FORM 10-QSB.--QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
QUARTERLY OR TRANSITIONAL REPORT
(As last amended by 34-32231, eff. 6/3/93.)
U.S. Securities and Exchange Commission
Washington, D.C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended September 30, 1996
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period.........to.........
Commission file number 0-9136
ANGELES PARTNERS VIII
(Exact name of small business issuer as specified in its charter)
California 95-3264317
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
One Insignia Financial Plaza, P.O. Box 1089
Greenville, South Carolina 29602
(Address of principal executive offices) (Zip Code)
Issuer's telephone number (864) 239-1000
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 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
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
a) ANGELES PARTNERS VIII
CONSOLIDATED BALANCE SHEET
(Unaudited)
(in thousands, except unit data)
September 30, 1996
Assets
Cash:
Unrestricted $ 109
Restricted--tenant security deposits 61
Accounts receivable 6
Escrows for taxes 288
Other assets 239
Investment properties:
Land $ 543
Buildings and related personal property 14,371
14,914
Less accumulated depreciation (9,605) 5,309
$ 6,012
Liabilities and Partners' Deficit
Liabilities
Accounts payable $ 24
Tenant security deposits 61
Accrued taxes 588
Accrued interest 1,269
Other liabilities 210
Note payable to affiliate 371
Mortgage notes payable 16,821
Partners' Deficit
General partner $ (168)
Limited partners (11,985 units
issued and outstanding) (13,164) (13,332)
$ 6,012
See Accompanying Notes to Consolidated Financial Statements
b) ANGELES PARTNERS VIII
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except unit data)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
1996 1995 1996 1995
<S> <C> <C> <C> <C>
Revenues:
Rental income $ 884 $ 892 $ 2,590 $ 2,661
Other income 40 56 129 164
Tax recovery (Note D) -- 802 -- 802
Total revenues 924 1,750 2,719 3,627
Expenses:
Operating 284 297 821 876
General and administrative 43 32 123 87
Maintenance 153 89 343 266
Depreciation 170 150 466 443
Interest 440 459 1,329 1,394
Property taxes 121 116 421 348
Total expenses 1,211 1,143 3,503 3,414
Net income (loss) $ (287) $ 607 $ (784) $ 213
Net income (loss) allocated
to general partner $ (3) $ 6 $ (8) $ 2
Net income (loss) allocated
to limited partners (284) 601 (776) 211
$ (287) $ 607 $ (784) $ 213
Net income (loss) per limited
partnership unit $(23.70) $ 50.18 $(64.75) $ 17.63
<FN>
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
c) ANGELES PARTNERS VIII
CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' DEFICIT
(Unaudited)
For the Nine Months Ended September 30, 1996
(in thousands, except unit data)
<TABLE>
<CAPTION>
Limited
Partnership General Limited
Units Partner Partners Total
<S> <C> <C> <C> <C>
Original capital contributions 12,000 $ 121 $ 12,000 $ 12,121
Partners' deficit at
December 31, 1995 11,985 $ (160) $(12,388) $(12,548)
Net loss for the nine months
ended September 30, 1996 -- (8) (776) (784)
Partners' deficit at
September 30, 1996 11,985 $ (168) $(13,164) $(13,332)
<FN>
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
d) ANGELES PARTNERS VIII
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands, except unit data)
Nine Months Ended
September 30,
1996 1995
Cash flows from operating activities:
Net income (loss) $ (784) $ 213
Adjustments to reconcile net income (loss) to
net cash provided by operating activities:
Depreciation 466 443
Amortization of loan costs 38 46
Loss on disposition of investment property 15 --
Change in accounts:
Restricted cash (6) --
Accounts receivable 5 (2)
Tax refund receivable -- (224)
Escrows for taxes (226) (115)
Other assets (7) --
Accounts payable (16) (81)
Tenant security deposit liabilities 7 (2)
Accrued taxes 253 (374)
Accrued interest 423 390
Other liabilities 81 (51)
Net cash provided by
operating activities 249 243
Cash flows from investing activities:
Deposits to restricted escrows (404) (196)
Receipts from restricted escrows 600 --
Property improvements and replacements (888) (116)
Net cash used in investing activities (692) (312)
Cash flows from financing activities:
Payments on mortgage notes payable (36) (104)
Repayment of mortgage notes payable (9,368) --
Proceeds from long-term borrowings 9,800 --
Loan costs paid (174) (5)
Net cash provided by (used in)
financing activities 222 (109)
Net decrease in cash (221) (178)
Cash at beginning of period 330 422
Cash at end of period $ 109 $ 244
Supplemental disclosure of cash flow information:
Cash paid for interest $ 868 $ 958
See Accompanying Notes to Consolidated Financial Statements
e) ANGELES PARTNERS VIII
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
September 30, 1996
NOTE A - GOING CONCERN
The accompanying financial statements have been prepared assuming Angeles
Partners VIII, (the "Partnership" or "Registrant") will continue as a going
concern. The Partnership has incurred recurring operating losses, is in
default on a portion of its mortgage notes payable and does not generate
sufficient cash flows to fund capital expenditures and scheduled debt
services. The second mortgage to Angeles Mortgage Investment Trust ("AMIT")
in the amount of $1,350,000 secured by Bercado Shores Apartments, is in
default due to nonpayment of interest. Since the default in March of 1993,
the lender has not indicated its intent to pursue its available remedies
under the mortgage agreement, however, the Partnership's properties remain
subject to foreclosure under the terms of the second mortgage agreement.
The Partnership's second mortgage to AMIT of approximately $1,570,000,
secured by Brittany Point Apartments, had been in default due to nonpayment
of interest. This default also created a default in the Brittany Point
first mortgage due to certain cross-default provisions in the first
mortgage which matured in June 1995. This first mortgage was refinanced on
January 18, 1996 with the existing lender, lowering the interest rate from
10.125% to 7.875%. A workout proposal with AMIT on Brittany Point was
finalized during the first quarter of 1996, thereby curing the Brittany
Point default. This workout extended the maturity date from June 1995 to
December 2000.
The Partnership's first mortgage of approximately $4,101,000 secured by
Bercado Shores Apartments was previously in default due to delinquent 1993
property taxes; however, during 1995 these taxes were paid and the first
mortgage of Bercado Shores is no longer in default.
The financial statements do not include any adjustments to reflect the
possible future effects on the recoverability and classification of assets
or amounts and classification of liabilities that may result from this
uncertainty.
NOTE B - BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for
interim financial information and with the instructions to Form 10-QSB and
Item 310(b) of Regulation S-B. Accordingly, they do not include all of the
information and footnotes required by generally accepted accounting
principles for complete financial statements. In the opinion of Angeles
Realty Corporation (the "General Partner"), all adjustments (consisting of
normal recurring accruals) considered necessary for a fair presentation
have been included. Operating results for the three and nine month periods
ended September 30, 1996, are not necessarily indicative of the results
that may be expected for the year ending December 31, 1996. For further
information, refer to the financial statements and footnotes thereto
included in the Partnership's annual report on Form 10-KSB for the year
ended December 31, 1995.
Certain reclassifications have been made to the 1995 information to conform
to the 1996 presentation.
Consolidation
In order to facilitate the refinancing of the first mortgage indebtedness
secured by Brittany Point in January 1996, the property was transferred to
a lower-tier partnership known as Brittany Point AP VIII, L.P. in which the
Partnership is the 99% limited partner. The results of the lower-tier
partnership's operations are included in the Partnership's financial
statements with all intercompany transactions being eliminated.
NOTE C - TRANSACTIONS WITH AFFILIATED PARTIES
The Partnership has no employees and is dependent on the general partner
and its affiliates for the management and administration of all Partnership
activities. The Partnership Agreement provides for payments to affiliates
of the general partner for services and for reimbursement of certain
expenses incurred by affiliates on behalf of the Partnership. Property
management fees of approximately $135,000 and $140,000 were paid to
affiliates of the General Partner for the nine months ended September 30,
1996 and 1995, respectively. These fees are included in operating
expenses. Approximately $100,000 and $47,000 in reimbursements for services
of affiliates of the General Partner were expensed by the Partnership for
the nine months ended September 30, 1996 and 1995, respectively. At
September 30, 1996, approximately $85,000 of the 1996 reimbursements were
unpaid and are included in other liabilities. Of the 1996 reimbursements
of $100,000, approximately $15,000 of expense reimbursements related to
construction oversight costs incurred in conjunction with the exterior
rehabilitation of the Partnership's properties were paid to affiliates of
the General Partner during 1996.
The Partnership insures its properties under a master policy through an
agency and insurer unaffiliated with the General Partner. An affiliate of
the General Partner acquired, in the acquisition of a business, certain
financial obligations from an insurance agency which was later acquired by
the agent who placed the current year's master policy. The current agent
assumed the financial obligations to the affiliate of the General Partner
who receives payments on these obligations from the agent. The amount of
the Partnership's insurance premiums accruing to the benefit of the
affiliate of the General Partner by virtue of the agent's obligation is not
significant.
In November 1992, Angeles Acceptance Pool, L.P. ("AAP"), a Delaware limited
partnership which now controls the working capital loan previously provided
by Angeles Capital Investment, Inc. ("ACII"), was organized. Angeles
Corporation ("Angeles") is the 99% limited partner of AAP and Angeles
Acceptance Directives, Inc.("AAD"), an affiliate of the General Partner,
was, until April 14, 1995, the 1% general partner of AAP. On April 14,
1995, as part of a settlement of claims between affiliates of the General
Partner and Angeles, AAD resigned as general partner of AAP and
simultaneously received a .5% limited partner interest in AAP. An affiliate
of Angeles now serves as the general partner of AAP. This working capital
loan funded the Partnership's operating deficits in prior years. Total
indebtedness, which is included in the accompanying consolidated
balance sheet as a note payable to affiliate, was $371,000 at September 30,
1996, and September 30, 1995, with monthly interest only payments at prime
plus 0.75% (9.00% at September 30, 1996). Principal is to be paid the
earlier of i) the availability of funds, ii) the sale of one or more
properties owned by the Partnership, or iii) November 25, 1997. Total
interest expense for this loan was approximately $25,000 and $27,000 at
September 30, 1996 and 1995, respectively. Interest of approximately
$116,000 and $81,000 on this loan was accrued at September 30, 1996 and
1995, respectively. AMIT currently provides secondary financing on the
Partnership's investment properties. Total indebtedness was approximately
$2,920,000 at September 30, 1996, of which $1,350,000 was in default at
September 30, 1996. Total interest expense related to this debt was
approximately $400,000 and $363,000 at September 30, 1996, and September
30, 1995, respectively. Accrued interest related to this debt was
approximately $1,123,000 and $955,000 at September 30, 1996 and September
30, 1995, respectively.
NOTE C - TRANSACTIONS WITH AFFILIATED PARTIES (CONTINUED)
MAE GP Corporation ("MAE GP"), an affiliate of the General Partner, owns
1,675,113 Class B Shares of AMIT. MAE GP has the option to convert these
Class B Shares, in whole or in part, into Class A Shares on the basis of 1
Class A Share for every 49 Class B Shares. These Class B Shares entitle
MAE GP to receive 1.2% of the distributions of net cash distributed by
AMIT. These Class B Shares also entitle MAE GP to vote on the same basis
as Class A Shares which allows MAE GP to vote approximately 37% of the
total shares (unless and until converted to Class A Shares at which time
the percentage of the vote controlled represented by the shares held by MAE
GP would approximate 1.2% of the vote). Between the date of acquisition of
these shares (November 24, 1992) and March 31, 1995, MAE GP declined to
vote these shares. Since that date, MAE GP voted its shares at the 1995
annual meeting in connection with the election of trustees and other
matters. MAE GP has not exerted, and continues to decline to exert, any
management control over or participate in the management of AMIT. MAE GP
may choose to vote these shares as it deems appropriate in the future. In
addition, Liquidity Assistance, LLC, ("LAC"), an affiliate of the General
Partner and an affiliate of Insignia Financial Group, Inc., whose
affiliates provide property management and certain partnership
administration services to the Partnership, currently owns 87,700 Class A
Shares of AMIT. These Class A Shares entitle LAC to vote approximately 2%
of the total shares. The number of Class A Shares of AMIT owned by LAC
increased from 63,200 shares on September 30, 1996, to 87,700 shares as of
October 22, 1996. The voting percentage also increased from 1.5% to 2%
over the same time period.
As part of a settlement of certain disputes with AMIT, MAE GP granted to
AMIT an option to acquire the Class B shares. This option can be exercised
at the end of 10 years or when all loans made by AMIT to partnerships
affiliated with MAE GP as of November 9, 1994, (which is the date of
execution of a definitive Settlement Agreement) have been paid in full, but
in no event prior to November 9, 1997. AMIT delivered to MAE GP cash in
the sum of $250,000 at closing, which occurred April 14, 1995, as payment
for the option. Upon exercise of the option, AMIT would remit to MAE GP an
additional $94,000.
Simultaneously with the execution of the option, MAE GP executed an
irrevocable proxy in favor of AMIT, resulting in MAE GP being able to vote
the Class B shares on all matters except those involving transactions
between AMIT and MAE GP affiliated borrowers or the election of any MAE GP
affiliate as an officer or trustee of AMIT.
On those matters, MAE GP granted to the AMIT trustees, in their capacity as
trustees of AMIT, proxies with regard to the Class B shares instructing
such trustees to vote said Class B shares in accordance with the vote of the
majority of the Class A shares voting to be determined without consideration
of the votes of "Excess Class A Shares" as defined in Section 6.13 of the
Declaration of Trust of AMIT.
NOTE D - TAX RECOVERY
The Partnership's ongoing property tax appeal of Bercado Shores' 1990, 1991
and 1992 property taxes was successfully completed in 1995 with the
Partnership recognizing $802,000 of tax recovery income in 1995. The
Partnership had paid property taxes for the 1990, 1991 and 1992 tax years,
but withheld payment of the 1993 taxes during the appeal. Upon completion of
the appeal in 1995, the tax authority reimbursed the property for
overpayments of the 1990, 1991 and 1992 taxes totalling $545,000, of which
the tax authority applied $321,000 of the refund to pay the 1993 taxes.
In addition, property tax accruals were reduced by $256,000 in the fourth
quarter of 1995 to reflect the newly assessed property values. The first
mortgage was previously in default due to the nonpayment of the 1993 taxes.
Since the property taxes are now current, the first mortgage is no longer in
default.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
The Partnership's investment properties consist of two apartment complexes. The
following table sets forth the average occupancy of the properties for the nine
months ended September 30, 1996 and 1995:
Average Occupancy
1996 1995
Bercado Shores Apartments
Mishawka, Indiana 93% 95%
Brittany Point Apartments
Huntsville, Alabama 87% 90%
Occupancy at Brittany Point decreased due to continued job layoffs in the
Huntsville area. The area economy has remained stagnant due to military
spending cuts. However, current occupancy is beginning to increase due in part
to improvements made at the property.
The Partnership realized a net loss of $287,000 for the three months ended
September 30, 1996, and $784,000 for the nine months ended September 30, 1996,
compared to net income of $607,000 for the three months ended September 30,
1995, and $213,000 for the nine months ended September 30, 1995. For the three
and nine months ended September 30, 1996, the increased net loss was due
primarily to the tax recovery recognized in 1995, as a result of the settlement
of the tax appeal for the 1990, 1991, and 1992 property taxes for Bercado Shores
as discussed in "Note D" in the Notes to Consolidated Financial Statements in
"Item 1".
Other income decreased due primarily to a lower tenant turnover rate which
resulted in lower lease cancellation and cleaning and damage fees in 1996.
General and administrative expenses increased due primarily to increases in
reimbursements to the general partner and its affiliates. Maintenance expense
increased due to overall increases in repairs at the properties in efforts to
increase the properties' curb appeal. Property tax expense increased due to
increased tax assessments (which are currently under appeal) at Bercado Shores
in 1996 and the reduction of the tax assessments in 1995 as discussed in "Note
D" in the Notes to Consolidated Financial Statements in "Item 1".
As part of the ongoing business plan of the Partnership, the General Partner
monitors the rental market environment of each of its investment properties to
assess the feasibility of increasing rents, maintaining or increasing occupancy
levels and protecting the Partnership from increases in expenses. As part of
this plan, the General Partner attempts to protect the Partnership
from the burden of inflation-related increases in expenses by increasing rents
and maintaining a high overall occupancy level. However, due to changing market
conditions, which can result in the use of rental concessions and rental
reductions to offset softening market conditions, there is no guarantee that the
General Partner will be able to sustain such a plan.
The Partnership's primary source of cash has been from property operations with
such cash being utilized for the paydown of existing debt on the investment
properties, capital expenditures and daily operational expenses. It is the
Partnership's policy to commit capital resources for the continuing improvement
and maintenance of its properties.
The Partnership held unrestricted cash of $109,000 at September 30, 1996,
compared to unrestricted cash of approximately $244,000 at September 30, 1995.
Net cash provided by operating activities increased for the nine months ended
September 30, 1996, primarily due to decreased interest payments on the Brittany
Point first mortgage, as discussed below, and due to the payment of prior years
accrued taxes in 1995, partially offset by the tax recovery income received in
1995 as discussed in "Note D" in the "Notes to Consolidated Financial
Statements" in "Item 1". Net cash used in investing activities increased as a
result of increased capital expenditure activity largely due to an exterior
rehabilitation project at Brittany Point, including vinyl siding and roof
replacements. Net cash provided by financing activities increased due to the
refinancing of the Brittany Point first mortgage.
No distributions were made by the Partnership during the first nine months of
1996 or 1995.
Since 1992, the nominal cash generated by the properties has been insufficient
to pay the capital expenditures and scheduled debt service. The Partnership has
incurred recurring operating losses and is in default on a portion of its
mortgage notes payable. The Partnership's first mortgage in the amount of
approximately $4,101,000 secured by Bercado Shores Apartments was previously in
default due to nonpayment of 1993 property taxes. The property is now current
on payment of property taxes and the first mortgage is no longer in default.
However, the second mortgage to AMIT in the amount of $1,350,000, secured by the
Bercado Shores Apartments, has been in default since March 1993 due to
nonpayment of interest. Since the default in March of 1993, the lender has not
indicated its intent to pursue its available remedies under the mortgage
agreement, however, the Partnership's properties remain subject to foreclosure
under the terms of the second mortgage agreement. Should the lender initiate
foreclosure proceedings, the General Partner will attempt to negotiate a
refinancing.
The first mortgage indebtedness of $9,368,000 secured by Brittany Point matured
in June 1995. This first mortgage was refinanced on January 18, 1996, with the
existing lender for a principal amount of $9,800,000, a stated interest rate of
7.875% and a maturity date of February 1, 2001. To facilitate the refinancing,
the property was transferred to a lower-tier partnership known as Brittany Point
AP VIII, L.P. in which the Partnership is the 99% limited partner. Although
legal ownership of this asset was transferred to a new entity, the Partnership
retained control and substantially all economic benefits of the property. Also,
a workout proposal with AMIT on the second mortgage of Brittany Point was
finalized during the first quarter of 1996 so that the second mortgage is no
longer in default. The workout proposal with AMIT provides for the accrual of
interest through January 31, 1997, after which cash flow payments will be made
through June 30, 1997. Commencing July 1, 1997, interest payments will be made
at the accrual rate of interest through the maturity of the note on December 31,
2000.
In November 1992, Angeles Acceptance Pool, L.P. ("AAP"), a Delaware limited
partnership, which now controls the working capital loan previously provided by
Angeles Capital Investment, Inc. ("ACII"), was organized. Angeles Corporation
("Angeles") is the 99% limited partner of AAP and Angeles Acceptance Directives,
Inc.("AAD"), an affiliate of the General Partner, was, until April 14, 1995, the
1% general partner of AAP. On April 14, 1995, as part of a settlement of claims
between affiliates of the General Partner and Angeles, AAD resigned as general
partner of AAP and simultaneously received a .5% limited partner interest in
AAP. An affiliate of Angeles now serves as the general partner of AAP. The
working capital loan funded the Partnership's operating deficits in prior years.
Total indebtedness, which is included as a note payable, was $371,000 at
September 30, 1996, and September 30, 1995, with monthly interest-only payments
at prime plus 0.75% (9.00% for September 30, 1996). Principal is to be paid the
earlier of i) the availability of funds, ii) the sale of one or more properties
owned by the Partnership, or iii) November 25, 1997. Total interest expense for
this loan was approximately $25,000 and $27,000 at September 30, 1996 and 1995,
respectively. Interest of approximately $116,000 and $81,000 on this loan was
accrued at September 30, 1996 and 1995, respectively.
MAE GP Corporation ("MAE GP"), an affiliate of the General Partner, owns
1,675,113 Class B Shares of AMIT. MAE GP has the option to convert these Class
B Shares, in whole or in part, into Class A Shares on the basis of 1 Class A
Share for every 49 Class B Shares. These Class B Shares entitle MAE GP to
receive 1.2% of the distributions of net cash distributed by AMIT. These Class B
Shares also entitle MAE GP to vote on the same basis as Class A Shares which
allows MAE GP to vote approximately 37% of the total shares (unless and until
converted to Class A Shares at which time the percentage of the vote controlled
represented by the shares held by MAE GP would approximate 1.2% of the vote).
Between the date of acquisition of these shares (November 24, 1992) and March
31, 1995, MAE GP declined to vote these shares. Since that date, MAE GP voted
its shares at the 1995 annual meeting in connection with the election of
trustees and other matters. MAE GP has not exerted, and continues to decline to
exert, any management control over or participate in the management of AMIT.
MAE GP may choose to vote these shares as it deems appropriate in the future.
In addition, Liquidity Assistance, LLC, ("LAC"), an affiliate of the General
Partner and an affiliate of Insignia Financial Group, Inc., whose affiliates
provide property management and certain partnership administration services to
the Partnership, currently owns 87,700 Class A Shares of AMIT. These Class A
Shares entitle LAC to vote approximately 2% of the total shares. The number of
Class A Shares of AMIT owned by LAC increased from 63,200 shares on September
30, 1996, to 87,700 shares as of October 22, 1996. The voting percentage also
increased from 1.5% to 2% over the same time period.
As part of a settlement of certain disputes with AMIT, MAE GP granted to AMIT an
option to acquire the Class B shares. This option can be exercised at the end
of 10 years or when all loans made by AMIT to partnerships affiliated with MAE
GP as of November 9, 1994, (which is the date of execution of a definitive
Settlement Agreement) have been paid in full, but in no event prior to November
9, 1997. AMIT delivered to MAE GP cash in the sum of $250,000 at closing, which
occurred April 14, 1995, as payment for the option. Upon exercise of the
option, AMIT would remit to MAE GP an additional $94,000.
Simultaneously with the execution of the option, MAE GP executed an irrevocable
proxy in favor of AMIT, resulting in MAE GP being able to vote the Class B
shares on all matters except those involving transactions between AMIT and MAE
GP affiliated borrowers or the election of any MAE GP affiliate as an officer or
trustee of AMIT. On those matters, MAE GP granted to the AMIT trustees, in
their capacity as trustees of AMIT, proxies with regard to the Class B shares
instructing such trustees to vote said Class B shares in accordance with the
vote of the majority of the Class A shares voting to be determined without
consideration of the votes of "Excess Class A Shares" as defined in Section 6.13
of the Declaration of Trust of AMIT.
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
a) Exhibits:
Exhibit 27, Financial Data Schedule, is filed as an exhibit to
this report.
b) Reports on Form 8-K:
None.
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 VIII LIMITED PARTNERSHIP
By: Angeles Realty Corporation
General Partner
By: /s/Carroll D. Vinson
Carroll D. Vinson
President
By: /s/Robert D. Long, Jr.
Robert D. Long, Jr.
Vice President/CAO
Date: November 7, 1996
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Angeles
Partners VIII 1996 Third Quarter 10-QSB and is qualified in its entirety by
reference to such 10-QSB filing.
</LEGEND>
<CIK> 0000276779
<NAME> ANGELES PARTNERS VIII
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-30-1996
<CASH> 109
<SECURITIES> 0
<RECEIVABLES> 6
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0<F1>
<PP&E> 14,914
<DEPRECIATION> 9,605
<TOTAL-ASSETS> 6,012
<CURRENT-LIABILITIES> 0<F1>
<BONDS> 17,192
0
0
<COMMON> 0
<OTHER-SE> (13,332)
<TOTAL-LIABILITY-AND-EQUITY> 6,012
<SALES> 0
<TOTAL-REVENUES> 2,719
<CGS> 0
<TOTAL-COSTS> 3,503
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,329
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (784)
<EPS-PRIMARY> (64.75)<F2>
<EPS-DILUTED> 0
<FN>
<F1>Registrant has an unclassified balance sheet.
<F2>Multiplier is 1.
</FN>
</TABLE>
