FORM 10-QSB---QUARTERLY OR TRANSITIONAL REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Quarterly or Transitional Report
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-QSB
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended March 31, 2000
[ ] 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 0-9136
ANGELES PARTNERS VIII
(Exact name of small business issuer as specified in its charter)
California 95-3264317
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
55 Beattie Place, P.O. Box 1089
Greenville, South Carolina 29602
(Address of principal executive offices)
(864) 239-1000
(Issuer's telephone number)
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 STATEMENT OF NET LIABILITIES IN LIQUIDATION
(in thousands)
March 31, 2000
Assets
Cash and cash equivalents $ 194
Receivables and deposits 198
Prepaid assets 46
Investment property 4,750
5,188
Liabilities
Accounts payable 34
Tenant security deposit liabilities 29
Accrued property taxes 338
Other liabilities 44
Due to affiliate 41
Accrued interest ($2,846 in default) 2,871
Mortgage and notes payable ($1,721 in
default) 5,598
Estimated costs during the period of
liquidation 370
9,325
Net liabilities in liquidation $(4,137)
See Accompanying Notes to Consolidated Financial Statements
<PAGE>
ANGELES PARTNERS VIII
CONSOLIDATED STATEMENT OF CHANGES IN NET LIABILITIES IN LIQUIDATION
(in thousands)
Three Months Ended March 31, 2000
Net liabilities in liquidation at December 31, 1999 $ (4,116)
Changes in net liabilities in liquidation attributed to:
Decrease in cash and cash equivalents (32)
Increase in receivables and deposits 63
Increase in prepaid assets 46
Increase in due to affiliate (20)
Increase in accounts payable (6)
Increase in tenant security deposit liabilities (4)
Increase in accrued interest (171)
Increase in accrued property taxes (54)
Decrease in other liabilities 37
Decrease in mortgage notes payable 20
Decrease in estimated costs during the period of liquidation 100
Net liabilities in liquidation at March 31, 2000 $ (4,137)
See Accompanying Notes to Consolidated Financial Statements
b)
ANGELES PARTNERS VIII
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except unit data)
Three Months Ended March 31, 1999
Revenues:
Rental income $ 928
Other income 56
Total revenues 984
Expenses:
Operating 404
General and administrative 49
Depreciation 170
Interest 477
Property taxes 115
Total expenses 1,215
Net loss $ (231)
Net loss allocated to general partner (1%) $ (2)
Net loss allocated to limited partners (99%) (229)
$ (231)
Net loss per limited partnership unit $ (19.47)
See Accompanying Notes to Consolidated Financial Statements
<PAGE>
c)
ANGELES PARTNERS VIII
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
Three Months Ended March 31, 1999
Cash flows from operating activities:
Net loss $ (231)
Adjustments to reconcile net loss to net cash
provided by operating activities:
Depreciation 170
Amortization of loan costs 14
Change in accounts:
Receivables and deposits (133)
Other assets (19)
Accounts payable 12
Tenant security deposit liabilities 3
Accrued property taxes 105
Accrued interest 138
Other liabilities 6
Due to affiliates 35
Net cash provided by operating activities 100
Cash flows used in investing activities:
Property improvements and replacements (61)
Cash flows used in financing activities:
Payments on mortgage notes payable (76)
Net decrease in cash and cash equivalents (37)
Cash and cash equivalents at beginning of period 317
Cash and cash equivalents at end of period $ 280
Supplemental disclosure of cash flow information:
Cash paid for interest $ 326
See Accompanying Notes to Consolidated Financial Statements
d)
ANGELES PARTNERS VIII
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note A - Basis of Presentation
As of September 30, 1999, Angeles Partners VIII (the "Partnership" or
"Registrant") adopted the liquidation basis of accounting due to the imminent
loss of its remaining investment property. The Partnership has incurred
recurring operating losses and continues to suffer from inadequate liquidity. In
addition, the Partnership is in default on a portion of its mortgage notes
payable and does not generate sufficient cash flows to meet current debt-service
requirements on its subordinated debt. No other sources of additional financing
are available to the Partnership and Angeles Realty Corporation ("ARC" or the
"General Partner") does not have any other plans to remedy the liquidity
problems the Partnership is currently experiencing.
The Partnership had an outstanding obligation due to an affiliate of the General
Partner (the "Affiliate"), for cumulative unpaid accountable administrative
services. This liability was secured by the Partnership's 99% limited
partnership interest in Brittany Point AP VIII L.P. ("Brittany LP"), the entity
that owned Brittany Point Apartments. During the third quarter of 1999, the
Affiliate exercised remedies with respect to this liability. In such exercise,
effective September 20, 1999, the Affiliate acquired the Partnership's 99%
limited partnership interest in Brittany LP at a public sale in compliance with
the South Carolina Uniform Commercial Code.
The Affiliate has the power to remove the general partner of Brittany LP, an
entity in which the Partnership owns an interest. While the Affiliate did not
effect such a removal during the three month period ended March 31, 2000, there
can be no assurance that such general partner will not be removed at some point
in the future, thereby causing the loss of the Partnership's entire interest in
Brittany LP.
In addition, the Partnership's second mortgage to Angeles Mortgage Investment
Trust ("AMIT") in the amount of approximately $1,350,000, plus accrued interest
of approximately $2,611,000, which is secured by the Partnership's remaining
investment property, Bercado Shores Apartments, has been in default since 1993
due to nonpayment of interest and the maturity of the note in 1995. Pursuant to
a series of transactions, affiliates of the General Partner acquired ownership
interests in AMIT. On September 17, 1998, AMIT was merged with and into Insignia
Properties Trust ("IPT"), which was the sole shareholder of the General Partner.
On February 26, 1999, IPT was merged into Apartment Investment and Management
Company ("AIMCO"), a publicly traded real estate investment trust. As a result,
AIMCO is the current holder of the AMIT debt. This indebtedness is recourse to
the Partnership and the estimated fair value of this property is less than the
total of its first and second mortgages. This property remains subject to
foreclosure under the terms of the second mortgage agreement. AMIT has informed
the General Partner of its intention to exercise remedies with respect to all or
a portion of such indebtedness at an indeterminate point in the future. While
such holder did not exercise remedies during the three month period ended March
31, 2000, there can be no assurance as to when the exercise of such remedies
will occur. The General Partner currently believes that the use by the
Partnership of its limited resources to contest the exercise of such remedies
would most likely be futile. Accordingly, when AMIT commences the exercise of
such remedies, the General Partner will execute settlement documents to effect
the exercise of such remedies in a manner that is cost effective to the
Partnership.
Due to the loss of Brittany LP and the imminent loss of Bercado Shores
Apartments the General Partner decided in September 1999 to terminate the
Partnership upon the loss of Bercado Shores Apartments. As a result of the
decision to liquidate the Partnership, the Partnership changed its basis of
accounting for its consolidated financial statements at September 30, 1999, to
the liquidation basis of accounting. Consequently, assets have been valued at
estimated net realizable value and liabilities are presented at their estimated
settlement amounts, including estimated costs associated with carrying out the
liquidation. The valuation of assets and liabilities necessarily requires many
estimates and assumptions and there are substantial uncertainties in carrying
out the liquidation. The actual realization of assets and settlement of
liabilities could be higher or lower than amounts indicated and is based upon
the General Partner's estimates as of the date of the consolidated financial
statements.
The remaining investment property of the Partnership was adjusted to its
estimated net realizable value. Included in liabilities in the statement of net
liabilities in liquidation, as of March 31, 2000, are approximately $370,000 of
costs that the General Partner estimates will be incurred during the period of
liquidation, based on the assumption that the liquidation process will be
completed by December 31, 2000. These costs principally include the estimated
net loss for Bercado Shores and interest and administrative expenses for the
Partnership. Because the success in realization of assets and the settlement of
liabilities is based on the General Partner's best estimates, the liquidation
period may be shorter than projected or it may be extended beyond the projected
period.
Note B - Transfer of Control
Pursuant to a series of transactions which closed on October 1, 1998 and
February 26, 1999, Insignia Financial Group, Inc. and IPT merged into AIMCO,
with AIMCO being the surviving corporation (the "Insignia Merger"). As a result,
AIMCO acquired 100% ownership interest in the General Partner. The General
Partner does not believe that this transaction has had or will have a material
effect on the affairs and operations of the Partnership.
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 (i) certain payments to affiliates of the
General Partner for services and (ii) reimbursement of certain expenses incurred
by affiliates on behalf of the Partnership.
The following transactions were paid or accrued to the General Partner and its
affiliates during the three months ended March 31, 2000 and 1999, respectively:
2000 1999
---- ----
(in thousands)
Property management fees (included in
operating expenses in 1999) $ 19 $ 52
Reimbursement for services of affiliates
(included in general and administrative
expenses in 1999) 21 36
During the three months ended March 31, 2000 and 1999, affiliates of the General
Partner were entitled to receive 5% of gross receipts from the Partnership's
property for providing property management services. The Partnership paid to
such affiliates approximately $19,000 and $52,000 for the three months ended
March 31, 2000 and 1999, respectively.
Affiliates of the General Partner were entitled to reimbursements of accountable
administrative expense amounting to approximately $21,000 and $36,000 for the
three months ended March 31, 2000 and 1999, respectively.
In June 1990, AMIT provided secondary financing on the Partnership's investment
property, Bercado Shores Apartments. Total indebtedness was approximately
$1,350,000 at March 31, 2000, and is in default at March 31, 2000. Total
interest expense related to this debt was approximately $162,000 and $189,000
for the three months ended March 31, 2000 and 1999, respectively. Accrued
interest related to this debt was approximately $2,611,000 at March 31, 2000. As
discussed in "Note A - Basis of Presentation", AIMCO is now the holder of the
AMIT debt. The AMIT mortgage secured by Bercado Shores Apartments has been in
default since 1993 due to nonpayment of interest and the maturity of the note in
1995. The Partnership had an outstanding obligation due to an affiliate of the
General Partner (the "Affiliate"), for cumulative unpaid accountable
administrative services. This liability was secured by the Partnership's 99%
limited partnership interest in Brittany LP, the entity that owned Brittany
Point Apartments. During the third quarter of 1999, the Affiliate exercised
remedies with respect to this liability. In such exercise, effective September
20, 1999, the Affiliate acquired the Partnership's 99% limited partnership
interest in Brittany LP at a public sale in compliance with the South Carolina
Uniform Commercial Code.
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"), which was wholly-owned by IPT, 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
Partnership's note payable of approximately $371,000, plus accrued interest of
approximately $235,000, due to AAP is in default due to non-payment upon
maturity in November 1997. AAP has filed suit against the Partnership as a
result of this default. A judgment has been awarded to AAP; however, the
Partnership intends to contest the validity of the judgment if AAP attempts to
enforce it. This indebtedness, which is included in notes payable, was
approximately $371,000 at March 31, 2000 and is in default due to non-payment
upon maturity in November 1997. Interest is accruing monthly at prime plus 0.75%
(9.25% average rate at March 31, 2000). Total interest expense for this loan was
approximately $9,000 and $7,000 for the three months ended March 31, 2000 and
1999, respectively. Total accrued interest for this loan was approximately
$235,000 at March 31, 2000.
Note D - Segment Reporting
The Partnership has only one reportable segment. Moreover, due to the very
nature of the Partnership's operations, the General Partner believes that
segment-based disclosures will not result in a more meaningful presentation than
the financial statements as currently presented.
Note E - Legal Proceedings
In March 1998, several putative unit holders of limited partnership units of the
Partnership commenced an action entitled Rosalie Nuanes, et al. v. Insignia
Financial Group, Inc., et al. in the Superior Court of the State of California
for the County of San Mateo. The plaintiffs named as defendants, among others,
the Partnership, the General Partner and several of their affiliated
partnerships and corporate entities. The action purports to assert claims on
behalf of a class of limited partners and derivatively on behalf of a number of
limited partnerships (including the Partnership) which are named as nominal
defendants, challenging the acquisition by Insignia Financial Group, Inc.
("Insignia") and entities which were, at one time, affiliates of Insignia
("Insignia Affiliates") of interests in certain general partner entities, past
tender offers by Insignia Affiliates to acquire limited partnership units, the
management of partnerships by Insignia Affiliates and the Insignia Merger (see
"Note B - Transfer of Control"). The plaintiffs seek monetary damages and
equitable relief, including judicial dissolution of the Partnership. On June 25,
1998, the General Partner filed a motion seeking dismissal of the action. In
lieu of responding to the motion, the plaintiffs have filed an amended
complaint. The General Partner filed demurrers to the amended complaint which
were heard February 1999. Pending the ruling on such demurrers, settlement
negotiations commenced. On November 2, 1999, the parties executed and filed a
Stipulation of Settlement, settling claims, subject to final court approval, on
behalf of the Partnership and all limited partners who own units as of November
3, 1999. Preliminary approval of the settlement was obtained on November 3, 1999
from the Superior Court of the State of California, County of San Mateo, at
which time the Court set a final approval hearing for December 10, 1999. Prior
to the December 10, 1999 hearing the Court received various objections to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of class plaintiffs' counsel to enter the
settlement. On December 14, 1999, the General Partner and its affiliates
terminated the proposed settlement. Certain plaintiffs have filed a motion to
disqualify some of the plaintiffs' counsel in the action. The General Partner
does not anticipate that costs associated with this case will be material to the
Partnership's overall operations.
The Partnership is unaware of any other pending or outstanding litigation that
is not of a routine nature arising in the ordinary course of business.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
The matters discussed in this Form 10-QSB contain certain forward-looking
statements and involve risks and uncertainties (including changing market
conditions, competitive and regulatory matters, etc.) detailed in the
disclosures contained in this Form 10-QSB and the other filings with the
Securities and Exchange Commission made by the Partnership from time to time.
The discussion of the Registrant's business and results of operations, including
forward-looking statements pertaining to such matters, does not take into
account the effects of any changes to the Registrant's business and results of
operations. Accordingly, actual results could differ materially from those
projected in the forward-looking statements as a result of a number of factors,
including those identified herein.
The Partnership's investment property consists of one apartment complex. The
following table sets forth the average occupancy of the property for the three
months ended March 31, 2000 and 1999:
Average Occupancy
Property 2000 1999
Bercado Shores Apartments 96% 90%
Mishawaka, Indiana
The increase in occupancy is attributed to a change in the types of leases
offered and the staggering of lease expirations so that leases do not all expire
at the same time.
Liquidity and Capital Resources
As of September 30, 1999, the Partnership adopted the liquidation basis of
accounting due to the imminent loss of its remaining investment property. The
Partnership has experienced significant recurring operating losses, is in
default on a portion of its mortgage notes payable and does not generate
sufficient cash flow to meet current debt service requirements on its
subordinated debt. No other sources of additional financing are available to the
Partnership and the General Partner does not have any other plans to remedy the
liquidity problems the Partnership is currently experiencing.
The Partnership had an outstanding obligation due to an affiliate of the General
Partner (the "Affiliate"), for cumulative unpaid accountable administrative
services. This liability was secured by the Partnership's 99% limited
partnership interest in Brittany Point AP VIII L.P. ("Brittany LP"), the entity
that owned Brittany Point Apartments. During the third quarter of 1999, the
Affiliate exercised remedies with respect to this liability. In such exercise,
effective September 20, 1999, the Affiliate acquired the Partnership's 99%
limited partnership interest in Brittany LP at a public sale in compliance with
the South Carolina Uniform Commercial Code.
The Affiliate has the power to remove the general partner of Brittany LP, an
entity in which the Partnership owns an interest. While the Affiliate did not
effect such a removal during the three months ended March 31, 2000, there can be
no assurance that such general partner will not be removed at some point in the
future, thereby causing the loss of the Partnership's entire interest in
Brittany LP.
In addition, the Partnership's second mortgage to AMIT in the amount of
approximately $1,350,000, plus accrued interest of approximately $2,611,000,
which is secured by the Partnership's remaining investment property, Bercado
Shores Apartments, has been in default since 1993 due to nonpayment of interest
and the maturity of the note in 1995. This indebtedness is recourse to the
Partnership and the estimated fair value of this property is less than the total
of its first and second mortgages. This property remains subject to foreclosure
under the terms of the second mortgage agreement. Such holder has informed the
General Partner of its intention to exercise remedies with respect to all or a
portion of such indebtedness at an indeterminate point in the future. While such
holder did not exercise remedies during the three months ended March 31, 2000,
there can be no assurance as to when the exercise of such remedies will occur.
The General Partner currently believes that the use by the Partnership of its
limited resources to contest the exercise of such remedies would most likely be
futile. Accordingly, when such holder commences the exercise of such remedies,
the General Partner may execute settlement documents to effect the exercise of
such remedies in a manner that is cost effective to the Partnership.
Pursuant to a series of transactions, affiliates of the General Partner acquired
ownership interests in AMIT. On September 17, 1998, AMIT was merged with and
into IPT, which was the sole shareholder of the General Partner. On February 26,
1999, IPT was merged into AIMCO. As a result AIMCO is the current holder of the
AMIT debt.
The Partnership's note payable of approximately $371,000, plus accrued interest
of approximately $235,000, due to AAP is in default due to non-payment upon
maturity in November 1997. AAP has filed suit against the Partnership as a
result of this default. A judgement has been awarded to AAP however the
Partnership intends to contest the validity of the judgment if AAP attempts to
enforce it.
Due to the loss of Brittany LP and the imminent loss of Bercado Shores
Apartments the General Partner decided in September 1999 to terminate the
Partnership upon the loss of Bercado Shores Apartments. As a result of the
decision to liquidate the Partnership, the Partnership changed its basis of
accounting for its consolidated financial statements at September 30, 1999, to
the liquidation basis of accounting. Consequently, assets have been valued at
estimated net realizable value and liabilities are presented at their estimated
settlement amounts, including estimated costs associated with carrying out the
liquidation. The valuation of assets and liabilities necessarily requires many
estimates and assumptions and there are substantial uncertainties in carrying
out the liquidation. The actual realization of assets and settlement of
liabilities could be higher or lower than amounts indicated and is based upon
the General Partner's estimates as of the date of the consolidated financial
statements.
For the three months ended March 31, 2000, the Partnership recorded a net
increase in net liabilities in liquidation of approximately $21,000. The
statement of net liabilities in liquidation as of March 31, 2000 includes
approximately $370,000 of costs that the General Partner estimates will be
incurred during the period of liquidation based on the assumption that the
liquidation process will be complete by December 31, 2000. These costs include
the estimated net loss for the year ended December 31, 2000 for the remaining
property, Bercado Shores. In addition, the costs also include anticipated legal
fees and administrative expenses for the year ended December 31, 2000. Because
the success in realization of assets and the settlement of liabilities is based
on the General Partner's best estimates, the liquidation period may be shorter
than projected or it may be extended beyond the projected period.
The following is a general description of the tax consequences that may result
to a limited partner of the transfer of the Partnership's property and the
removal of the general partner of Brittany Point AP VIII, L.P. Each limited
partner should consult with his or her own tax advisor to determine his or her
particular tax consequences. The transfer of the limited partnership interests
in Brittany Point AP VIII, L.P. in satisfaction of Partnership debt resulted in
the taxable sale or exchange of the limited partnership interests. The removal
of the general partner of Brittany Point AP VIII, L.P. will result in a deemed
cash distribution to the general partner. The taxable gain and income resulting
from the transfer of the Partnership property and the removal of the general
partner will pass through to the limited partners, and will likely result in
income tax liability to the limited partners without any distribution of cash
from the Partnership.
There were no distributions paid for the three months ended March 31, 2000 or
1999. Future cash distributions will depend on the estimated levels of net cash
generated from the liquidation of the Partnership. However, based on the
Partnership's liabilities upon liquidation, it is unlikely that any such
distribution will be made.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
In March 1998, several putative unit holders of limited partnership units of the
Partnership commenced an action entitled Rosalie Nuanes, et al. v. Insignia
Financial Group, Inc., et al. in the Superior Court of the State of California
for the County of San Mateo. The plaintiffs named as defendants, among others,
the Partnership, the General Partner and several of their affiliated
partnerships and corporate entities. The action purports to assert claims on
behalf of a class of limited partners and derivatively on behalf of a number of
limited partnerships (including the Partnership) which are named as nominal
defendants, challenging the acquisition by Insignia Financial Group, Inc.
("Insignia") and entities which were, at one time, affiliates of Insignia
("Insignia Affiliates") of interests in certain general partner entities, past
tender offers by Insignia Affiliates to acquire limited partnership units, the
management of partnerships by Insignia Affiliates and the Insignia Merger (see
"Part I - Financial Information, Item 1. Financial Statements, Note B - Transfer
of Control"). The plaintiffs seek monetary damages and equitable relief,
including judicial dissolution of the Partnership. On June 25, 1998, the General
Partner filed a motion seeking dismissal of the action. In lieu of responding to
the motion, the plaintiffs have filed an amended complaint. The General Partner
filed demurrers to the amended complaint which were heard February 1999. Pending
the ruling on such demurrers, settlement negotiations commenced. On November 2,
1999, the parties executed and filed a Stipulation of Settlement, settling
claims, subject to final court approval, on behalf of the Partnership and all
limited partners who own units as of November 3, 1999. Preliminary approval of
the settlement was obtained on November 3, 1999 from the Superior Court of the
State of California, County of San Mateo, at which time the Court set a final
approval hearing for December 10, 1999. Prior to the December 10, 1999 hearing
the Court received various objections to the settlement, including a challenge
to the Court's preliminary approval based upon the alleged lack of authority of
class plaintiffs' counsel to enter the settlement. On December 14, 1999, the
General Partner and its affiliates terminated the proposed settlement. Certain
plaintiffs have filed a motion to disqualify some of the plaintiffs' counsel in
the action. The General Partner does not anticipate that costs associated with
this case will be material to the Partnership's overall operations.
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 filed during the quarter ended March 31, 2000.
<PAGE>
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
Its General Partner
By: /s/Patrick J. Foye
Patrick J. Foye
Executive Vice President
By: /s/Martha L. Long
Martha L. Long
Senior Vice President and
Controller
Date: May 15, 2000
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Angeles
Partners VIII 2000 First 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> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 194
<SECURITIES> 0
<RECEIVABLES> 198
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0 <F1>
<PP&E> 4,750
<DEPRECIATION> 0
<TOTAL-ASSETS> 5,188
<CURRENT-LIABILITIES> 0 <F1>
<BONDS> 5,598
0
0
<COMMON> 0
<OTHER-SE> (4,137)
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-BASIC> 0.00 <F2>
<EPS-DILUTED> 0
<FN>
<F1> Registrant has an unclassified balance sheet. <F2> Multiplier is 1.
</FN>
</TABLE>
