SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC
20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: September 6, 1995
ANGELES PARTNERS XI
(Exact name of registrant as specified in its charter)
CALIFORNIA 0-11766 95-3788040
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification
Number)
One Insignia Financial Plaza
Post Office Box 1089
Greenville, South Carolina 29602
(Address of Principal Executive Office)
Registrant's telephone number, including area code (803) 239-1000
Item 2. Acquisition or Disposition of Assets
On September 6, 1995, the Partnership sold its investment property,
Harbour Landing Apartments, located at 7625 Garner's Ferry Road, in Columbia,
South Carolina, to New Plan Realty Trust, an unrelated third party. The
Managing General Partner believed that the sale of the property was in the best
interest of the Partnership. Total consideration was $4,900,000.
Item 7. Financial Statements and Exhibits
(b). Pro forma financial information
Harbour Landing Apartments was sold on September 6, 1995. The
following unaudited condensed balance sheet of the Partnership assumes the
property had been disposed of at June 30, 1995.
Pro Forma Balance Sheet
(Unaudited)
June 30, June 30,
1995 Pro Forma 1995
As Reported Adjustments Pro Forma
Cash $ 1,241,122 $ 465,960 (1) $ 1,707,082
Other assets 1,016,948 71,563 (1) 1,088,511
Land 4,396,743 (398,628) (1) 3,998,115
Buildings & related personal
property, net 12,219,047 (2,013,802) (1) 10,205,245
Total assets $ 18,873,860 $(1,874,907) $ 16,998,953
Other accrued liabilities $ 3,575,464 $ (133,063) (1) $ 3,442,401
Mortgage notes payable 33,268,779 (4,110,437) (1) 29,158,342
Total liabilities 36,844,243 (4,243,500) 32,600,743
Partners' deficit (17,970,383) 2,368,593 (15,601,790)
Total liabilities and partner's
deficit $ 18,873,860 $(1,874,907) $ 16,998,953
<FN>
(1) Represents pro forma adjustments to reflect the removal of assets and
liabilities related to the sale of Harbour Landing Apartments.
The following pro-forma statements of income (loss) assume Harbour Landing
Apartments had been sold as of December 31, 1994 and 1993, respectively. The
following pro forma statements of income (loss) do not reflect the gain for
financial statement purposes incurred as a result of the sale.
Pro-Forma Statements of Income
(Unaudited)
For the six months ended
June 30, 1995
As Reported Adjustments Pro Forma
Total Revenue $ 3,922,082 $ 526,909 (2) $ 3,395,173
Operating expenses 991,846 204,821 (2) 787,025
General and administrative 139,962 -- 139,962
Property management fees 189,491 21,103 (2) 168,388
Maintenance 349,722 51,114 (2) 298,608
Depreciation 806,577 123,037 (2) 683,540
Interest 1,691,374 250,183 (2) 1,441,191
Property taxes 359,095 20,759 (2) 338,336
Total expenses 4,528,067 671,017 3,857,050
Loss before equity in loss
of joint venture (605,985) (144,108) (461,877)
Equity in loss of joint
venture (47,107) -- (47,107)
Net loss $ (653,092) $ (144,108) $ (508,984)
Net loss per limited
partnership unit $ (16.23) $ (3.58) $ (12.65)
Weighted average number of
units 39,842 39,842
<FN>
(2) Represents pro forma adjustments to remove revenues and expenses related
to Harbour Landing Apartments as a result of the sale.
Pro Forma Statements of Income
(Unaudited)
For the year ended
December 31, 1994
As Reported Adjustments Pro Forma
Total Revenue $10,165,136 $1,035,384 (2) $ 9,129,752
Operating expenses 2,856,967 323,347 (2) 2,533,620
General and administrative 230,747 -- 230,747
Property management fees 506,180 46,974 (2) 459,206
Maintenance 967,494 54,804 (2) 912,690
Depreciation 2,059,526 242,845 (2) 1,816,681
Interest 4,388,726 513,947 (2) 3,874,779
Property taxes 895,052 68,944 (2) 826,108
Total expenses 11,904,692 1,250,861 10,653,831
Loss before gain on sale of
investment property, loss on
disposal of property, and
equity in loss of joint
venture (1,739,556) (215,477) (1,524,079)
Gain on sale of investment
property 7,257,155 -- 7,257,155
Loss on disposal of property (151,980) -- (151,980)
Equity in loss of joint
venture (77,378) -- (77,378)
Net income $ 5,288,241 $ (215,477) $ 5,503,718
Net income per limited
partnership unit $ 131.40 $ (5.35) $ 136.75
Weighted average number of
units 39,842 39,842
<FN>
(2) Represents pro forma adjustments to remove revenues and expenses related
to Harbour Landing Apartments as a result of the sale. Certain
reclassifications have been made to the 1994 balances to conform to the 1995 presentation.
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
ANGELES PARTNERS XI
By: Angeles Realty Corporation II
Managing General Partner
By: /s/Carroll D. Vinson
Carroll D. Vinson
President and Principal
Executive Officer
By: /s/Robert D. Long, Jr.
Robert D. Long, Jr.
Controller and Principal
Accounting Officer
Date: September 21, 1995
(c) Exhibits
EXHIBIT INDEX
Exhibit No. Description
10.11 Contract to Purchase and Sell Property
with Exhibits dated July 24, 1995,
between Harbour Landing AP XI, L.P., a
South Carolina limited partnership, and
New Plan Realty Trust, a Massachusetts
Business Trust.
10.12 Special Warranty Deed dated September
5, 1995 between Harbour Landing AP XI,
L.P., and New Plan Realty Trust
10.13 Comfort Sum Escrow Agreement dated
September 6, 1995, between New Plan
Realty Trust, Harbour Landing AP XI,
L.P., and Coastal Abstract Service, Inc.
10.14 Blanket Conveyance, Bill of Sale and
Assignment between Harbour Landing AP
XI, L.P., and New Plan Realty Trust.
10.15 Non-warranty deed between Harbour
Landing AP XI, L.P., and New Plan Realty
Trust.
10.16 Assignment and Assumption of Leases
dated September 5, 1995, between Harbour
Landing, AP XI, L.P., and New Plan
Realty Trust.