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
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to Commission File Number 1-10837
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PUBLIC STORAGE PROPERTIES XV, INC.
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(Exact name of registrant as specified in its charter)
California 95-4300885
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(State or other jurisdiction (IRS Employer Identification Number)
of incorporation or organization)
701 Western Avenue
Glendale, California 91201-2349
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Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (818) 244-8080
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Securities registered pursuant to Section 12(b) of the Act
Common Stock Series A, $.01 par value American Stock Exchange
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(Title of each class) (Name of each exchange on which registered)
Securities registered pursuant to Section 12(g) of the Act
None
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(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
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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
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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.
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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,
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1995 1994 1993 1992 1991
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Operating data:
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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
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8,077,000 7,697,000 7,204,000 6,614,000 6,140,000
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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
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4,510,000 4,198,000 4,127,000 4,269,000 4,484,000
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Net Income $3,567,000 $3,499,000 $3,077,000 $2,345,000 $1,656,000
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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:
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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:
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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)
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(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.
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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
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David P. Singelyn
Vice President and
Chief Finanical Officer