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 March 31, 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 . . . . . . . . . . . . . . . . . . . . 12
Item 6. Exhibits and Reports on Form 8-K. . . . . . . . . . . . . 13
<TABLE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
JMB INCOME PROPERTIES, LTD. - IV
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
CONSOLIDATED BALANCE SHEETS
MARCH 31, 1995 AND DECEMBER 31, 1994
(UNAUDITED)
ASSETS
------
<CAPTION>
MARCH 31, DECEMBER 31,
1995 1994
------------ -----------
<S> <C> <C>
Current assets:
Cash and cash equivalents (note 1) . . . . . . . . . . . . . . . . . . . . . . . $ 3,628,939 3,110,077
Short-term investments (note 1). . . . . . . . . . . . . . . . . . . . . . . . . 2,043,280 1,959,761
Rents and other receivables. . . . . . . . . . . . . . . . . . . . . . . . . . . 348,886 286,395
Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,516 26,291
Escrow deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69,669 18,381
------------ -----------
Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,101,290 5,400,905
------------ -----------
Investment property, at cost:
Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 429,000 429,000
Buildings and improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,717,407 15,713,486
------------ -----------
16,146,407 16,142,486
Less accumulated depreciation. . . . . . . . . . . . . . . . . . . . . . . . . . 10,641,092 10,548,112
------------ -----------
Total investment property, net of accumulated depreciation . . . . . . . . 5,505,315 5,594,374
Deferred expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141,813 152,595
------------ -----------
$ 11,748,418 11,147,874
============ ===========
JMB INCOME PROPERTIES, LTD. - IV
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
CONSOLIDATED BALANCE SHEETS - CONTINUED
LIABILITIES AND PARTNERS' CAPITAL ACCOUNTS (DEFICITS)
-----------------------------------------------------
MARCH 31, DECEMBER 31,
1995 1994
------------ -----------
Current liabilities:
Current portion of long-term debt. . . . . . . . . . . . . . . . . . . . . . . . $ 386,521 377,017
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91,818 79,855
Accrued interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,452 19,208
Accrued real estate taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,443 --
------------ -----------
Total current liabilities. . . . . . . . . . . . . . . . . . . . . . . . . 544,234 476,080
Tenant security deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,095 19,595
Other long-term liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . 820,107 820,107
Long-term debt, less current portion . . . . . . . . . . . . . . . . . . . . . . . 3,150,801 3,251,069
------------ -----------
Commitments and contingencies (notes 3 and 4)
Total liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,532,237 4,566,851
Venture partner's equity in venture. . . . . . . . . . . . . . . . . . . . . . . . 1,004,666 788,554
Partners' capital accounts (deficits):
General partners:
Cumulative net earnings. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,305,882 2,297,501
Cumulative cash distributions. . . . . . . . . . . . . . . . . . . . . . . . . (3,375,428) (3,375,428)
------------ -----------
(1,069,546) (1,077,927)
------------ -----------
Limited partners (20,005 interests):
Capital contributions, net of offering costs . . . . . . . . . . . . . . . . . 17,996,292 17,996,292
Cumulative net earnings. . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,665,410 37,254,745
Cumulative cash distributions. . . . . . . . . . . . . . . . . . . . . . . . . (48,380,641) (48,380,641)
------------ -----------
7,281,061 6,870,396
------------ -----------
Total partners' capital accounts . . . . . . . . . . . . . . . . . . . . . 6,211,515 5,792,469
------------ -----------
$ 11,748,418 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 MONTHS ENDED MARCH 31, 1995 AND 1994
(UNAUDITED)
<CAPTION>
1995 1994
------------ -----------
<S> <C> <C>
Income:
Rental income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,134,184 948,404
Interest income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69,050 27,587
------------ -----------
1,203,234 975,991
------------ -----------
Expenses:
Mortgage and other interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89,194 108,895
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92,980 94,968
Property operating expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 362,575 349,817
Professional services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000 5,075
Amortization of deferred expenses. . . . . . . . . . . . . . . . . . . . . . . . . . 14,230 12,645
General and administrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,097 22,483
------------ -----------
568,076 593,883
------------ -----------
Operating earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 635,158 382,108
Venture partner's share of venture's
operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (216,112) (139,774)
------------ -----------
Net earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 419,046 242,334
============ ===========
Net earnings per limited partnership
interest (note 1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 20.53 11.87
============ ===========
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
THREE MONTHS ENDED MARCH 31, 1995 AND 1994
(UNAUDITED)
<CAPTION>
1995 1994
------------ -----------
<S> <C> <C>
Cash flows from operating activities:
Net earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 419,046 242,334
Items not requiring (providing) cash or cash equivalents:
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92,980 94,968
Amortization of deferred expenses. . . . . . . . . . . . . . . . . . . . . . . . . 14,230 12,645
Venture partner's share of venture's operations. . . . . . . . . . . . . . . . . . 216,112 139,774
Changes in:
Rents and other receivables. . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,930 66,485
Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,775 18,113
Escrow deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (51,288) (64,182)
Accrued rents receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (128,421) --
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,963 (203,856)
Accrued interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (756) (22,052)
Accrued real estate taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,443 48,480
State income tax withheld. . . . . . . . . . . . . . . . . . . . . . . . . . . . . -- 60,183
Tenant security deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,500) (81)
------------ -----------
Net cash provided by operating activities. . . . . . . . . . . . . . . . . . 700,514 392,811
------------ -----------
Cash flows from investing activities:
Net purchases of short-term investments. . . . . . . . . . . . . . . . . . . . . . . (83,519) (737,573)
Additions to investment properties . . . . . . . . . . . . . . . . . . . . . . . . . (3,921) (8,189)
Payment of deferred expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,448) --
------------ -----------
Net cash used in investing activities. . . . . . . . . . . . . . . . . . . . (90,888) (745,762)
------------ -----------
Cash flows from financing activities:
Principal payments on long-term debt . . . . . . . . . . . . . . . . . . . . . . . . (90,764) (110,005)
Distributions to venture partner . . . . . . . . . . . . . . . . . . . . . . . . . . -- --
Distributions to limited partners. . . . . . . . . . . . . . . . . . . . . . . . . . -- (500,125)
Distributions to general partners. . . . . . . . . . . . . . . . . . . . . . . . . . -- (88,257)
------------ -----------
Net cash used in financing activities. . . . . . . . . . . . . . . . . . . . (90,764) (698,387)
------------ -----------
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 . . . . . . . . . . . . 518,862 (1,051,338)
Cash and cash equivalents, beginning of period . . . . . . . . . . . . . . . 3,110,077 1,346,869
------------ -----------
Cash and cash equivalents, end of period . . . . . . . . . . . . . . . . . . $ 3,628,939 295,531
============ ===========
Supplemental disclosure of cash flow information:
Cash paid for mortgage and other interest. . . . . . . . . . . . . . . . . . . . . . $ 89,950 130,947
============ ===========
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
MARCH 31, 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 three months
ended March 31:
1995 1994
----------------------- -------------------------
GAAP BASIS TAX BASIS GAAP BASIS TAX BASIS
---------- --------- ---------- ---------
Net earnings . . . . . $419,046 291,139 242,334 249,883
Net earnings
per limited
partnership
interest. . . . . . . $ 20.53 14.55 11.87 12.24
======== ======= ======= =======
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.
Statement of Financial Accounting Standards No. 95 requires the
Partnership to present a statement which classifies cash receipts and
payments according to whether they stem from operating, investing or
financing activities. The required information has been segregated and
accumulated according to the classifications specified in the
pronouncement. In addition, the Partnership records investments held in
U.S. Government obligations 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
($3,518,823 and $3,049,976 at March 31, 1995 and December 31, 1994) 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
have been sold as of March 31, 1995. The remaining property owned at March
31, 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 the tenant allowances
and capital expenditures. The Partnership and its consolidated venture
have currently budgeted approximately $265,000 in 1995 for tenant
improvements and capital expenditures at the Parkway City Mall.
Additionally, as occupancy of the property is 85% at March 31, 1995,
significant leasing costs are expected 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 March 31,
1995, and for the three months ended March 31, 1995 and 1994, are as
follows:
Unpaid at
March 31,
1995 1994 1995
------- ------ -------------
Property management fees . . . . . $50,843 50,491 7,152
Insurance commissions. . . . . . . 89 67 --
Reimbursement (at cost) for
out-of-pocket expenses . . . . . 265 224 --
------- ------ ------
$51,197 50,782 7,152
======= ====== ======
All amounts payable to the General Partners and their affiliates do
not bear interest and are expected to be paid in future periods.
(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 March 31,
1995 and for the three months ended March 31, 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 March 31, 1995, the Partnership and its consolidated venture had
cash and cash equivalents of approximately $3,629,000. Such funds and
short-term investments of approximately $2,043,000 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 $265,000 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 $186,000. 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 both short-term and 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. In such regard, reference is made to the
Partnership's property specific discussions 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 flows from
operations or sale.
Huntsville Mall Associates ("Huntsville"), of which the Partnership is
a general partner, had budgeted and completed approximately $140,000 in
1994 for roof repair and replacement work for two of the mall's major
tenants. Huntsville deferred its previously budgeted $75,000 for parking
lot improvements at the mall in 1994, until a later date. Occupancy at the
Parkway City Mall increased slightly to 85% at March 31, 1995, from 84% at
December 31, 1994. However, 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 28,000 square
feet (7% of the building) is occupied by tenants under short-term leases.
Montgomery Ward & Co. ("Ward's"), a major tenant, reached an agreement to
extend their lease for ten years, from September 1, 1994 through August 31,
2004. In January 1994, McRae's, another major tenant, exercised its option
to extend its lease for five years, from February 1, 1995 through January
31, 2000. Huntsville discontinued its distributions from operations
effective with the first quarter of 1993 to preserve working capital, and
for the above-mentioned 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 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. If a
third mall were to be built, it would likely significantly impact the
market share of Parkway City Mall. The developer's announcement has
negatively impacted the ability to market the property for sale and lease.
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 assets 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 the portfolio. 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.
As we have reported previously, due to these factors, the Partnership
has held certain of its investment properties longer than originally
anticipated in an effort to maximize the return to the Limited Partners.
RESULTS OF OPERATIONS
The increase in rents and other receivables at March 31, 1995 as
compared to December 31, 1994 and the increase in rental income and in
Venture partner's share of venture's operations for the three months ended
March 31, 1995 as compared to the three months ended March 31, 1994 is
primarily due to rents being accrued ratably over the term of the lease
rather than as paid at the Parkway City Mall.
The decrease in prepaid expenses at March 31, 1995 as compared to
December 31, 1994 is primarily due to the amortization of insurance
premiums at the Parkway City Mall.
The increases in escrow deposits and accrued real estate taxes at
March 31, 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 venture partner's equity in venture at March 31, 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 months ended March 31,
1995 as compared to the three months ended March 31, 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.
The decrease in general and administrative expenses for the three
months ended March 31, 1995 as compared to the three months ended March 31,
1994 is primarily due to a decrease in annual report printing costs.
<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%
<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: May 11, 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: May 11, 1995
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
REGISTRANT'S FORM 10-Q FOR THE THREE MONTHS ENDED MARCH 31, 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> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1995
<CASH> 3,628,939
<SECURITIES> 2,043,280
<RECEIVABLES> 429,071
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 6,101,290
<PP&E> 16,146,407
<DEPRECIATION> 10,641,092
<TOTAL-ASSETS> 11,748,418
<CURRENT-LIABILITIES> 544,234
<BONDS> 3,150,801
<COMMON> 0
0
0
<OTHER-SE> 6,211,515
<TOTAL-LIABILITY-AND-EQUITY> 11,748,418
<SALES> 1,134,184
<TOTAL-REVENUES> 1,203,234
<CGS> 0
<TOTAL-COSTS> 469,785
<OTHER-EXPENSES> 9,097
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 89,194
<INCOME-PRETAX> 635,158
<INCOME-TAX> 0
<INCOME-CONTINUING> 419,046
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 419,046
<EPS-PRIMARY> 20.53
<EPS-DILUTED> 0
</TABLE>
