EXCEL PROPERTIES LTD - 10-Q Quarterly Report

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

QUARTERLY REPORT UNDER SECTIONS 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the Quarter Ended:		Commission File Number:
June 30, 2003		33-2320

	EXCEL PROPERTIES, LTD.
	(Exact name of registrant as specified in its charter)

	CALIFORNIA	87-0426335
	(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification Number)

	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 12 b-2).

(1) Yes ý No o

(2) Yes ý No o

(3) Yes o No ý

EXCEL PROPERTIES, LTD.

INDEX TO FINANCIAL STATEMENTS

PART I. FINANCIAL INFORMATION:

Item 1. Financial Statements:

Balance Sheets June 30, 2003 (Unaudited) December 31, 2002	3

Statements of Income Three Months Ended June 30, 2003 (Unaudited) Three Months Ended June 30, 2002 (Unaudited) Six Months Ended June 30, 2003 (Unaudited) Six Months Ended June 30, 2002 (Unaudited)	4

Statements of Changes in Partners’ Equity Six Months Ended June 30, 2003 (Unaudited) Six Months Ended June 30, 2002 (Unaudited)	5

Statements of Cash Flows Six Months Ended June 30, 2003 (Unaudited) Six Months Ended June 30, 2002 (Unaudited)	6

Notes to Financial Statements	7

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	11

PART II. OTHER INFORMATION	14

EXCEL PROPERTIES, LTD.

BALANCE SHEETS

	June 30, 2003			December 31, 2002
	(Unaudited)
ASSETS

Real estate:
Land	324,029			599,460
Buildings	756,068			1,169,216
Less: accumulated depreciation	(396,247		)	(556,664		)
Net real estate	683,850			1,212,012

Cash	367,121			1,181,015
Accounts receivable, less allowance for bad debts of $0 in both 2003 and 2002	8,983			8,983
Notes receivable, net of allowance of $50,000 in both 2003 and 2002	845,162			856,817
Interest receivable and other assets	5,107			5,314

Total assets	$	1,910,223		$	3,264,141

LIABILITIES AND PARTNERS’ EQUITY

Liabilities:
Accounts payable:
Affiliates	$	405		$	466
Total liabilities	405			466

Partners’ equity:
General partner’s equity	17,251			17,035
Limited partners’ equity, 235,308 units authorized, 135,199 units issued and outstanding in 2003 and 2002, respectively.	1,892,567			3,246,640
Total partners’ equity	1,909,818			3,263,675

Total liabilities and partners’ equity	$	1,910,223		$	3,264,141

The accompanying notes are an integral part
of the financial statements.

EXCEL PROPERTIES, LTD.

STATEMENTS OF INCOME - UNAUDITED

	Three Months Ended June 30,				Six Months Ended June 30,
	2003		2002		2003		2002
Revenue:
Rental income	$	14,610	$	70,629	$	68,749	$	137,661
Interest income	17,006		17,783		34,728		37,013

Total revenue	31,616		88,412		103,477		174,674

Expenses:
Depreciation	5,961		12,284		14,734		24,588
Administrative	2,700		2,700		5,400		5,400
Accounting and legal	3,722		2,849		27,180		27,527
Other property and office expenses	3,441		730		5,280		3,193
Management fees	179		706		683		1,413
Total expenses	16,003		19,269		53,277		62,121

Income before real estate sales	15,613		69,143		50,200		112,553

Gain on sale of real estate