1
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, 1996 33-2320
EXCEL PROPERTIES, LTD.
(Exact name of registrant as specified in its charter)
CALIFORNIA 87-0426335
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification Number)
16955 VIA DEL CAMPO, SUITE 110 SAN DIEGO, CALIFORNIA 92127
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: (619) 485-9400
Securities registered pursuant to Section 12(b) of the Act: NONE
Indicated 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.
(1) Yes X No
--------- ---------
(2) Yes X No
--------- ---------
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EXCEL PROPERTIES, LTD.
INDEX TO FINANCIAL STATEMENTS
----------
PAGE
----
PART I. FINANCIAL INFORMATION:
Item 1. Financial Statements:
Balance Sheets
June 30, 1996 (Unaudited)
December 31, 1995 ....................................... 3
Statements of Income
Three Months Ended June 30, 1996 (Unaudited)
Three Months Ended June 30, 1995 (Unaudited)
Six Months Ended June 30, 1996 (Unaudited)
Six Months Ended June 30, 1995 (Unaudited)............... 4
Statements of Changes in Partners' Equity
Six Months Ended June 30, 1996 (Unaudited)
Six Months Ended June 30, 1995 (Unaudited)............... 5
Statements of Cash Flows
Six Months Ended June 30, 1996 (Unaudited)
Six Months Ended June 30, 1995 (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............................................ 15
2
3
EXCEL PROPERTIES, LTD.
BALANCE SHEETS
----------
JUNE 30,
1996 DECEMBER 31,
(UNAUDITED) 1995
----------- ------------
ASSETS
Real estate:
Land $ 3,511,906 $ 3,822,602
Buildings 5,503,291 6,015,835
Less: accumulated depreciation (1,386,326) (1,423,718)
------------ ------------
Net real estate 7,628,871 8,414,719
Cash 1,276,494 1,817,201
Accounts receivable, less allowance for bad debts of
$136,407 and $51,595 in 1996 and 1995, respectively 362 165,083
Notes receivable 1,012,539 1,015,672
Interest receivable 5,168 5,192
------------ ------------
Total assets $ 9,923,434 $ 11,417,867
============ ============
LIABILITIES AND PARTNERS' EQUITY
Liabilities:
Accounts payable:
Affiliates $ 948 $ 867
Other 3,315 3,169
Property taxes payable 4,666 939
Tenant security deposits 5,000 5,000
Deferred rental income 19,962 40,238
------------ ------------
Total liabilities 33,891 50,213
------------ ------------
Partners' Equity:
General partner's equity 12,765 8,691
Limited partners' equity, 235,308 units
authorized, 135,299 units issued
and outstanding in 1996 and 1995,
respectively 9,876,778 11,358,963
------------ ------------
Total partners' equity 9,889,543 11,367,654
------------ ------------
Total liabilities and partners' equity $ 9,923,434 $ 11,417,867
============ ============
The accompanying notes are an integral part
of the financial statements.
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EXCEL PROPERTIES, LTD.
STATEMENTS OF INCOME - UNAUDITED
----------
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
------------------------- --------------------------
1996 1995 1996 1995
--------- --------- --------- ---------
Revenue:
Base rent $ 247,696 $ 292,612 $ 514,315 $ 569,760
Percentage rents -- -- -- 1,458
--------- --------- --------- ---------
Total revenue 247,696 292,612 514,315 571,218
--------- --------- --------- ---------
Operating Expenses:
Accounting and legal 12,879 3,939 21,776 14,259
Administrative 2,700 2,700 5,400 5,400
Bad debts 67,763 13,637 84,813 21,287
Management fees 2,072 2,397 4,449 4,872
Office expenses 3,479 4,138 8,410 7,001
Property taxes (6,100) -- (6,100) --
Depreciation 43,677 47,745 91,422 98,207
--------- --------- --------- ---------
Total operating expenses 126,470 74,556 210,170 151,026
--------- --------- --------- ---------
Operating income 121,226 218,056 304,145 420,192
Interest income 53,730 27,004 100,984 58,828
--------- --------- --------- ---------
Income before real estate sales 174,956 245,060 405,129 479,020
Gain - sale of real estate 206,761 -- 206,761 99,141
--------- --------- --------- ---------
Net income $ 381,717 $ 245,060 $ 611,890 $ 578,161
========= ========= ========= =========
Net income allocated to:
General partner $ 22,195 $ 2,928 $ 24,974 $ 6,764
Limited partners 359,522 242,132 586,916 571,397
--------- --------- --------- ---------
Total $ 381,717 $ 245,060 $ 611,890 $ 578,161
========= ========= ========= =========
Net income per weighted average
limited partnership unit $ 2.66 $ 1.78 $ 4.34 $ 4.22
========= ========= ========= =========
The accompanying notes are an integral part
of the financial statements.
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5
EXCEL PROPERTIES, LTD.
STATEMENTS OF CHANGES IN PARTNERS' EQUITY - UNAUDITED
----------
SIX MONTHS ENDED
JUNE 30,
-------------------------------------
1996 1995
------------ ------------
Balance at January 1 $ 11,367,654 $ 11,059,577
Net income 611,890 578,161
Partner distributions (2,090,001) (584,058)
------------ ------------
Balance at June 30 $ 9,889,543 $ 11,053,680
============ ============
The accompanying notes are an integral part
of the financial statements.
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EXCEL PROPERTIES, LTD.
STATEMENTS OF CASH FLOWS - UNAUDITED
----------
SIX MONTHS ENDED
JUNE 30,
1996 1995
----------- -----------
Cash flows from operating activities:
Net income $ 611,890 $ 578,161
Adjustments to reconcile net income to net cash
provided by operations:
Depreciation 91,422 98,207
Allowance for doubtful accounts 84,812 21,288
Gain on sale of real estate (206,761) (99,141)
Changes in operating assets and liabilities:
(Increase) decrease in assets:
Accounts receivable 79,909 (57,160)
Interest receivable 24 23
Increase (decrease) in liabilities:
Accounts payable 227 657
Property taxes payable 3,727 (5,835)
Deferred rental income (20,276) (28,887)
----------- -----------
Net cash provided by operating activities 644,974 507,313
----------- -----------
Cash flows from investing activities:
Proceeds from real estate sales 901,187 1,106,291
Real estate purchased -- (1,410,233)
Collection of notes receivable 3,133 3,102
----------- -----------
Net cash provided (used) in investing activities 904,320 (300,840)
----------- -----------
Cash flows from financing activities:
Cash distributions (2,090,001) (584,058)
----------- -----------
Net cash used by financing activities (2,090,001) (584,058)
----------- -----------
Net decrease in cash (540,707) (377,585)
Cash at January 1 1,817,201 641,053
----------- -----------
Cash at June 30 $ 1,276,494 $ 263,468
=========== ===========
The accompanying notes are an integral part
of the financial statements.
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EXCEL PROPERTIES, LTD.
NOTES TO FINANCIAL STATEMENTS - UNAUDITED
----------
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements reflect all adjustments of a recurring nature
which are, in the opinion of management, necessary for a fair presentation
of the financial statements. No adjustments were necessary which were not
of a recurring nature. Certain reclassifications have been made to the
financial statements for the six months ended June 30, 1995 in order to
conform with the current period's presentation. These financial statements
should be read in conjunction with the financial statements and
accompanying footnotes included in the Partnership's December 31, 1995
Form 10-K.
ORGANIZATION
Excel Properties, Ltd. was formed in the State of California on September
19, 1985, for the purpose of, but not limited to, acquiring real property
and syndicating such property.
OFFERING COSTS
Offering costs and selling expenses were charged to the limited partners'
capital accounts as limited partners' interests were sold.
REAL ESTATE
Land and buildings are recorded at cost. Buildings are depreciated using
the straight-line method over the tax life of 31.5 years. The tax life
does not differ materially from the economic useful life. Expenditures for
maintenance and repairs are charged to expense as incurred. Significant
renovations are capitalized. The cost and related accumulated depreciation
of real estate are removed from the accounts upon disposition. Gains and
losses arising from the dispositions are reported as income or expense.
CASH DEPOSITS
At June 30, 1996, the carrying amount of the Partnership's cash deposits
total $1,276,494. The bank balances are $1,325,477 of which $200,000 is
covered by federal depository insurance.
STATEMENT OF CASH FLOWS - SUPPLEMENTAL DISCLOSURE
There was no interest or taxes paid for the six months ended June 30, 1996
or 1995. Also, the Partnership had no noncash investing or financing
transactions for the six months ended June 30, 1996 or 1995.
Continued
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EXCEL PROPERTIES, LTD.
NOTES TO FINANCIAL STATEMENTS - UNAUDITED, CONTINUED
----------
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED:
INCOME TAXES
The Partnership is not liable for payment of any income taxes because as a
partnership, it is not subject to income taxes. The tax effects of its
activities accrue directly to the partners.
ACCOUNTS RECEIVABLE
All net accounts receivable are deemed to be collectible within the next
12 months.
FINANCIAL STATEMENT ESTIMATES
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses
during the reported period. Actual results could differ from those
estimates.
2. FEES PAID TO GENERAL PARTNER
The Partnership has paid the General Partner or its affiliates the
following fees:
Six Months Ended
June 30,
----------------------
1996 1995
------- -------
Management fees $ 4,449 $ 4,872
Administrative fees 5,400 5,400
Accounting 12,840 11,640
Continued
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EXCEL PROPERTIES, LTD.
NOTES TO FINANCIAL STATEMENTS - UNAUDITED, CONTINUED
----------
3. NOTES RECEIVABLE
The Partnership had the following notes receivable at June 30, 1996 and
December 31, 1995:
1996 1995
---------- ----------
Note from sale of building, receipts of $1,390 per month
at 9% interest. Secured by building sold. Due July 1997. $ 141,533 $ 143,455
Note from sale of building, interest only receipts of
$5,366 per month at 8.5% interest. Secured by building
sold. Due November 2003. 757,500 757,500
Note from sale of building, receipts of $1,004 per month
at 8% interest. Secured by building sold. Due December
2001. 113,506 114,717
---------- ----------
Total notes receivable $1,012,539 $1,015,672
========== ==========
4. MINIMUM FUTURE RENTALS
The Partnership leases single-tenant buildings to tenants under
noncancelable operating leases requiring the greater of fixed or
percentage rents. The leases are either: (1) triple-net, requiring the
tenant to pay all expenses of operating the property such as insurance,
property taxes, repairs and utilities, or (2) requiring the tenant to
reimburse the Partnership for substantially all of the tenant's share of
real estate taxes and other common area maintenance expenses.
Minimum future rental revenue for the next five years for the commercial
real estate currently owned and subject to noncancelable operating leases
is as follows:
YEAR ENDING DECEMBER 31,
------------------------
1996, remaining six months $ 470,060
1997 939,854
1998 931,135
1999 906,166
2000 845,173
Thereafter 3,243,670
Continued
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EXCEL PROPERTIES, LTD.
NOTES TO FINANCIAL STATEMENTS - UNAUDITED, CONTINUED
----------
5. SALE OF PROPERTY
On April 10, 1996, the Partnership sold two buildings in Coon Rapids,
Minnesota that were on lease to Kentucky Fried Chicken and Wendy's. The
sales price for the two buildings, which were sold together, was $925,000
less $23,813 in selling expenses. The Partnership recognized a gain of
$206,761 on the sale.
On February 17, 1995, the Partnership sold a building in Phoenix, Arizona
that was on lease to Childrens World. The sales price was $1,135,000 less
$28,709 in selling expenses. The Partnership recognized a gain of $99,141
on the sale. The proceeds from the sale were used to acquired another real
estate asset as described in Note 6.
6. PURCHASE OF PROPERTY
On March 10, 1995, the Partnership purchased a 39% undivided interest in a
parcel of ground in Las Vegas, Nevada for $1,410,233. The ground was
leased with the Partnership's share of rent equaling $169,228 per year.
The ground was subdivided into three building lots and the lessee
constructed a building on one of the three lots. The building was sold in
the fourth quarter of 1995 and a gain of $351,152 was recognized. The
Partnership still has a 39% undivided interest in the remaining two
parcels of land. No real estate purchases were made in the first six
months of 1996.
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EXCEL PROPERTIES, LTD.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND
RESULTS OF OPERATIONS
NATURE OF BUSINESS
Excel Properties, Ltd., a California limited partnership (the "Partnership"),
was organized to purchase commercial real estate properties for cash and to hold
these assets for long-term investment. The Partnership currently owns eighteen
properties. The general partners of the Partnership are Excel Realty Trust,
Inc., a Maryland corporation, and Gary B. Sabin, an individual. The Partnership
was formed on September 19, 1985, and will continue in existence until December
31, 2015, unless dissolved earlier under certain circumstances.
Properties that have been acquired by the Partnership are subject to long-term
triple-net leases. Such leases require the lessee to pay the prescribed minimum
rental plus all costs and expenses associated with the operations and
maintenance of the property. These expenses include real property taxes,
property insurance, repairs and maintenance and similar expenses, the net effect
being that, under normal circumstances, no expenses will offset the rental
payment. Most of the leases also provide some form of inflation hedge which
calls for the minimum rent to be increased, based upon adjustments in the
consumer price index, fixed rent escalation, or by receipt of a percentage of
the gross sales of the tenant.
Properties have been acquired free and clear of liens and encumbrances. The
Partnership may seek to finance one or more of the properties and distribute the
financing proceeds to the partners, but only if the financing proceeds equal or
exceed 100% of the Partnership's capital invested in the property or properties
(including a prorata amount of the Partnership's public offering selling
commissions and organization expenses). To date, no properties owned by the
Partnership have been the subject of any mortgage financing, therefore, at the
present time, all properties remain free and clear from any mortgage loan, lien
or encumbrance.
The principal investment objectives of the Partnership are to provide to its
limited partners: (1) preservation, protection and eventual return of the
investment, (2) distributions of cash from operations including property sales,
some of which may be a return of capital for tax purposes rather than taxable
income, (3) distributions of cash from property financing, and (4) realization
of long-term appreciation in value of the properties.
The general partners have purchased properties they believe meet certain minimum
investment standards and that are most likely to accomplish the investment
objectives of the Partnership. Properties were acquired through arms-length
negotiations with third parties.
LIQUIDITY AND CAPITAL RESOURCES
As the Partnership has $1,276,494 in cash at June 30, 1996, with no debt on any
of the properties it owns, management believes that the Partnership liquidity
remains in a good position. In July 1996, the Partnership distributed
accumulated cash to the partners in the amount of $1,100,000. The Partnership
has no debt, and currently has monthly income of approximately $75,000 from
rental income. Management anticipates that income should be enough to cover any
Partnership expenses. Also,
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management does not expect the Partnership to incur any significant operational
expenses as the Partnership properties are subject to triple-net leases.
Management anticipates that the Partnership's primary source of cash in 1996
will continue to come from the rental of the real estate properties currently
owned. The Partnership may also, from time to time, sell certain properties
which would provide additional cash for distribution. Management anticipates
that rental income will be sufficient to cover the operating expenses of the
Partnership and allow for cash distributions to be made to the limited partners.
The Partnership has the policy of paying quarterly distributions to the limited
partners of the actual cash earned by the Partnership in the preceding quarter.
Therefore, if expenses were to increase or income were to decrease, the
Partnership would decrease the quarterly distributions to the limited partners.
The cash of the Partnership decreased by $540,707 at June 30, 1996 when compared
to December 31, 1995. This decrease was partly due to the payment of $2,090,001
in distributions to the partners. The Partnership did collect $901,187 from the
sale of two properties in April 1996 and a decrease in net accounts receivable
of $164,721 was also a source of cash. Included in the change in accounts
receivable was $156,000 that was due from a property sale in 1995 that was
collected in January 1996. Net income before property sales of $405,129 and
depreciation of $91,422 also provided an increase in cash of $496,551.
The Partnership has purchased its properties for all cash. The Partnership may
finance one or more of its existing properties if, among other conditions: (1)
the property is held for at least two years (all properties have been owned by
the Partnership for more than two years), (2) the financing proceeds equal or
exceed the Partnership's investment in the property, and (3) the Partnership
distributes the financing proceeds to the partners. To date, the Partnership has
not leveraged any of its properties.
RESULTS OF OPERATIONS
The following discussion should be read in conjunction with the financial
statements and the notes thereto.
Comparison of the three months ended June 30, 1996 to the three months ended
June 30, 1995
Base rent decreased $44,916 or 15% from the previous year. Additional rental
revenue came from rent increases of $2,641 per month from several Kinder Care
properties beginning January 1, 1996. However, rental revenue decreased by
$35,507 due to rent from land that was purchased in February 1995 and sold in
November 1995. In addition, the Partnership was receiving $7,800 per month from
the Kentucky Fried Chicken and Wendy's buildings that were sold in April of
1996.
Operating expenses increased by $51,914 from the three months ended June 30,
1995 to the three months ended March 31, 1996. The net increase was primarily
due to a $54,126 increase in bad debt expense. The Partnership wrote off $23,894
due to the non-payment of rent and finance charges by Toddle House Restaurants.
Toddle House Restaurants, which is currently in Chapter 11 Bankruptcy, began
paying monthly rents of $2,916 again in February 1996. Most of the $23,894 in
bad debt expense came from $13,142 in uncollected finance charges on the account
balance for Toddle House Restaurants. Bad debt expense also increased $43,779 in
the anticipation of not collecting certain rents from Ponderosa Restaurant which
has vacated its premises. Other expenses varied very little between the two
accounting periods, except depreciation expense which decreased due to the sale
of the Children's World building in 1995 and the Kentucky Fried Chicken and
Wendy's buildings in April 1996.
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Interest income increased $26,726 or 99% in 1996 over 1995 due to the additional
finance charges on amounts uncollected from Toddle House Restaurants and
Ponderosa Restaurant. In addition, the Partnership earned interest in the
current quarter on the proceeds of $901,187 from the sale of the two properties.
The sale happened in April 1996 but the funds were not distributed to the
partners until July 1996.
Net income increased $136,657 in the second quarter of 1996 over 1995, primarily
due to a $206,761 gain on the sale of the Kentucky Fried Chicken and Wendy's
properties in 1996. Without the property sales the net income of the Partnership
would have decreased by $70,104 for the three months ended June 30, 1996 when
compared to the same period a year ago.
Comparison of the six months ended June 30, 1996 to the six months ended June
30, 1995
Base rent decreased $55,445 or 10% from the previous year. Additional rental
revenue came from rent increases of $2,641 per month from several Kinder Care
properties beginning January 1, 1996. However, rental revenue decreased by
$52,507 due to rent from land that was purchased in February 1995 and sold in
November 1995. In addition, the Partnership was receiving $7,800 per month from
the Kentucky Fried Chicken and Wendy's buildings that were sold in April of
1996.
Operating expenses increased by $59,144 from the six months ended June 30, 1995
to the six months ended March 31, 1996. The net increase was primarily due to a
$63,526 increase in bad debt expense. The amount represents the amount reserved
for the collectability of rents from Toddle House Restaurants and Ponderosa
Restaurant. Toddle House Restaurants, which is currently in Chapter 11
Bankruptcy, and Ponderosa Restaurant were mentioned above. Other expenses varied
very little between the two accounting periods, except depreciation expense
which decreased due to the sale of the Children's World building in 1995 and the
Kentucky Fried Chicken and Wendy's buildings in April 1996.
Interest income increased $42,156 or 72% in 1996 over 1995 due to the additional
finance charges on amounts uncollected from Toddle House Restaurants and
Ponderosa Restaurant. In addition, the Partnership earned interest in the
current period on the sales proceeds from several properties before the funds
were distributed to the partners.
Net income increased $33,729 in 1996 over 1995, primarily due to a $206,761 gain
on the sale of the Kentucky Fried Chicken and Wendy's properties in 1996 less
the $99,141 gain of the Children's World property in 1995. Without the property
sales the net income of the Partnership would have decreased by $73,891 for the
six months ended June 30, 1996 when compared to the same period a year ago.
Management does not expect inflation to significantly impact the operations of
the Partnership due to the structure of its investment portfolio. The leases all
provide a minimum rental which the lessee is obligated to pay. Additionally,
most leases contain some form of inflation hedge which provides for the rent to
be increased. The rent increases may be in the form of scheduled fixed minimum
rent increases, Consumer Price Index adjustments, or by participating in a
percentage of the gross sales volume of the tenant. Since the triple-net leases
require the lessees to pay for all property operating expenses, the net effect
is that the income should increase as operating expenses increase due to
inflation.
CERTAIN CAUTIONARY STATEMENTS
Certain statements in this Form 10-Q that are not historical fact and constitute
"forward-looking
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statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results of the
Partnership to be materially different from historical results or from any
results expressed or implied by such forward-looking statements. Such risk,
uncertainties and other factors include, but are not limited to, the following
risks:
Economic Performance and Value of Properties Dependent on Many Factors. Real
property investments are subject to varying degrees of risk. The economic
performance and values of real estate can be affected by many factors, including
changes in the national, regional and local economic climates, local conditions
such as an oversupply of space or a reductions in demand for real estate in the
area, the attractiveness of the properties to tenants, competition from other
available space, the ability of the owner to provide adequate maintenance and
insurance and increased operating costs.
Dependence on Rental Income from Real Property. Since substantially all of the
Partnership's income is derived from rental income from real property, the
Partnership's income and funds for distribution would be adversely affected if a
significant number of the Partnership's tenants were unable to meet their
obligations to the Partnership or if the Partnership were unable to lease a
significant amount of space in its buildings on economically favorable lease
terms. There can be no assurance that any tenant whose lease expires in the
future will renew such lease or that the Partnership will be able to re-lease
space on economically advantageous terms.
Illiquidity of Real Estate Investments. Equity real estate investments are
relatively illiquid and therefore tend to limit the ability of the Partnership
to vary its portfolio promptly in response to changes in economic or other
conditions.
Risk of Bankruptcy of Major Tenants. The bankruptcy or insolvency of a tenant
would have an adverse impact on the property affected and on the income produced
by such property. Under bankruptcy law, a tenant has the option of assuming
(continuing) or rejecting (terminating) any unexpired lease. If the tenant
assumes its lease with the Partnership, the tenant must cure all defaults under
the lease and provide the Partnership with adequate assurance of its future
performance under the lease. If the tenant rejects the lease, the Partnership's
claim for breach of the lease would (absent collateral securing the claim) be
treated as a general unsecured claim. The amount of the claim would be capped at
the amount owed for unpaid pre-petition lease payments unrelated to the
rejection, plus the greater of one years' lease payments or 15% of the remaining
lease payments payable under the lease (but not to exceed the amount of three
years' lease payments).
Environmental Risks. Under various federal, state and local laws, ordinances and
regulations, the Partnership may be considered an owner or operator of real
property or may have arranged for the disposal or treatment of hazardous or
toxic substances and, therefore, may become liable for the costs of removal or
remediation of certain hazardous substances released on or in its property or
disposed of by it, as well as certain other potential costs which could relate
to hazardous or toxic substances (including governmental fines and injuries to
persons and property). Such liability may be imposed whether or not the
Partnership knew of, or was responsible for, the presence of such hazardous
toxic substances.
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PART II. OTHER INFORMATION
Items 1 through 5 have been omitted since no events occurred with respect to
these items.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits: 27.1 - Financial Data Schedule
(b) Reports on Form 8-K
The Partnership filed no reports on Form 8-K during the quarter
ended June 30, 1996.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: August 9, 1996 EXCEL PROPERTIES, LTD.
(Registrant)
Excel Realty Trust, Inc.
(General Partner)
By: /s/ Gary B. Sabin
-------------------------
Gary B. Sabin, President
By: /s/ David A. Lund
-------------------------
David A. Lund, Principal Financial Officer
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