FORM 10-Q--QUARTERLY REPORT UNDER SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[X] Quarterly Report Pursuant to Section 13 or 15(d) of The Securities Exchange
Act of 1934
For the quarterly period ended March 31, 1998
or
[ ] Transition Report Under Section 13 or 15(d) of the Securities Exchange Act
of 1934
For the transition period.........to.........
(Amended by Exch Act Rel No. 312905. eff 4/26/93.)
Commission file number 0-11002
CONSOLIDATED CAPITAL PROPERTIES IV
(Exact name of registrant as specified in its charter)
California 94-2768742
(State or other jurisdiction of I.R.S. 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
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 .
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
a)
CONSOLIDATED CAPITAL PROPERTIES IV
CONSOLIDATED BALANCE SHEET
(in thousands, except unit data)
March 31, December 31,
1998 1997
(Unaudited) (Note)
Assets
Cash and cash equivalents $ 11,325 $ 12,090
Receivables and deposits 1,712 1,999
Note and interest receivable 1,081 1,081
Restricted escrows 3,159 3,174
Other assets 1,709 1,874
Investment properties:
Land 12,491 12,491
Buildings and related personal property 119,069 118,162
131,560 130,653
Less accumulated depreciation (99,638) (98,490)
31,922 32,163
$ 50,908 $ 52,381
Liabilities and Partners' Deficit
Liabilities
Accounts payable $ 851 $ 526
Tenant security deposit liabilities 583 580
Accrued property taxes 862 1,312
Other liabilities 881 902
Mortgage notes and interest payable 72,333 72,439
75,510 75,759
Partners' Deficit
General partner (6,144) (6,174)
Limited partners (342,773 units issued
and outstanding at March 31, 1998 and
December 31, 1997) (18,458) (17,204)
(24,602) (23,378)
$ 50,908 $ 52,381
Note: The balance sheet at December 31, 1997, has been derived from the audited
financial statements at that date but does not include all the
information and footnotes required by generally accepted accounting
principles for complete financial statements.
See Accompanying Notes to Consolidated Financial Statements
b)
CONSOLIDATED CAPITAL PROPERTIES IV
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except unit data)
Three Months Ended
March 31,
1998 1997
Revenues:
Rental income $6,845 $6,551
Casualty gain 227 7
Other income 511 442
Total revenues 7,583 7,000
Expenses:
Operating 3,073 2,902
General and administrative 420 230
Depreciation 1,148 1,613
Interest 1,472 1,475
Property taxes 489 385
Total expenses 6,602 6,605
Net income $ 981 $ 395
Net income allocated to general partners (4%) $ 39 $ 16
Net income allocated to limited partners (96%) 942 379
Net income $ 981 $ 395
Net income per limited partnership unit $ 2.75 $ 1.11
See Accompanying Notes to Consolidated Financial Statements
c)
CONSOLIDATED CAPITAL PROPERTIES IV
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' DEFICIT
(Unaudited)
For the Three Months Ended March 31, 1998 and 1997
(in thousands, except unit data)
Limited Total
Partnership General Limited Partners'
Units Partner Partners Deficit
Original capital contributions 343,106 $ 1 $171,553 $171,554
Partners' deficit at
December 31, 1996 342,783 $(6,089) $(15,153) $(21,242)
Net income for the three months
ended March 31, 1997 -- 16 379 395
Distributions to Partners -- (58) (1,395) (1,453)
Partners' deficit at
March 31, 1997 342,783 $(6,131) $(16,169) $(22,300)
Partners' deficit at
December 31, 1997 342,773 $(6,174) $(17,204) $(23,378)
Net income for the three months
ended March 31, 1998 -- 39 942 981
Distributions to Partners -- (9) (2,196) (2,205)
Partners' deficit at
March 31, 1998 342,773 $(6,144) $(18,458) $(24,602)
See Accompanying Notes to Consolidated Financial Statements
d)
CONSOLIDATED CAPITAL PROPERTIES IV
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
Three Months Ended
March 31,
1998 1997
Cash flows from operating activities:
Net income $ 981 $ 395
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 1,148 1,613
Amortization of loan costs and lease commissions 79 72
Loss on disposition of investment property -- 33
Casualty gain (227) (7)
Change in accounts:
Receivables and deposits 364 125
Other assets 103 47
Accounts payable 101 (286)
Tenant security deposit liabilities 3 (9)
Accrued property taxes (450) (395)
Other liabilities (21) (64)
Net cash provided by operating activities 2,081 1,524
Cash flows from investing activities:
Property improvements and replacements (683) (558)
Proceeds from sale of investments -- 492
Net receipts from restricted escrows 15 236
Collections of note receivable -- 10
Net insurance proceeds from casualty gain 150 7
Net cash (used in) provided by
investing activities (518) 187
Cash flows from financing activities:
Payments on notes payable (106) (100)
Distributions to partners (2,205) (1,453)
Loan costs paid (17) --
Net cash used in financing activities (2,328) (1,553)
Net (decrease) increase in cash and cash equivalents (765) 158
Cash and cash equivalents at beginning of period 12,090 9,239
Cash and cash equivalents at end of period $11,325 $ 9,397
Supplemental Disclosures of Cash Flow Information and Non-Cash Activities:
Cash paid for interest was approximately $1,381,000 and $1,403,000 for the three
months ended March 31, 1998 and 1997, respectively.
At March 31, 1998, accounts payable and property improvements and replacements
were each adjusted by approximately $224,000 and receivables and deposits were
adjusted by approximately $77,000 for non-cash activity.
See Accompanying Notes to Consolidated Financial Statements
e)
CONSOLIDATED CAPITAL PROPERTIES IV
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE A - BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements of Consolidated
Capital Properties IV (the "Partnership") have been prepared in accordance with
generally accepted accounting principles for interim financial information and
with the instructions to Form 10-Q and Article 10 of Regulation S-X.
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 ConCap Equities, Inc. (the "General Partner"), all adjustments
(consisting of normal recurring accruals) considered necessary for a fair
presentation have been included. Operating results for the three months ended
March 31, 1998, are not necessarily indicative of the results that may be
expected for the fiscal year ending December 31, 1998. For further information,
refer to the consolidated financial statements and footnotes thereto included in
the Partnership's annual report on Form 10-K for the fiscal year ended December
31, 1997.
Consolidation
The consolidated financial statements include the Partnership's equity interest
in a joint venture which owns South Port Apartments. The Partnership has the
ability to control the major operating and financial policies of the Joint
Venture. No minority interest has been reflected for the joint venture because
minority interests are limited to the extent of their equity capital, and losses
in excess of the minority interest equity capital are charged against the
Partnership's interest.
The Partnership's consolidated financial statements include the accounts of the
Partnership, its wholly-owned partnerships and its 99% limited partnership
interest in Briar Bay Apartments Associates, Ltd., Post Ridge Associates, Ltd.,
ConCap Rivers Edge Associates, Ltd., and ConCap Stratford Associates, Ltd. The
Partnership may remove the General Partner of its 99%-owned partnership;
therefore, these partnerships are controlled and consolidated by the
Partnership. All significant interpartnership balances have been eliminated.
Presentation of Accounts
Certain reclassifications have been made to the 1997 information to conform to
the 1998 presentation.
NOTE B - 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 of the partnership
activities, as provided in the Partnership Agreement. Partnership management
and administrative services as well as property management services are
performed by affiliates of Insignia Financial Group, Inc. ("Insignia"), an
affiliate of the General Partner.
The General Partner and its affiliates were paid the following amounts during
the three months ended March 31, 1998 and 1997:
1998 1997
(in thousands)
Property management fees (included
in operating expenses) $ 359 $ 335
Reimbursements for services of affiliates,
including $17,000 and $21,000 in construction
services reimbursements in 1998 and 1997,
respectively (included in investment property
and general and administrative and operating
expenses) 164 162
The Partnership has paid the property management fees noted above based on
collected gross rental revenues for property management services in each of the
three months ended March 31, 1998 and 1997, respectively.
The Limited Partnership Agreement ("Partnership Agreement") provides for a
special management fee equal to 9% of the total distributions made to the
limited partners from cash flow provided by operations to be paid to the General
Partner for executive and administrative management services. The Partnership
paid approximately $190,000 and $48,000 under this provision of the Partnership
Agreement to affiliates of the General Partner for the three months ended March
31, 1998 and 1997, respectively. These fees are included in general and
administrative expenses.
Included in reimbursements for services of affiliates for the three months ended
March 31, 1998, is $7,000 for loan costs which were capitalized and included in
"Other assets" on the Consolidated Balance Sheet. These loan costs are related
to the refinancing of South Park Apartments in 1997.
For the period January 1, 1997, to August 31, 1997, the Partnership insured its
properties under a master policy through an agency affiliated with the General
Partner with an 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 master policy. The agent assumed the financial obligations
to the affiliate of the General Partner, which received 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 obligations was not significant.
On August 28, 1997, an Insignia affiliate (the "Purchaser") commenced tender
offers for limited partnership interests in six real estate limited partnerships
(including the Partnership) in which various Insignia affiliates act as general
partner. The Purchaser offered to purchase up to 85,000 of the outstanding
units of limited partnership interest in the Partnership, at $140.00 per Unit,
net to the seller in cash, upon the terms and subject to the conditions set
forth in the Offer to Purchase dated August 28, 1997 (the "Offer to Purchase")
and the related Assignment of Partnership Interest attached as Exhibits (a)(1)
and (a)(2), respectively, to the Tender Offer Statement on Schedule 14D-1
originally filed with the Securities and Exchange Commission on August 28, 1997.
Because of the existing and potential future conflicts of interest (described in
the Partnership's Statements on Schedule 14D-9 filed with the Securities and
Exchange Commission), neither the Partnership nor the General Partner expressed
any opinion as to the Offer to Purchase and made no recommendation as to whether
unit holders should tender their units in response to the Offer to Purchase. On
October 6, 1997, the Insignia affiliate closed the tender offer and acquired
29,618 units of limited partnership interest (8.64% of total Units). In
addition, because of these conflicts of interest, including as a result of the
Purchaser's affiliation with various Insignia affiliates, the manner in which
the Purchaser votes its limited partner interest in the Partnership may not
always be consistent with the best interests of the other limited partners.
Change in Control
On March 17, 1998, Insignia entered into an agreement to merge its national
residential property management operations, and its controlling interest in
Insignia Properties Trust, with Apartment Investment and Management Company
("AIMCO"), a publicly traded real estate investment trust. The closing, which
is anticipated to happen in the third quarter of 1998, is subject to customary
conditions, including government approvals and the approval of Insignia's
shareholders. If the closing occurs, AIMCO will then control the General
Partner of the Partnership.
NOTE C - COMMITMENT AND CONTINGENCIES
Commitments
The Partnership is required by the Partnership Agreement to maintain working
capital reserves for contingencies. On September 25, 1995, the partners were
proxied and approved a reduction of the capital reserve requirements to $500 per
apartment unit owned by the Partnership, or approximately $2,100,000. In the
event expenditures are made from these reserves, operating revenue shall be
allocated to such reserves to the extent necessary to maintain the foregoing
level. Reserves, including cash and cash equivalents totaling approximately
$11,325,000 at March 31, 1998, exceeded the Partnership's reserve requirements
of approximately $2,100,000.
NOTE D - DISTRIBUTIONS
In March 1998, the General Partner declared and paid distributions attributable
to cash flow from operations totaling approximately $2,205,000.
In March 1997, the General Partner declared and paid distributions attributable
to cash flow from operations totaling approximately $550,000 and approximately
$903,000 representing a return of capital.
NOTE E - NOTE AND INTEREST RECEIVABLE
When Denbigh Village Apartments was sold in August 1994, the Partnership
accepted a promissory note which matured in March 1996. In March 1996, an
extension, under the existing terms, was negotiated to extend the note until
April 1997. The note matured and the outstanding principal balance was not
repaid. The Partnership negotiated with the borrower to extend the terms of the
note until April 1, 1998, with all other terms of the note remaining unchanged.
In March 1998, an extension, under modified terms, was negotiated to extend the
note until September 1, 1998. The modified terms provide for consideration to
be paid to the Partnership of an amount equal to one half of one percent of the
outstanding principal balance due as of March 31, 1998. The estimated value of
the note receivable approximates its carrying value.
NOTE F - CASUALTY GAINS
In November 1997, Overlook Apartments had a fire which destroyed one apartment
unit and caused water and smoke damage in the remaining apartment units in the
building. Insurance proceeds of $150,000 were received during the three months
ended March 31, 1998 with approximately an additional $77,000 receivable from
the insurer. Repair efforts have recently begun and the related costs will be
capitalized as a part of the investment property. In accordance with generally
accepted accounting principles the total insurance proceeds have been recorded
as a casualty gain of approximately $227,000 during the three months ended March
31, 1998. Total insurance proceeds received and receivable approximate the cost
of replacement.
In January 1997, Foothill Place Apartments sustained extensive wind and flood
damage from severe storms. Additionally, in February 1997, a fire occurred at
Foothill Place Apartments resulting in minor fire damage. The insurance
proceeds anticipated to be received less the estimated costs to make the
necessary repairs and the write-off of assets to be replaced, resulted in a net
casualty gain for these events of approximately $7,000 for the three month
period ended March 31, 1997. All repairs and replacements related to these
casualties were subsequently completed in the second quarter of 1997.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
The Partnership's investment properties consist of seventeen apartment
complexes. The following table sets forth the average occupancy of the
properties for the three months ended March 31, 1998 and 1997:
Average Occupancy
1998 1997
The Apartments
Omaha, NE 97% 95%
Arbours of Hermitage Apartments
Nashville, TN 97% 96%
Briar Bay Racquet Club Apartments
Miami, FL 95% 92%
Chimney Hill Apartments
Marietta, GA 85% 91%
Citadel Apartments
El Paso, TX 95% 94%
Citadel Village Apartments
Colorado Springs, CO 96% 98%
Foothill Place Apartments
Salt Lake City, UT 95% 94%
Knollwood Apartments
Nashville, TN 94% 94%
Lake Forest Apartments
Omaha, NE 94% 93%
Nob Hill Villa Apartments
Nashville, TN 92% 95%
Overlook Apartments
Memphis, TN 89% 85%
Point West Apartments
Charleston, SC 96% 97%
Post Ridge Apartments
Nashville, TN 96% 97%
Rivers Edge Apartments
Auburn, WA 99% 98%
South Port Apartments
Tulsa, OK 94% 91%
Stratford Place Apartments
Austin, TX 93% 89%
Village East Apartments
Cimarron Hills, CO 94% 99%
Occupancy for the Briar Bay Racquet Club Apartments has increased due to strong
marketing efforts and focusing on renewals. The decrease in occupancy at
Chimney Hill Apartments is attributable to a highly competitive market and
ongoing construction. With an increase in construction of multi-family units,
there has been a drop in the overall occupancy in the Nob Hill Apartments
market. Also, this apartment complex is building a perimeter fence to combat
the increase in crime in the area. Occupancy at Overlook Apartments has
increased due to the repair of unrentable units and better marketing efforts.
As a result of a new staff and aggressive marketing, Stratford Place has
increased occupancy. The increase in occupancy at South Port Apartments is
attributable to an improved appearance, clubhouse renovations and increased
marketing efforts. Poor market conditions due to military transfers and
increased home purchasing contributed to a decrease in occupancy at Village East
Apartments.
The Partnership's net income for the three months ended March 31, 1998, was
approximately $981,000 versus approximately $395,000 for the three months ended
March 31, 1997. The increase in net income is attributable to an increase in
rental and other income and a decrease in depreciation expense. Rental income
increased for the three months ended March 31, 1998, compared to the three
months ended March 31, 1997, due to increased rental rates and occupancy at many
of the Partnership's investment properties. The increase in other income is
attributable to higher cash balances held for the three months ended March 31,
1998 versus March 31, 1997. Also contributing to the increase in net income was
a casualty gain of approximately $227,000 as discussed in Note F. Depreciation
expense decreased due to the full depreciation of major assets at several
properties by the end of 1997. Partially offsetting these favorable variances
were increases in general and administrative and property tax expenses. General
and administrative expense increased primarily due to an increase in the special
9% management fee on distributions from operating cash flows. The Partnership
distributed approximately $2,205,000 and $550,000 from operating cash flow for
the three months ended March 31, 1998 and 1997, respectively. Property tax
expense increased due to higher assessed values at several of the Partnership's
investment properties.
Included in operating expense is approximately $179,000 of major repairs and
maintenance mainly comprised of major landscaping, exterior painting and parking
lot repairs during the three months ended March 31, 1998. During the three
months ended March 31, 1997, approximately $158,000 of major repairs and
maintenance comprised primarily of exterior building improvements and major
landscaping were included in operating expense.
When Denbigh Village Apartments was sold in August 1994, the Partnership
accepted a promissory note which matured in March 1996. In March 1996, an
extension, under the existing terms, was negotiated to extend the note until
April 1997. The note matured and the outstanding principal balance was not
repaid. The Partnership negotiated with the borrower to extend the terms of the
note until April 1, 1998 with all other terms of the note remaining unchanged.
In March 1998, an extension, under modified terms, was negotiated to extend the
note until September 1, 1998. The modified terms provide for consideration to
be paid to the Partnership of an amount equal to one half of one percent of the
outstanding principal balance due as of March 31, 1998 as an extension fee. As
of the date of this filing, this fee had not been received. The estimated value
of the note receivable approximates its carrying value.
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.
At March 31, 1998, the Partnership held cash and cash equivalents of
approximately $11,325,000 compared to approximately $9,397,000 at March 31,
1997. Cash and cash equivalents had a net decrease of approximately $765,000
for the three months ended March 31, 1998 as compared to a net increase of
approximately $158,000 for the same period in 1997. Net cash provided by
operating activities increased due to a decrease in cash used for accounts
payable, increased net income, as described above, and a decrease in receivables
and deposits and other assets. The increase in accounts payable results from
the timing of payments. Receivables and deposits decreased due to lower
balances in tax and insurance escrows. Other assets decreased due to a decrease
in prepaid insurance. Partially offsetting these positive influences was an
increase in cash used for payment of property taxes, as discussed above. Net
cash used in investing activities increased primarily due to the non-recurring
proceeds from the sale of Treasury Bills in 1997, increased property
improvements and replacements, as well as a decrease in net receipts from
restricted escrows. Net cash used in financing activities increased as a result
of increased distributions to partners during the three months ended March 31,
1998 compared to the corresponding period of 1997.
The sufficiency of existing liquid assets to meet future liquidity and capital
expenditure requirements is directly related to the level of capital
expenditures required at the properties to adequately maintain the physical
assets and meet other operating needs of the Partnership. Such assets are
currently thought to be sufficient for any near-term needs of the Partnership.
The mortgage indebtedness of approximately $72,333,000 matures at various dates
between December 1998 and December 2005, with balloon payments due at maturity,
at which time the properties will either be refinanced or sold. During the
three months ended March 31, 1998 and 1997, cash distributions of approximately
$2,205,000 and $1,453,000, respectively, were declared and paid. Future cash
distributions will depend on the levels of net cash generated from operations,
capital expenditure requirements, property sales and the availability of cash
reserves.
Year 2000
The Partnership is dependent upon the General Partner and Insignia for
management and administrative services. Insignia has completed an assessment
and will have to modify or replace portions of its software so that its computer
systems will function properly with respect to dates in the year 2000 and
thereafter (the "Year 2000 Issue"). The project is estimated to be completed
not later than December 31, 1998, which is prior to any anticipated impact on
its operating systems. The General Partner believes that with modifications to
existing software and conversions to new software, the Year 2000 Issue will not
pose significant operational problems for its computer systems. However, if such
modifications and conversions are not made, or are not completed timely, the
Year 2000 Issue could have a material impact on the operations of the
Partnership.
Other
Certain items discussed in this quarterly report may constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995 (the "Reform Act") and as such may involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance
or achievements of the Partnership to be materially different from any future
results, performance or achievements expressed or implied by such forward-
looking statements. Such forward-looking statements speak only as of the date
of this quarterly report. The Partnership expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Partnership's
expectations with regard thereto or any change in events, conditions or
circumstances on which any such statement is based.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
The three lawsuits described in the Partnership's 1997 Annual Report on Form 10-
K relating to the August 1997 tender offers made by Insignia affiliates (see
discussion of the KLINE, CITY PARTNERSHIPS and HELLER complaints in Item 3 -
Legal Proceedings) have each been voluntarily discontinued by their respective
plaintiffs with no material affect on the financial condition or operations of
the Partnership.
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 complaint 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 and its 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 as well as a recently announced agreement between
Insignia and AIMCO. The complaint seeks monetary damages and equitable relief,
including judicial dissolution of the Partnership. The General Partner was only
recently served with the complaint which it believes to be without merit, and
intends to vigorously defend the action.
The Partnership is unaware of any other pending or outstanding litigation that
is not of a routine nature. The General Partner of the Partnership believes
that all such other pending or outstanding litigation will be resolved without a
material adverse effect upon the business, financial condition, or operations of
the Partnership.
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 Partnership
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
CONSOLIDATED CAPITAL PROPERTIES IV
By: CONCAP EQUITIES, INC.
General Partner
By: /s/ William H. Jarrard, Jr.
William H. Jarrard, Jr.
President
By: /s/ Ronald Uretta
Ronald Uretta
Vice President/Treasurer
Date: May 4, 1998
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<LEGEND>
This schedule contains summary financial information extracted from
Consolidated Capital Properties IV 1998 First Quarter 10-Q and is qualified
in its entirety by reference to such 10-Q filing.
</LEGEND>
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<NAME> CONSOLIDATED CAPITAL PROPERTIES IV
<MULTIPLIER> 1,000
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<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> MAR-31-1998
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<INVENTORY> 0
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<PP&E> 131,560
<DEPRECIATION> (99,638)
<TOTAL-ASSETS> 50,908
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<BONDS> 72,333
0
0
<COMMON> 0
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