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
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For the Quarter Ended: |
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Commission File Number: |
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June 30, 2004 |
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33-2320 |
EXCEL PROPERTIES, LTD.
(Exact name of registrant as specified in its charter)
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CALIFORNIA |
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87-0426335 |
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(State
or other jurisdiction of |
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(IRS
Employer |
17140 Bernardo Center Drive, Suite 310 San Diego, California 92128
(Address of principal executive offices and zip code)
Registrant’s telephone number, including area code: (858) 613-1800
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).
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(1) |
Yes ý |
No o |
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(2) |
Yes ý |
No o |
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(3) |
Yes o |
No ý |
EXCEL PROPERTIES, LTD.
INDEX TO FINANCIAL STATEMENTS
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PART I. FINANCIAL INFORMATION: |
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Item 1. Financial Statements: |
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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EXCEL PROPERTIES, LTD.
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June 30, |
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December 31, |
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(Unaudited) |
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ASSETS |
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Cash |
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99,436 |
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941,148 |
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Notes receivable, net of allowance of $50,000 in 2003 |
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165,750 |
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165,750 |
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Other assets |
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296 |
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407 |
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Total assets |
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$ |
265,482 |
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$ |
1,107,355 |
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LIABILITIES AND PARTNERS’ EQUITY |
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Liabilities: |
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Accounts payable: |
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$ |
6 |
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$ |
3 |
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Total liabilities |
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6 |
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3 |
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Partners’ equity: |
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General partner’s equity |
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229 |
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150 |
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Limited partners’ equity, 235,308 units authorized, 135,199 units issued and outstanding in 2004 and 2003, respectively. |
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265,247 |
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1,107,202 |
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Total partners’ equity |
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265,476 |
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1,107,352 |
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Total liabilities and partners’ equity |
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$ |
265,482 |
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$ |
1,107,355 |
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The accompanying notes are an integral part
of the financial statements.
3
EXCEL PROPERTIES, LTD.
STATEMENTS OF INCOME - UNAUDITED
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Three Months Ended |
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Six Months Ended |
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2004 |
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2003 |
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2004 |
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2003 |
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Revenue: |
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Rental income |
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$ |
— |
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$ |
14,610 |
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$ |
— |
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$ |
68,749 |
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Recovery of bad debts |
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48,644 |
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— |
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48,644 |
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— |
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Interest income |
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327 |
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17,006 |
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2,338 |
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34,728 |
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Total revenue |
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48,971 |
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31,616 |
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50,982 |
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103,477 |
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Expenses: |
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Administrative |
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2,700 |
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2,700 |
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5,400 |
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5,400 |
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Accounting and legal |
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1,620 |
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3,722 |
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33,666 |
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27,180 |
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Other property and office expenses |
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1,594 |
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3,441 |
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3,933 |
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5,280 |
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Depreciation |
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— |
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5,961 |
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— |
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14,734 |
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Management fees |
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— |
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179 |
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— |
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683 |
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Total expenses |
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5,914 |
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16,003 |
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42,999 |
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53,277 |
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Net income before real estate sales |
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43,057 |
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15,613 |
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7,983 |
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50,200 |
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Gain on sale of real estate |
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— |
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— |
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— |
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30,505 |
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Net income |
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$ |
43,057 |
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$ |
15,613 |
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$ |
7,983 |
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$ |
80,705 |
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Net income allocated to: |
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General partner |
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$ |
430 |
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$ |
216 |
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$ |
80 |
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$ |
954 |
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