SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the quarter ended September 30, 1995 Commission file number 0-8469
JMB INCOME PROPERTIES, LTD. - IV
(Exact name of registrant as specified in its charter)
Illinois 36-2857658
(State of organization) (IRS Employer Identification No.)
900 N. Michigan Ave., Chicago, IL 60611
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code 312/915-1987
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
TABLE OF CONTENTS
PART I FINANCIAL INFORMATION
Item 1. Financial Statements. . . . . . . . . . . . . . . . . . . 3
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations . . . . . . . . . . . 10
PART II OTHER INFORMATION
Item 5. Other Information . . . . . . . . . . . . . . . . . . . . 13
Item 6. Exhibits and Reports on Form 8-K. . . . . . . . . . . . . 14
<TABLE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
JMB INCOME PROPERTIES, LTD. - IV
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 1995 AND DECEMBER 31, 1994
(UNAUDITED)
ASSETS
------
<CAPTION>
SEPTEMBER 30, DECEMBER 31,
1995 1994
------------- -----------
<S> <C> <C>
Current assets:
Cash and cash equivalents (note 1) . . . . . . . . . . . . . . . . . . . . . . . $ 6,458,914 3,110,077
Short-term investments (note 1). . . . . . . . . . . . . . . . . . . . . . . . . -- 1,959,761
Rents and other receivables. . . . . . . . . . . . . . . . . . . . . . . . . . . 463,767 286,395
Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,973 26,291
Escrow deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 172,245 18,381
------------ -----------
Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,137,899 5,400,905
------------ -----------
Investment property, at cost:
Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 429,000 429,000
Buildings and improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,906,297 15,713,486
------------ -----------
16,335,297 16,142,486
Less accumulated depreciation. . . . . . . . . . . . . . . . . . . . . . . . . . 10,827,051 10,548,112
------------ -----------
Total investment property, net of accumulated depreciation . . . . . . . . 5,508,246 5,594,374
Deferred expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115,636 152,595
------------ -----------
$ 12,761,781 11,147,874
============ ===========
JMB INCOME PROPERTIES, LTD. - IV
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
CONSOLIDATED BALANCE SHEETS - CONTINUED
LIABILITIES AND PARTNERS' CAPITAL ACCOUNTS (DEFICITS)
-----------------------------------------------------
SEPTEMBER 30, DECEMBER 31,
1995 1994
------------- -----------
Current liabilities:
Current portion of long-term debt. . . . . . . . . . . . . . . . . . . . . . . . $ 406,254 377,017
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,608 36,443
Accrued interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,881 19,208
Unearned rents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89,720 43,412
Accrued real estate taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . 142,330 --
------------ -----------
Total current liabilities. . . . . . . . . . . . . . . . . . . . . . . . . 699,793 476,080
Tenant security deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,345 19,595
Other long-term liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . 820,107 820,107
Long-term debt, less current portion . . . . . . . . . . . . . . . . . . . . . . . 2,942,618 3,251,069
------------ -----------
Commitments and contingencies (notes 3 and 4)
Total liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,480,863 4,566,851
Venture partner's equity in venture. . . . . . . . . . . . . . . . . . . . . . . . 1,373,063 788,554
Partners' capital accounts (deficits):
General partners:
Cumulative net earnings. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,319,809 2,297,501
Cumulative cash distributions. . . . . . . . . . . . . . . . . . . . . . . . . (3,375,428) (3,375,428)
------------ -----------
(1,055,619) (1,077,927)
------------ -----------
Limited partners (20,005 interests):
Capital contributions, net of offering costs . . . . . . . . . . . . . . . . . 17,996,292 17,996,292
Cumulative net earnings. . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,347,823 37,254,745
Cumulative cash distributions. . . . . . . . . . . . . . . . . . . . . . . . . (48,380,641) (48,380,641)
------------ -----------
7,963,474 6,870,396
------------ -----------
Total partners' capital accounts . . . . . . . . . . . . . . . . . . . . . 6,907,855 5,792,469
------------ -----------
$ 12,761,781 11,147,874
============ ===========
<FN>
See accompanying notes to consolidated financial statements.
</TABLE>
<TABLE>
JMB INCOME PROPERTIES, LTD. - IV
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
CONSOLIDATED STATEMENTS OF OPERATIONS
THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(UNAUDITED)
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30 SEPTEMBER 30
-------------------------- --------------------------
1995 1994 1995 1994
----------- ---------- ----------- ----------
<S> <C> <C> <C> <C>
Income:
Rental income. . . . . . . . . . . . . . . . . . . . . $ 999,849 913,646 3,202,602 2,847,919
Interest income. . . . . . . . . . . . . . . . . . . . 84,779 50,162 239,047 113,131
---------- ---------- ----------- ----------
1,084,628 963,808 3,441,649 2,961,050
---------- ---------- ----------- ----------
Expenses:
Mortgage and other interest. . . . . . . . . . . . . . 84,521 93,859 260,601 287,288
Depreciation . . . . . . . . . . . . . . . . . . . . . 92,980 91,629 278,939 274,887
Property operating expenses. . . . . . . . . . . . . . 329,053 326,417 1,098,891 997,144
Professional services. . . . . . . . . . . . . . . . . -- -- 32,400 32,218
Amortization of deferred expenses. . . . . . . . . . . 14,801 12,645 43,833 37,935
General and administrative . . . . . . . . . . . . . . 6,522 5,046 27,090 33,602
---------- ---------- ----------- ----------
527,877 529,596 1,741,754 1,663,074
---------- ---------- ----------- ----------
Operating earnings . . . . . . . . . . . . . . 556,751 434,212 1,699,895 1,297,976
Venture partner's share of
venture's operations . . . . . . . . . . . . . . . . . (178,893) (146,571) (584,509) (461,264)
---------- ---------- ----------- ----------
Net earnings . . . . . . . . . . . . . . . . . $ 377,858 287,641 1,115,386 836,712
========== ========== =========== ==========
Net earnings per limited
partnership interest
(note 1) . . . . . . . . . . . . . . . . . . $ 18.51 14.09 54.64 40.99
========== ========== =========== ==========
Cash distributions per
limited partnership
interest . . . . . . . . . . . . . . . . . . $ -- -- -- 25.00
========== ========== =========== ==========
<FN>
See accompanying notes to consolidated financial statements.
</TABLE>
<TABLE>
JMB INCOME PROPERTIES, LTD. - IV
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
CONSOLIDATED STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(UNAUDITED)
<CAPTION>
1995 1994
------------ -----------
<S> <C> <C>
Cash flows from operating activities:
Net earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,115,386 836,712
Items not requiring (providing) cash or cash equivalents:
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 278,939 274,887
Amortization of deferred expenses. . . . . . . . . . . . . . . . . . . . . . . . . 43,833 37,935
Venture partner's share of venture's operations. . . . . . . . . . . . . . . . . . 584,509 461,264
Changes in:
Rents and other receivables. . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,202 (43,803)
Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (16,682) (11,879)
Escrow deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (153,864) (133,281)
Accrued rents receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (202,574) --
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,165 (216,664)
Accrued interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,327) (2,106)
Unearned rents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,308 --
Accrued real estate taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142,330 145,441
Tenant security deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,250) 1,958
------------ -----------
Net cash provided by operating activities. . . . . . . . . . . . . . . . . . 1,867,975 1,350,464
------------ -----------
Cash flows from investing activities:
Net sales (purchases) of short-term investments. . . . . . . . . . . . . . . . . . . 1,959,761 (1,590,719)
Additions to investment properties . . . . . . . . . . . . . . . . . . . . . . . . . (192,811) (140,905)
Payment of deferred expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,874) --
------------ -----------
Net cash provided by (used in) investing activities. . . . . . . . . . . . . 1,760,076 (1,731,624)
------------ -----------
Cash flows from financing activities:
Principal payments on long-term debt . . . . . . . . . . . . . . . . . . . . . . . . (279,214) (252,748)
Distributions to limited partners. . . . . . . . . . . . . . . . . . . . . . . . . . -- (500,125)
Distributions to general partners. . . . . . . . . . . . . . . . . . . . . . . . . . -- (88,257)
------------ -----------
Net cash used in financing activities. . . . . . . . . . . . . . . . . . . . (279,214) (841,130)
------------ -----------
JMB INCOME PROPERTIES, LTD. - IV
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED
1995 1994
------------ -----------
Net increase (decrease) in cash and cash equivalents . . . . . . . . . . . . 3,348,837 (1,222,290)
Cash and cash equivalents, beginning of year . . . . . . . . . . . . . . . . 3,110,077 1,346,869
------------ -----------
Cash and cash equivalents, end of period . . . . . . . . . . . . . . . . . . $ 6,458,914 124,579
============ ===========
Supplemental disclosure of cash flow information:
Cash paid for mortgage and other interest. . . . . . . . . . . . . . . . . . . . . . $ 262,928 289,394
============ ===========
Non-cash investing and financing activities. . . . . . . . . . . . . . . . . . . . . $ -- --
============ ===========
<FN>
See accompanying notes to consolidated financial statements.
</TABLE>
JMB INCOME PROPERTIES, LTD. - IV
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 1995 AND 1994
(UNAUDITED)
Readers of this quarterly report should refer to the Partnership's
audited financial statements for the fiscal year ended December 31, 1994
which are included in the Partnership's 1994 Annual Report, as certain
footnote disclosures which would substantially duplicate those contained in
such audited financial statements have been omitted from this report.
(1) BASIS OF ACCOUNTING
The accompanying consolidated financial statements include the
accounts of the Partnership and its venture, Huntsville Mall Associates
("Huntsville") (note 3). The effect of all transactions between the
Partnership and its venture has been eliminated.
The Partnership's records are maintained on the accrual basis of
accounting as adjusted for Federal income tax reporting purposes. The
accompanying consolidated financial statements have been prepared from such
records after making appropriate adjustments to present the Partnership's
accounts in accordance with generally accepted accounting principles
("GAAP") and to consolidate the accounts of the venture as described above.
Such adjustments are not recorded on the records of the Partnership. The
net effect of these items is summarized as follows for the nine months
ended September 30:
1995 1994
----------------------- ------------------------
GAAP BASIS TAX BASIS GAAP BASIS TAX BASIS
---------- --------- ---------- ---------
Net earnings . . . . . $1,115,386 965,714 836,712 749,441
Net earnings
per limited
partnership
interest. . . . . . . $ 54.64 48.27 40.99 36.71
========== ======== ======= =======
The net earnings per limited partnership interest ("Interest") is
based upon the number of Interests outstanding at the end of each period
(20,005). Deficit partners' capital accounts will result, through the
duration of the Partnership, in net gain for financial reporting and income
tax purposes.
The Partnership records investments held in U.S. Government obliga-
tions at cost, which approximates market. For the purpose of these
statements, the Partnership's policy is to consider all such amounts held
with original maturities of three months or less ($6,349,076 and $3,049,976
at September 30, 1995 and December 31, 1994, respectively) as cash
equivalents with any remaining amounts (generally with original maturities
of one year or less) reflected as short-term investments being held to
maturity.
JMB INCOME PROPERTIES, LTD. - IV
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONCLUDED
(2) INVESTMENT PROPERTIES
The Partnership initially acquired, either directly or through joint
ventures, three shopping centers and three office buildings, five of which
properties have been sold as of September 30, 1995. The remaining property
owned at September 30, 1995, the Parkway City Mall shopping center, is in
operation.
(3) VENTURE AGREEMENT - HUNTSVILLE
Huntsville discontinued its distributions of cash flow to its venture
partners effective with the first quarter of 1993 to preserve working
capital, a portion of which was used for a limited renovation of the
shopping center (completed in December 1993) and for tenant allowances and
capital expenditures. The Partnership and its consolidated venture have
currently budgeted approximately $238,000 (substantially all of which has
been incurred as of the date of this report) in 1995 for tenant
improvements and capital expenditures at the Parkway City Mall.
Additionally, as occupancy of the property is 87% at September 30, 1995,
significant leasing costs are expected to continue to be required in
conjunction with Huntsville's continuing efforts to lease vacant space at
the property.
(4) TRANSACTIONS WITH AFFILIATES
Fees, commissions and other expenses required to be paid by the
Partnership to the General Partners and their affiliates as of September
30, 1995, and for the nine months ended September 30, 1995 and 1994, are as
follows:
<TABLE>
<CAPTION>
Unpaid at
September 30,
1995 1994 1995
-------- ------- -------------
<S> <C> <C> <C>
Property management fees . . . . . $148,931 138,184 1,445
Insurance commissions. . . . . . . 9,977 9,678 --
Reimbursement (at cost) for
out-of-pocket expenses . . . . . 742 528 --
-------- ------- ------
$159,650 148,390 1,445
======== ======= ======
</TABLE>
All amounts payable to the General Partners and their affiliates do
not bear interest and are expected to be paid in future periods.
The Managing General Partner of the Partnership has determined to use
independent third parties to perform certain administrative services
beginning in the fourth quarter of 1995. Use of such third parties is not
expected to have a material effect on the operations of the Partnership.
(5) ADJUSTMENTS
In the opinion of the Managing General Partner, all adjustments
(consisting solely of normal recurring adjustments) necessary for a fair
presentation have been made to the accompanying figures as of September 30,
1995 and for the three and nine months ended September 30, 1995 and 1994.
PART I. FINANCIAL INFORMATION
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
LIQUIDITY AND CAPITAL RESOURCES
All references to "Notes" are to Notes to Consolidated Financial
Statements contained in this report.
At September 30, 1995, the Partnership and its consolidated venture
had cash and cash equivalents of approximately $6,459,000. Such funds are
available for tenant costs and improvements and other capital expenditures
(as discussed below), distributions to partners and for working capital
requirements. The Partnership and its consolidated venture have currently
budgeted approximately $238,000 (substantially all of which has been
incurred as of the date of this report) in 1995 for tenant improvements and
other capital expenditures at the Parkway City Mall (as discussed below and
in Note 3). The Partnership's share of such items is currently budgeted to
be approximately $167,000. Actual amounts expended in 1995 may vary
depending on a number of factors including actual leasing activity, results
of property operations, liquidity considerations and other market
conditions over the course of the year. The Partnership has suspended all
operating cash flow distributions to the partners. However, the
Partnership paid a distribution of $500,125 ($25.00 per Interest) to the
Limited Partners in February 1994 from the proceeds of the 1992 sale of
Holly Hill Mall. The General Partners' share of the above distribution was
$88,257. The ultimate source of capital for long-term future liquidity and
distributions is expected to be from net cash generated by the
Partnership's remaining shopping center investment property and from the
sale of such investment. The Partnership believes it has sufficient cash
reserves to meet its short-term liquidity needs. In such regard, reference
is made to the Partnership's property specific discussion below. The
Partnership's and its venture's mortgage obligation is non-recourse;
therefore, the Partnership and its venture are not obligated to pay
mortgage indebtedness unless the related property produces sufficient net
cash flow from operations or sale.
Occupancy at the Parkway City Mall increased to 87% at September 30,
1995, from 84% at December 31, 1994. Additionally, a tenant which vacated
9,000 square feet of space in January 1990 continued to pay rent under the
terms of its lease which expired in February 1995. In addition,
approximately 30,000 square feet (7% of the building) is occupied by
tenants under short-term leases. Huntsville discontinued its distributions
from operations effective with the first quarter of 1993 to preserve
working capital, and for certain tenant allowances and capital
expenditures. The Partnership is examining a new leasing program at the
Parkway City Mall to strengthen the center's position in its marketplace.
As a result, significant leasing costs and incentives will continue to be
required in conjunction with Huntsville's continuing efforts to lease
vacant space at the property which, when incurred, will adversely impact
the property cash flow. Reference is made to Note 3.
Huntsville continues to market the Parkway City Mall shopping center
for sale. Parkway City Mall is one of two malls serving the Huntsville
metropolitan area. Another shopping center developer had announced plans
for a proposed third mall for the Huntsville area. Recently, the developer
announced that several department stores have committed to either enter the
Huntsville market or open an additional store at the third mall. If built,
this third mall will likely significantly impact the market share of
Parkway City Mall. The Partnership is examining other alternative plans,
including potential financing options, to allow the property to effectively
compete with the third mall, should it be built. Although it is not
certain that the third mall will be developed, the increased likelihood of
the development of the third mall continues to have substantial adverse
effects on the Partnership's ability to market the property for sale and
lease. Consequently, if such sale were to occur today, it is likely that
the property's market value would be substantially lower than was
previously projected by the Partnership.
While the real estate markets are recuperating, highly competitive
market conditions continue to exist in most locations. The Partnership's
approach has been to aggressively and creatively manage the Partnership's
real estate asset to attract and retain tenants. Net effective rents to
the landlord from renewal tenants are much more favorable than lease terms
which can be negotiated with new tenants. However, the Partnership's
capital resources must also be preserved and allocated in such a manner as
to maximize the total value of its remaining property. As a result of the
real estate market conditions discussed above, the Partnership continues to
conserve its working capital. All expenditures are carefully analyzed and
certain capital projects are deferred when appropriate. By conserving
working capital, the Partnership will be in a better position to meet its
future needs since outside sources of capital may be limited. Due to these
factors, the Partnership has held its remaining property longer than
originally anticipated in an effort to maximize the return to the Limited
Partners. After reviewing the remaining property and its competitive
marketplace, the General Partners of the Partnership expect to be able to
liquidate the remaining asset as quickly as practicable. Therefore, the
affairs of the Partnership are expected to be wound up no later than 1999
(sooner if the property is sold in the nearer term), barring unforeseen
economic developments.
RESULTS OF OPERATIONS
The increase in cash and cash equivalents and the corresponding
decrease in short-term investments at September 30, 1995 as compared to
December 31, 1994 is primarily due to approximately $6,349,000 of the
Partnership's investments in U.S. Government obligations being classified
as cash equivalents at September 30, 1995 whereas approximately $3,050,000
of such U.S. Government obligations were classified as cash equivalents at
December 31, 1994. Reference is made to Note 1.
The increase in rents and other receivables at September 30, 1995 as
compared to December 31, 1994 and the increases in rental income and
venture partner's share of venture's operations for the three and nine
months ended September 30, 1995 as compared to the three and nine months
ended September 30, 1994 are primarily due to rents being accrued ratably
over the terms of the leases rather than as paid at the Parkway City Mall.
Reference is made to the property specific discussion above.
The increase in prepaid expenses at September 30, 1995 as compared to
December 31, 1994 is primarily due to the timing of payment of insurance
premiums at the Parkway City Mall.
The increases in escrow deposits and accrued real estate taxes at
September 30, 1995 as compared to December 31, 1994 are the result of the
escrowing of real estate taxes which are payable during the fourth quarter
of the year at the Parkway City Mall.
The increase in unearned rents at September 30, 1995 as compared to
December 31, 1994 is primarily due to the prepayment of one month's rent by
an anchor tenant at the Parkway City Mall.
The increase in venture partner's equity in venture at September 30,
1995 as compared to December 31, 1994 is attributable primarily to the
increase in cash and short-term investments resulting from the suspension
of distributions of cash flow from the Huntsville venture in order to
preserve working capital for tenant improvements and capital expenditures
as previously discussed. Reference is also made to Note 3.
The increase in interest income for the three and nine months ended
September 30, 1995 as compared to the three and nine months ended September
30, 1994 is primarily a result of greater average balances invested in
short-term investments and an increase in the interest rates earned on U.S.
Government obligations during 1995.
The increase in property operating expense for the nine months ended
September 30, 1995 as compared to the nine months ended September 30, 1994
is primarily due to an increase in salary expense of approximately
$105,000, partially offset by a corresponding decrease in security expense
of approximately $35,000, due to the addition of an operations supervisor
in the third quarter of 1994 and the hiring of in-house security personnel
in 1995 resulting from the termination of an outside security contract and
an increase in market research expense of approximately $24,000 (all of
which are partially recoverable from tenants) at Parkway City Mall.
<TABLE>
PART II. OTHER INFORMATION
ITEM 5. OTHER INFORMATION
OCCUPANCY
The following is a listing of approximate occupancy levels by quarter for the Partnership's remaining
investment property:
<CAPTION>
1994 1995
------------------------------------- ------------------------------
At At At At At At At At
3/31 6/30 9/30 12/31 3/31 6/30 9/30 12/31
---- ---- ---- ----- ---- ---- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1. Parkway City Mall
Huntsville, Alabama. . . . . . 84%(1) 84%(1) 84%(1) 84%(1) 85% 87% 87%
<FN>
(1) The percentage represents physical occupancy. Super-X (9,000 square feet or 2% of the building)
vacated its space in January 1990 and continued to pay rent pursuant to its lease obligation which expired in
February 1995.
</TABLE>
PART II OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
10. Acquisition documents including the venture agreement
relating to the purchase by the Partnership of an interest in the Parkway
City Mall in Huntsville, Alabama are hereby incorporated herein by
reference to the Partnership's Prospectus on Form S-11 dated (File No. 2-
55624) July 26, 1976.
27. Financial Data Schedule
(b) No reports on Form 8-K were required or have been filed for
the quarter covered by this report.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Company has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
JMB INCOME PROPERTIES, LTD. - IV
BY: JMB Realty Corporation
(Managing General Partner)
By: GAILEN J. HULL
Gailen J. Hull, Senior Vice President
Date: November 9, 1995
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following person in the capacity
and on the date indicated.
GAILEN J. HULL
Gailen J. Hull, Principal Accounting Officer
Date: November 9, 1995
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
REGISTRANT'S FORM 10-Q FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
INCLUDED IN SUCH REPORT.
</LEGEND>
<CIK> 0000053568
<NAME> JMB INCOME PROPERTIES, LTD. - IV
<S> <C>
<PERIOD-TYPE> 9-MOS
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<PERIOD-END> SEP-30-1995
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0
0
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</TABLE>
