenue Glendale, California 91201-2349 - -------------------------------------- ---------- Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (818) 244-8080 -------------- Securities registered pursuant to Section 12(b) of the Act Common Stock Series A, $.01 par value American Stock Exchange - ------------------------------------- ------------------------- (Title of each class) (Name of each exchange on which registered) Securities registered pursuant to Section 12(g) of the Act None --------------- (Title of class) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes X No -- -- Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the Company's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. X -- PUBLIC STORAGE PROPERTIES XV, INC. This Amendment No. 2 to Form 10-K for the year ended December 31, 1995 restates Item 6 in its entirety. Item 6. Selected financial data. ------------------------ The following selected historical financial information has been derived from the audited financial statements of the Company and the predecessor Partnership.
Years Ended December 31, ------------------------------------------------------------------------------- 1995 1994 1993 1992 1991 ----------- ----------- ----------- ----------- ----------- Operating data: - --------------- Revenues: Rental income $8,019,000 $7,655,000 $7,168,000 $6,561,000 $6,074,000 Interest and other income 58,000 42,000 36,000 53,000 66,000 ----------- ----------- ----------- ----------- ----------- 8,077,000 7,697,000 7,204,000 6,614,000 6,140,000 ----------- ----------- ----------- ----------- ----------- Expenses: Cost of operations 2,889,000 2,738,000 2,621,000 2,587,000 2,522,000 Depreciation and amortization 1,279,000 1,233,000 1,267,000 1,383,000 1,378,000 General and administrative 210,000 227,000 239,000 299,000 206,000 Environmental cost (2) 132,000 - - - - Reorganization costs (1) - - - - 378,000 ----------- ----------- ----------- ----------- ----------- 4,510,000 4,198,000 4,127,000 4,269,000 4,484,000 ----------- ----------- ----------- ----------- ----------- Net Income $3,567,000 $3,499,000 $3,077,000 $2,345,000 $1,656,000 ============ =========== =========== =========== =========== Net income per Series A share: Primary $1.45 $1.40 $1.16 $0.83 $0.55 Fully diluted $1.14 $1.09 $0.92 $0.67 $0.46 Distribution per share: Series A $1.42 $1.22 $1.01 $0.86 $0.84 Series B $1.42 $1.22 $1.01 $0.86 $0.84 Series C - - - - - Weighted average shares: Primary 2,226,760 2,303,827 2,451,052 2,599,593 2,674,189 Fully diluted 3,119,016 3,196,083 3,343,308 3,491,849 3,566,445 Other data: - ----------- Net cash provided by operating activities $4,765,000 $4,608,000 $4,377,000 $3,702,000 $2,903,000 Net cash used in investing activities (302,000) (532,000) (66,000) (75,000) (119,000) Net cash used in financing activities (4,570,000) (4,998,000) (4,233,000) (3,745,000) (2,085,000) Capital expenditures to maintain facilities (302,000) (193,000) (66,000) (75,000) (119,000) Funds from operations (3) 4,978,000 4,732,000 4,344,000 3,728,000 3,034,000 Balance sheet data: - ------------------- Total assets $38,956,000 $39,648,000 $41,270,000 $42,386,000 $43,766,000 Shareholders' equity 36,902,000 38,007,000 39,719,000 41,107,000 42,502,000
2 Item 6. Selected financial data (continued) ----------------------------------- (1) Reorganization costs which primarily consisted of legal, accounting, transfer taxes, registration and solicitation fees, represent costs incurred to reorganize the Partnership into the Company. (2) Substantially all of the Company's facilities were acquired prior to the time that it was customary to conduct environmental investigations in connection with property acquisitions. During the fourth quarter of 1995, the Company completed environmental assessments of its properties to evaluate the environmental condition of, and potential environmental liabilities of such properties. These assessments were performed by an independent environmental consulting firm. Based on the assessments, the Company has recorded cost of $132,000 for known environmental remediation requirements. Although there can be no assurance, the Company is not aware of any environmental contamination of any of its property sites which individually or in the aggregate would be material to the Company's overall business, financial condition, or results of operations. (3) Funds from operations (FFO) is defined by the Company, consistent with the definition of FFO by the National Association of Real Estate Investment Trusts (NAREIT), as net income (loss) (computed in accordance with generally accepted accounting principles) before depreciation and extraordinary or non-recurring items. FFO is presented because the Company, as well as many industry analysts, consider FFO to be one measure of the performance of the Company, ie, one that generally reflects changes in the Company's net operating income. FFO does not take into consideration scheduled principal payments on debt and capital improvements. Accordingly, FFO is not necessarily a substitute for the Company's cash flow or net income as a measure of the Company's liquidity or operating performance or ability to pay distributions. Furthermore, the NAREIT definition of FFO does not address the treatment of certain items and all REITs do not treat items the same way in computing FFO. Accordingly, comparisons of levels of FFO among REITs may not necessarily be meaningful. 3 Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this amendment to be signed on its behalf by the undersigned, thereunto duly authorized. Public Storage Properties XV, Inc. Dated: February 27, 1997 By:/s/David P. Singelyn ----------------------------- David P. Singelyn Vice President and Chief Finanical Officer -----END PRIVACY-ENHANCED MESSAGE-----