<PAGE>
 
                                 UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION

                          Washington, D.C. 20549-1004

                                   FORM 10-Q
                                        
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE EXCHANGE ACT OF 1934
 
    For the period ended                     June 30, 1997
                         -------------------------------------------------------
 
                                        OR
 
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
    EXCHANGE ACT OF 1934
 
    For the transition period from                      to
                                   --------------------    ---------------------
 
    Commission File Number                           0-17611
                                   ---------------------------------------------
 
 
      First Capital Growth Fund - XIV, A Real Estate Limited Partnership
--------------------------------------------------------------------------------
            (Exact name of registrant as specified in its charter)
 
<TABLE> 
<CAPTION> 
<S>                                                          <C> 
           Illinois                                             36-3552804
--------------------------------                             -------------------
(State or other jurisdiction of                               (I.R.S. Employer
incorporation or organization)                               Identification No.)
 
Two North Riverside Plaza, Suite 1100, Chicago, Illinois         60606-2607
--------------------------------------------------------     -------------------
       (Address of principal executive offices)                  (Zip Code)
</TABLE> 
                                (312) 207-0020
--------------------------------------------------------------------------------
             (Registrant's telephone number, including area code)
 
                                Not applicable
--------------------------------------------------------------------------------
  (Former name, former address and former fiscal year, if changed since last
                                    report)
 
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
                                        ---      ---

Documents incorporated by reference:

The First Amended and Restated Agreement of Limited Partnership filed as Exhibit
A to the definitive Prospectus dated December 8, 1988, included in the
Registrant's Registration Statement on Form S-11, is incorporated herein by
reference in Part I of this report.
<PAGE>
 
BALANCE SHEETS
(All dollars rounded to nearest 00s)
 
<TABLE>
<CAPTION>
                                                June 30,
                                                  1997      December 31,
                                               (Unaudited)      1996
------------------------------------------------------------------------
<S>                                            <C>          <C>
ASSETS
Investment in commercial rental property:
 Land                                          $1,319,000    $1,319,000
 Building and improvements                      5,864,100     5,842,200
------------------------------------------------------------------------
                                                7,183,100     7,161,200
Accumulated depreciation and amortization      (1,364,800)   (1,238,000)
------------------------------------------------------------------------
 Total investment property, net of accumulated
  depreciation and amortization                 5,818,300     5,293,200
Cash and cash equivalents                       2,508,300     1,986,300
Investments in debt securities                                  496,300
Rents receivable                                                  4,500
Other assets                                       14,500        16,200
------------------------------------------------------------------------
                                               $8,341,100    $8,426,500
------------------------------------------------------------------------
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
 Accrued real estate taxes                     $  530,400    $  515,200
 Distributions payable                            129,000       129,000
 Accounts payable and accrued expenses             65,300        66,700
 Due to Affiliates                                  4,500         7,000
 Security deposits                                 38,700        38,500
 Other liabilities                                  3,900        52,600
------------------------------------------------------------------------
                                                  771,800       809,000
------------------------------------------------------------------------
Partners' capital:
 General Partner                                  149,900       154,700
 Limited Partners (145,182 Units issued and
  outstanding)                                  7,419,400     7,462,800
------------------------------------------------------------------------
                                                7,569,300     7,617,500
------------------------------------------------------------------------
                                               $8,341,100    $8,426,500
------------------------------------------------------------------------
</TABLE>
STATEMENTS OF PARTNERS' CAPITAL
For the six months ended June 30, 1997 (Unaudited) and the year ended December
31, 1996
(All dollars rounded to nearest 00s)
 
<TABLE>
<CAPTION>
                                        General    Limited
                                        Partner    Partners     Total
-------------------------------------------------------------------------
<S>                                     <C>       <C>         <C>
Partners' capital,
 January 1, 1996                        $163,400  $7,541,400  $7,704,800
Net income for the year ended
 December 31, 1996                        42,900     386,000     428,900
Distributions for the year ended
 December 31, 1996                       (51,600)   (464,600)   (516,200)
-------------------------------------------------------------------------
Partners' capital,
 December 31, 1996                       154,700   7,462,800   7,617,500
Net income for the six months ended
 June 30, 1997                            21,000     188,900     209,900
Distributions for the six months ended
 June 30, 1997                           (25,800)   (232,300)   (258,100)
-------------------------------------------------------------------------
Partners' capital,
 June 30, 1997                          $149,900  $7,419,400  $7,569,300
-------------------------------------------------------------------------
</TABLE>
    The accompanying notes are an integral part of the financial statements.
2
<PAGE>
 
STATEMENTS OF INCOME AND EXPENSES
For the quarters ended June 30, 1997 and 1996
(Unaudited)
(All dollars rounded to nearest 00s except per Unit
amounts)
<TABLE>
<CAPTION>
                                                      1997       1996
-----------------------------------------------------------------------
<S>                                                <C>        <C>
Income:
 Rental                                             $393,400   $411,600
 Interest                                             31,800     28,800
-----------------------------------------------------------------------
                                                     425,200    440,400
-----------------------------------------------------------------------
Expenses:
 Depreciation and amortization                        62,900     64,500
 Property operating:
  Affiliates                                          21,900     23,900
  Nonaffiliates                                       31,500     34,200
 Real estate taxes                                   132,600    150,000
 Insurance--Affiliate                                  2,700      3,200
 Repairs and maintenance                              39,000     53,600
 General and administrative:
  Affiliates                                           5,000      8,300
  Nonaffiliates                                       14,600     14,800
-----------------------------------------------------------------------
                                                     310,200    352,500
-----------------------------------------------------------------------
Net income                                          $115,000   $ 87,900
-----------------------------------------------------------------------
Net income allocated to General Partner             $ 11,500   $  8,800
-----------------------------------------------------------------------
Net income allocated to Limited Partners            $103,500   $ 79,100
-----------------------------------------------------------------------
Net income allocated to Limited Partners per Unit
 (145,182 Units outstanding)                       $    0.71  $    0.54
-----------------------------------------------------------------------
</TABLE>
 
STATEMENTS OF INCOME AND EXPENSES
For the six months ended June 30, 1997 and 1996
(Unaudited)
(All dollars rounded to nearest 00s except per Unit amounts)
<TABLE>
<CAPTION>
                                                      1997       1996
-----------------------------------------------------------------------
<S>                                                <C>        <C>
Income:
 Rental                                             $777,200   $782,300
 Interest                                             62,700     58,600
-----------------------------------------------------------------------
                                                     839,900    840,900
-----------------------------------------------------------------------
Expenses:
 Depreciation and amortization                       126,800    123,800
 Property operating:
  Affiliates                                          47,000     46,300
  Nonaffiliates                                       69,700     75,600
 Real estate taxes                                   265,300    300,000
 Insurance--Affiliate                                  5,700      6,400
 Repairs and maintenance                              77,400     97,800
 General and administrative:
  Affiliates                                           7,900     13,900
  Nonaffiliates                                       30,200     33,800
-----------------------------------------------------------------------
                                                     630,000    697,600
-----------------------------------------------------------------------
Net income                                          $209,900   $143,300
-----------------------------------------------------------------------
Net income allocated to General Partner             $ 21,000   $ 14,300
-----------------------------------------------------------------------
Net income allocated to Limited Partners            $188,900   $129,000
-----------------------------------------------------------------------
Net income allocated to Limited Partners per Unit
 (145,182 Units outstanding)                       $    1.30  $    0.89
-----------------------------------------------------------------------
</TABLE>
STATEMENTS OF CASH FLOWS
For the six months ended June 30, 1997 and 1996
(Unaudited)
(All dollars rounded to nearest 00s)
<TABLE>
<CAPTION>
                                                             1997        1996
---------------------------------------------------------------------------------
<S>                                                       <C>         <C>
Cash flows from operating activities:
 Net income                                               $  209,900  $  143,300
 Adjustments to reconcile net income to net cash
  provided
  by operating activities:
  Depreciation and amortization                              126,800     123,800
  Changes in assets and liabilities:
   Decrease in rents receivable                                4,500       4,800
   Decrease in other assets                                    1,700       6,600
   Increase in accrued real estate taxes                      15,200      47,800
   (Decrease) in accounts payable and accrued expenses        (1,400)    (34,100)
   (Decrease) increase in due to Affiliates                   (2,500)      4,900
   (Decrease) in other liabilities                           (48,700)    (16,400)
---------------------------------------------------------------------------------
    Net cash provided by operating activities                305,500     280,700
---------------------------------------------------------------------------------
Cash flows from investing activities:
 Distributions paid to Partners                              (21,900)    (11,500)
 Decrease in investments in debt securities                  496,300
---------------------------------------------------------------------------------
    Net cash provided by (used for) investing activities     474,400     (11,500)
---------------------------------------------------------------------------------
Cash flows from financing activities:
 Distributions paid to Partners                             (258,100)   (250,100)
 Increase in security deposits                                   200         100
---------------------------------------------------------------------------------
    Net cash (used for) financing activities                (257,900)   (250,000)
---------------------------------------------------------------------------------
Net increase in cash and cash equivalents                    522,000      19,200
Cash and cash equivalents at the beginning of the period   1,986,300   2,364,800
---------------------------------------------------------------------------------
Cash and cash equivalents at the end of the period        $2,508,300  $2,384,000
---------------------------------------------------------------------------------
</TABLE>
    The accompanying notes are an integral part of the financial statements.
<PAGE>
 
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
June 30, 1997
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
 
DEFINITION OF SPECIAL TERMS:
Capitalized terms used in this report have the same meaning as those terms have
in the Partnership's Registration Statement filed with the Securities and
Exchange Commission on Form S-11. Definitions of these terms are contained in
Article III of the First Amended and Restated Agreement of Limited Partnership,
which is included in the Registration Statement and incorporated herein by
reference.
 
ACCOUNTING POLICIES:
The financial statements have been prepared in accordance with generally
accepted accounting principles ("GAAP"). Under this method of accounting,
revenues are recorded when earned and expenses are recorded when incurred.
 
Preparation of the Partnership's financial statements in conformity with GAAP
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 reporting period. Actual results could differ
from those estimates.
 
The financial information included in these financial statements is unaudited;
however, in management's opinion, all adjustments (consisting of only normal,
recurring accruals) necessary for a fair presentation of the results of
operations for the periods included have been made. Results of operations for
the quarter and six months ended June 30, 1997, are not necessarily indicative
of the operating results for the year ending December 31, 1997.
 
The financial statements include the Partnership's 50% interest in a joint
venture with an Affiliated partnership. This joint venture was formed for the
purpose of acquiring a 100% interest in 1800 Sherman Office Building and is
operated under the common control of the General Partner and an Affiliate of
the General Partner. Accordingly, the Partnership's pro rata share of the
venture's revenues, expenses, assets, liabilities and Partners' capital is
included in the financial statements.
 
Commercial rental property is recorded at cost, net of any provisions for value
impairment, and depreciated (exclusive of amounts allocated to land) on the
straight-line method over its estimated useful life. Lease acquisition fees are
recorded at cost and amortized on the straight-line method over the life of
each respective lease. Repair and maintenance costs are expensed as incurred;
expenditures for improvements are capitalized and depreciated over the
estimated life of such improvements.
 
The Partnership evaluates its rental property when conditions exist which may
indicate that it is probable that the sum of expected future cash flows
(undiscounted) from such property is less than its carrying basis. Upon
determination that a permanent impairment has occurred, the carrying basis of
the rental property is reduced to its estimated fair value. Management was not
aware of any indicator that would result in a significant impairment loss
during the periods reported.
 
Cash equivalents are considered all highly liquid investments with a maturity
of three months or less when purchased.
 
Certain reclassifications have been made to the previously reported 1996
statements in order to provide comparability with the 1997 statements. These
reclassifications had no effect on net income or Partners' Capital.
 
Reference is made to the Partnership's annual report for the year ended
December 31, 1996, for a description of other accounting policies and
additional details of the Partnership's financial condition, results of
operations, changes in Partners' capital and changes in cash balances for the
year then ended. The details provided in the notes thereto have not changed
except as a result of normal transactions in the interim or as otherwise
disclosed herein.
 
2. RELATED PARTY TRANSACTIONS:
 
In accordance with the Partnership Agreement, commencing with the fiscal
quarter in which the Minimum Subscription Closing Date occurred (the quarter
ended March 31, 1989), distributable Cash Flow (as defined in the Partnership
Agreement), if any, is distributed 90% to the Limited Partners and 10% to the
General Partner. For the quarter and six months ended June 30, 1997, the
General Partner was entitled to distributable Cash Flow (as defined in the
Partnership Agreement) of $12,900 and $25,800, respectively.
 
In accordance with the Partnership Agreement, Losses (exclusive of Losses from
a Major Capital Event) are allocated 1% to the General Partner and 99% to the
Limited Partners as a group. Losses from a Major Capital Event, including any
provisions for value impairment, are allocated prior to giving effect to any
distribution of Sale or Refinancing Proceeds from such Major Capital Event;
first, to the General Partner and Limited Partners with positive balances in
their Capital Accounts, in proportion to and to the extent of such positive
balances; and second, the balance, if any, 1% to the General Partner and 99% to
the Limited Partners as a group. Profits (exclusive of Profits from a Major
Capital Event) are allocated; first, in accordance with the ratio in which Cash
Flow (as defined in the Partnership Agreement) was distributable among the
Partners for such fiscal year, to the extent of such Cash Flow (as defined in
the Partnership Agreement); provided, however, that if the Partnership makes no
distributions of Cash Flow (as defined in the Partnership Agreement) for such
fiscal year, then such Profits are allocated 1% to the General Partner and 99%
to the Limited Partners as a group; and second, the balance, if any, 1% to the
General Partner and 99% to the Limited Partners as a group. Profits from a
Major Capital Event are allocated prior to giving effect to any distribution of
Sale or Refinancing Proceeds from such Major Capital Event; first, to the
General Partner and Limited Partners with negative balances in their Capital
Accounts, in proportion to and to the extent of such negative balances; second,
in proportion to and to the extent of the amounts, if any, necessary to make
the positive balance in the Capital Account of each Limited Partner equal to
the Capital Investment of such Limited Partner; third, in proportion to and to
the extent of the amounts, if any, necessary to make the positive balance in
the Capital Account of each Limited Partner equal to the Capital Investment of
such Limited Partner, plus an amount equal to a cumulative, simple return of 6%
per annum on the Capital Investment from time to time of such Limited Partner
from the date on which the investment in the Partnership was made (less amounts
previously returned by way of Cash Flow (as defined in the Partnership
Agreement) and Sale or Refinancing Proceeds in payment of said cumulative
return); and fourth, any
4
<PAGE>
 
remaining Profits are allocated 17% to the General Partner and 83% to the
Limited Partners as a group. Notwithstanding anything to the contrary, the
interest of the General Partner in each material item of Partnership income,
gain, loss, deduction or credit will be equal to at least 1% of each such item
at all times during the existence of the Partnership. For the quarter and six
months ended June 30, 1997, the General Partner was allocated Profits of
$11,500 and $21,000, respectively.
 
Fees and reimbursements paid and payable by the Partnership to Affiliates
during the quarter and six months ended June 30, 1997 were as follows:
 
<TABLE>
<CAPTION>
                                                            Paid
                                                       ---------------
                                                                 Six
                                                       Quarter Months  Payable
------------------------------------------------------------------------------
<S>                                                    <C>     <C>     <C>
Property management and leasing fees                   $22,800 $46,500 $4,000
Reimbursement of property insurance premiums, at cost    5,700   5,700   None
Reimbursement of expenses, at cost:
 --Accounting                                            3,100   4,200    300
 --Investor communication                                2,100   2,700    200
 --Legal                                                 1,400   1,500   None
------------------------------------------------------------------------------
                                                       $35,100 $60,600 $4,500
------------------------------------------------------------------------------
</TABLE>
 
On-site property management for the Partnership's property is provided by an
Affiliate of the General Partner for fees ranging from 3% to 6% of gross rents
received from the property.
<PAGE>
 
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 
Reference is made to the Partnership's annual report for the year ended
December 31, 1996 for a discussion of the Partnership's business.
 
OPERATIONS
The table below is a recap of the Partnership's share of certain operating
results of its remaining property, 1800 Sherman Office Building ("1800
Sherman"), for the quarters and six months ended June 30, 1997 and 1996. The
discussion following the table should be read in conjunction with the financial
statements and notes thereto appearing in this report.
 
<TABLE>
<CAPTION>
                      Comparative Operating Results (a)
                     For the Quarters     For the Six
                           Ended         Months Ended
                     6/30/97  6/30/96  6/30/97  6/30/96
--------------------------------------------------------
<S>                  <C>      <C>      <C>      <C>
Rental revenues      $393,400 $411,600 $777,200 $782,300
--------------------------------------------------------
Property net income  $102,800 $ 82,300 $185,500 $133,000
--------------------------------------------------------
Average occupancy         96%      95%      96%      96%
--------------------------------------------------------
</TABLE>
(a) Excludes certain income and expense items which are not directly related to
    individual property operating results such as interest income and general
    and administrative expenses.
 
Unless otherwise disclosed, discussions of fluctuations between 1997 and 1996
refer to both the quarters and six months ended June 30, 1997 and 1996.
 
Net income increased $27,100 and $66,600 for the quarter and six months ended
June 30, 1997 when compared to the quarter and six months ended June 30, 1996,
respectively. The increases in net income were primarily the result of
decreases in real estate tax and repair and maintenance expenses together with
decreases in general and administrative expenses which were the result of a
reduction in personnel costs and accounting fees. Partially offsetting the
increases were decreases in rental revenues.
 
Rental revenues decreased $18,200 or 4.4% and $5,100 or 0.6% for the quarter
and six months ended June 1997 when compared to June 30, 1996, respectively.
The decreases were primarily the result of a decrease in real estate tax
escalation income which was the result of actual 1995 credits for overpayments
due to tenants, paid in 1996, being less than estimated. The decreases were
partially offset by an increase in base rental revenues which was the result of
an increase in the average rental rate at 1800 Sherman.
 
Real estate tax expense decreased $17,400 and $34,700 for the quarterly and
six-month periods under comparison, respectively. These decreases were
primarily due to a lower estimated tax liability, based to a large extent on
the successful appeal of 1995 taxes.
 
Repair and maintenance expense decreased $14,600 and $20,400 for the quarter
and six months ended June 30, 1997 when compared to the quarter and six months
ended June 30, 1996, respectively. The decreases were primarily due to
decreases in cleaning costs, which is the result of the change in the day
porter, and in landscaping and HVAC costs.
 
To maintain the occupancy level at 1800 Sherman, the General Partner, through
its Affiliated asset and property management group, continues to take the
following actions: 1) implementation of marketing programs, including hiring of
third-party leasing agents or providing on-site leasing personnel, advertising,
direct mail campaigns and development of building brochures; 2) early renewal
of existing tenant's leases and addressing any expansion needs these tenants
may have; 3) promotion of local broker events and networking with local
brokers; 4) cold-calling other businesses and tenants in the market area; and
5) providing rental concessions or competitively pricing rental rates depending
on market conditions.
 
LIQUIDITY AND CAPITAL RESOURCES
One of the Partnership's objectives is to dispose of its property when market
conditions allow for the achievement of the maximum possible sales price. In
the interim, the Partnership continues to manage and maintain its remaining
property. Notwithstanding the Partnership's intention relative to the sale of
its property, another primary objective of the Partnership is to provide cash
distributions to Partners from Partnership operations. To the extent cash
distributions to Partners exceed net income, such excess distributions will be
treated as a return of capital. Cash Flow (as defined in the Partnership
Agreement) is generally not equal to net income or cash flows as determined by
generally accepted accounting principles ("GAAP"), since certain items are
treated differently under the Partnership Agreement than under GAAP. Management
believes that to facilitate a clear understanding of the Partnership's
operations, an analysis of Cash Flow (as defined in the Partnership Agreement)
should be examined in conjunction with an analysis of net income or cash flows
as determined by GAAP. The following table includes a reconciliation of Cash
Flow (as defined in the Partnership Agreement) to cash flows provided by
operating activities as determined by GAAP. Such amounts are not indicative of
actual distributions to Partners and should not be considered as an alternative
to the results disclosed in the Statements of Income and Expenses and Cash
Flow.
 
<TABLE>
<CAPTION>
                                                          Comparative
                                                       Cash Flow Results
                                                      For the Six Months
                                                             Ended
                                                       6/30/97    6/30/96
---------------------------------------------------------------------------
<S>                                                   <C>        <C>
Cash Flow (as defined in the Partnership Agreement)   $ 336,700  $ 267,100
Items of reconciliation:
 Decrease in current assets                               6,200     11,400
 (Decrease) increase in current liabilities             (37,400)     2,200
---------------------------------------------------------------------------
Net cash provided by operating activities             $ 305,500  $ 280,700
---------------------------------------------------------------------------
Net cash provided by (used for) investing activities  $ 474,400  $ (11,500)
---------------------------------------------------------------------------
Net cash (used for) financing activities              $(257,900) $(250,000)
---------------------------------------------------------------------------
</TABLE>
 
The increase in Cash Flow (as defined in the Partnership Agreement) of $69,600
for the six months ended June 30, 1997 when compared to the six months ended
June 30, 1996 was primarily due to improved operating results, exclusive of
depreciation and amortization, at 1800 Sherman.
 
The increase in the Partnership's cash position of $522,000 was primarily the
result of the reduction in the Partnership's investments in debt securities as
well as the net cash provided by operating activities exceeding distributions
paid to Partners and payments for capital and tenant improvements.
6
<PAGE>
 
The increase in net cash provided by operating activities of $24,800 for the
six months ended June 30, 1997 when compared to the six months ended June 30,
1996 was also primarily the result of improved operating results at 1800
Sherman.
 
Net cash (used for) provided by investing activities changed from $(11,500) for
the six months ended June 30, 1996 to $474,400 for the six months ended June
30, 1997. The change was primarily the result of the decrease in investments in
debt securities. For the six months ended June 30, 1997, the Partnership spent
$21,900 for building and tenant improvements and leasing costs and has budgeted
to spend approximately $75,000 for the remainder of 1997. The General Partner
believes these improvements and leasing costs are necessary in order to
increase and/or maintain occupancy in a very competitive market and to maximize
rental rates charged to new and renewing tenants.
 
The increase in net cash used for financing activities of $7,900 for the six-
month periods under comparison was primarily the result of a slight increase in
distributions paid to Partners.
 
The General Partner continues to take a conservative approach to projections of
future rental income in its determination of adequate levels of cash reserves
due to the anticipated capital, tenant improvement and leasing costs that may
be necessary to be made at the Partnership's property. As a result, cash
continues to be retained to supplement working capital reserves. Cash Flow (as
defined in the Partnership Agreement) retained to supplement working capital
reserves approximated $78,600 for the six months ended June 30, 1997.
 
Distributions to Limited Partners for the quarter ended June 30, 1997 were
declared in the amount of $116,100 or $0.80 per Unit. Cash distributions are
made 60 days after the last day of each fiscal quarter. The amount of future
distributions to Partners will ultimately be dependent upon the performance of
1800 Sherman as well as the General Partner's determination of the amount of
cash necessary to supplement working capital reserves. Accordingly, there can
be no assurance as to the amounts of future cash for distributions to Partners.
 
Based upon the current estimated value of its assets, net of its outstanding
liabilities, together with its expected operating results and capital
expenditure requirements, the General Partner believes that the Partnership's
cumulative distributions to its Limited Partners from inception through the
termination of the Partnership will be less than such Limited Partners'
original Capital Contribution.
 
                                                                               7
<PAGE>

                          PART II. OTHER INFORMATION

Item 6. Exhibits and Reports on Form 8-K:
-----------------------------------------

     (a)  Exhibits:  None

     (b)  Reports on Form 8-K:

     There were no reports filed on Form 8-K during the quarter ended June 30, 
1997.

<PAGE>
 
                                  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.

                              FIRST CAPITAL GROWTH FUND - XIV,
                              A REAL ESTATE LIMITED PARTNERSHIP

                              By: FIRST CAPITAL FUND XIV, INC.
                                  GENERAL PARTNER

Date: August 14, 1997         By: /s/ DOUGLAS CROCKER II
      ---------------             -------------------------------------
                                      DOUGLAS CROCKER II
                                  President and Chief Executive Officer

Date: August 14, 1997         By: /s/ NORMAN M. FIELD
      ---------------             -------------------------------------
                                      NORMAN M. FIELD
                                  Vice President - Finance and Treasurer