SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
|
QUARTERLY REPORT
PERSUANT TO SECTION 13 OR 15(d) OF |
||||
|
|
||||
|
For the Quarter Ended: |
|
|
|
Commission File Number: |
|
|
|
|
|
|
|
March 31, 2003 |
|
|
|
33-2320 |
EXCEL PROPERTIES, LTD.
(Exact name of registrant as specified in its charter)
|
CALIFORNIA |
|
|
|
87-0426335 |
|
(State or other jurisdiction
of |
|
|
|
(IRS Employer |
|
|
|
|
|
|
|
17140 Bernardo Center Drive, Suite 300 San Diego, California 92128 |
||||
|
(Address of principal executive offices and zip code) |
||||
|
|
|
|
|
|
|
Registrant’s telephone number, including area code: (858) 675-9400 |
||||
|
|
|
|
|
|
|
Securities registered pursuant to Section 12(b) of the Act: NONE |
||||
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, and (3) is an accelerated filer (as defined in Exchange Act Rule 12b-2).
|
(1) Yes |
|
ý |
|
No |
|
o |
|
|
|
|
|
|
|
|
|
(2) Yes |
|
ý |
|
No |
|
o |
|
|
|
|
|
|
|
|
|
(3) Yes |
|
o |
|
No |
|
ý |
|
|
|
|
|
|
|
|
INDEX TO FINANCIAL STATEMENTS
EXCEL PROPERTIES, LTD.
|
PART I. FINANCIAL INFORMATION: |
||
|
|
|
|
|
Item 1. Financial Statements: |
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
|
|
|
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
||
|
|
|
|
|
Item 3. Quantitative and Qualitative Disclosures About Market Risk |
||
|
|
|
|
|
|
|
|
|
|
||
2
EXCEL PROPERTIES, LTD.
|
|
|
March 31, |
|
December 31, |
|
||
|
|
|
(Unaudited) |
|
|
|
||
|
ASSETS |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Real estate: |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Land |
|
$ |
324,029 |
|
$ |
599,460 |
|
|
Buildings |
|
756,068 |
|
1,169,216 |
|
||
|
Less: accumulated depreciation |
|
(390,246 |
) |
(556,664 |
) |
||
|
Net real estate |
|
689,851 |
|
1,212,012 |
|
||
|
|
|
|
|
|
|
||
|
Cash |
|
874,228 |
|
1,181,015 |
|
||
|
Accounts receivable, less allowance for bad debts of $0 in both 2003 and 2002 |
|
17,288 |
|
8,983 |
|
||
|
Notes receivable, net of allowance of $50,000 in both 2003 and 2002 |
|
850,967 |
|
856,817 |
|
||
|
Interest receivable and other assets |
|
4,826 |
|
5,314 |
|
||
|
|
|
|
|
|
|
||
|
Total assets |
|
$ |
2,437,160 |
|
$ |
3,264,141 |
|
|
|
|
|
|
|
|
||
|
LIABILITIES AND PARTNERS’ EQUITY |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Liabilities: |
|
|
|
|
|
||
|
Accounts payable |
|
$ |
8,393 |
|
$ |
466 |
|
|
Total liabilities |
|
8,393 |
|
466 |
|
||
|
|
|
|
|
|
|
||
|
Partners’ Equity: |
|
|
|
|
|
||
|
General partner’s equity |
|
$ |
8,773 |
|
$ |
17,035 |
|
|
Limited partners’ equity, 235,308 units authorized, 135,199 units issued and outstanding in 2003 and 2002, respectively. |
|
2,419,994 |
|
3,246,640 |
|
||
|
Total partners’ equity |
|
2,428,767 |
|
3,263,675 |
|
||
|
Total liabilities and partners’ equity |
|
$ |
2,437,160 |
|
$ |
3,264,141 |
|
3
EXCEL PROPERTIES, LTD.
STATEMENTS OF INCOME - UNAUDITED
|
|
|
Three Months Ended |
|
||||
|
|
|
2003 |
|
2002 |
|
||
|
|
|
|
|
|
|
||
|
Revenue: |
|
|
|
|
|
||
|
Rental revenue |
|
$ |
54,139 |
|
$ |
67,032 |
|
|
Interest and other income |
|
17,722 |
|
19,230 |
|
||
|
Total revenue |
|
71,861 |
|
86,262 |
|
||
|
|
|
|
|
|
|
||
|
Operating Expenses: |
|
|
|
|
|
||
|
Accounting and legal |
|
23,458 |
|
24,679 |
|
||
|
Depreciation |
|
8,773 |
|
12,294 |
|
||
|
Administrative |
|
2,700 |
|
2,700 |
|
||
|
Office expenses |
|
1,839 |
|
2,473 |
|
||
|
Management fees |
|
504 |
|
706 |
|
||
|
|
|
|
|
|
|
||
|
Total operating expenses |
|
37,274 |
|
42,852 |
|
||
|
|
|
|
|
|
|
||
|
Net income before real estate sales |
|
$ |
34,587 |
|
$ |
43,410 |
|
|
|
|
|
|
|
|
||
|
Gain – sale of real estate |
|
30,505 |
|
— |
|
||
|
Net income |
|
$ |
65,092 |
|
$ |
43,410 |
|
|
|
|
|
|
|
|
||
|
Net income allocated to: |
|
|
|
|
|
||
|
General partner |
|
$ |
738 |
|
$ |
557 |
|
|
Limited partners |
|
64,354 |
|
42,853 |
|
||
|
|
|
|
|
|
|
||
|
Total |
|
$ |
65,092 |
|
$ |
43,410 |
|
|
|
|
|
|
|
|
||
|
Net income per weighted average limited partnership unit |
|
$ |
0.48 |
|
$ |
0.32 |
|
4
EXCEL PROPERTIES, LTD.
STATEMENTS OF CHANGES IN PARTNERS’ EQUITY - UNAUDITED
|
|
|
Three Months Ended |
|
||||
|
|
|
2003 |
|
2002 |
|
||
|
|
|
|
|
||||