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 June 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
JUNE 30, 1995 AND DECEMBER 31, 1994
(UNAUDITED)
ASSETS
------
<CAPTION>
JUNE 30, DECEMBER 31,
1995 1994
------------ -----------
<S> <C> <C>
Current assets:
Cash and cash equivalents (note 1) . . . . . . . . . . . . . . . . . . . . . . . $ 1,351,903 3,110,077
Short-term investments (note 1). . . . . . . . . . . . . . . . . . . . . . . . . 4,731,070 1,959,761
Rents and other receivables. . . . . . . . . . . . . . . . . . . . . . . . . . . 414,484 286,395
Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,026 26,291
Escrow deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138,053 18,381
------------ -----------
Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,646,536 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. . . . . . . . . . . . . . . . . . . . . . . . . . 10,734,071 10,548,112
------------ -----------
Total investment property, net of accumulated depreciation . . . . . . . . 5,412,336 5,594,374
Deferred expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129,296 152,595
------------ -----------
$ 12,188,168 11,147,874
============ ===========
JMB INCOME PROPERTIES, LTD. - IV
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
CONSOLIDATED BALANCE SHEETS - CONTINUED
LIABILITIES AND PARTNERS' CAPITAL ACCOUNTS (DEFICITS)
-----------------------------------------------------
JUNE 30, DECEMBER 31,
1995 1994
------------ -----------
Current liabilities:
Current portion of long-term debt. . . . . . . . . . . . . . . . . . . . . . . . $ 364,729 377,017
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,834 36,443
Accrued interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -- 19,208
Unearned rents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76,594 43,412
Accrued real estate taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . 94,887 --
------------ -----------
Total current liabilities. . . . . . . . . . . . . . . . . . . . . . . . . 578,044 476,080
Tenant security deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,845 19,595
Other long-term liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . 820,107 820,107
Long-term debt, less current portion . . . . . . . . . . . . . . . . . . . . . . . 3,048,005 3,251,069
------------ -----------
Commitments and contingencies (notes 3 and 4)
Total liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,464,001 4,566,851
Venture partner's equity in venture. . . . . . . . . . . . . . . . . . . . . . . . 1,194,170 788,554
Partners' capital accounts (deficits):
General partners:
Cumulative net earnings. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,312,252 2,297,501
Cumulative cash distributions. . . . . . . . . . . . . . . . . . . . . . . . . (3,375,428) (3,375,428)
------------ -----------
(1,063,176) (1,077,927)
------------ -----------
Limited partners (20,005 interests):
Capital contributions, net of offering costs . . . . . . . . . . . . . . . . . 17,996,292 17,996,292
Cumulative net earnings. . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,977,522 37,254,745
Cumulative cash distributions. . . . . . . . . . . . . . . . . . . . . . . . . (48,380,641) (48,380,641)
------------ -----------
7,593,173 6,870,396
------------ -----------
Total partners' capital accounts . . . . . . . . . . . . . . . . . . . . . 6,529,997 5,792,469
------------ -----------
$ 12,188,168 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 SIX MONTHS ENDED JUNE 30, 1995 AND 1994
(UNAUDITED)
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30 JUNE 30
-------------------------- --------------------------
1995 1994 1995 1994
----------- ---------- ----------- ----------
<S> <C> <C> <C> <C>
Income:
Rental income. . . . . . . . . . . . . . . . . . . . . $ 1,127,569 985,869 2,202,753 1,934,273
Interest income. . . . . . . . . . . . . . . . . . . . 85,218 35,382 154,268 62,969
----------- ---------- ----------- ----------
1,212,787 1,021,251 2,357,021 1,997,242
----------- ---------- ----------- ----------
Expenses:
Mortgage and other interest. . . . . . . . . . . . . . 86,886 94,876 176,080 193,429
Depreciation . . . . . . . . . . . . . . . . . . . . . 92,979 88,290 185,959 183,258
Property operating expenses. . . . . . . . . . . . . . 407,264 320,910 769,839 670,727
Professional services. . . . . . . . . . . . . . . . . 27,400 27,143 32,400 32,218
Amortization of deferred expenses. . . . . . . . . . . 14,801 12,645 29,031 25,290
General and administrative . . . . . . . . . . . . . . 16,471 6,073 20,568 28,556
----------- ---------- ----------- ----------
645,801 549,937 1,213,877 1,133,478
----------- ---------- ----------- ----------
Operating earnings . . . . . . . . . . . . . . 566,986 471,314 1,143,144 863,764
Venture partner's share of
venture's operations . . . . . . . . . . . . . . . . . (210,154) (174,919) (405,616) (314,693)
----------- ---------- ----------- ----------
Net earnings . . . . . . . . . . . . . . . . . $ 356,832 296,395 737,528 549,071
=========== ========== =========== ==========
Net earnings per limited
partnership interest
(note 1) . . . . . . . . . . . . . . . . . . $ 17.48 14.52 36.13 26.90
=========== ========== =========== ==========
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
SIX MONTHS ENDED JUNE 30, 1995 AND 1994
(UNAUDITED)
<CAPTION>
1995 1994
------------ -----------
<S> <C> <C>
Cash flows from operating activities:
Net earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 737,528 549,071
Items not requiring (providing) cash or cash equivalents:
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 185,959 183,258
Amortization of deferred expenses. . . . . . . . . . . . . . . . . . . . . . . . . 29,031 25,290
Venture partner's share of venture's operations. . . . . . . . . . . . . . . . . . 405,616 314,693
Changes in:
Rents and other receivables. . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,702 58,258
Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,265 30,187
Escrow deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (119,672) (98,374)
Accrued rents receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (147,791) --
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,391 (284,060)
Accrued interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (19,208) (1,606)
Unearned rents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,182 46,986
Accrued real estate taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94,887 96,960
Tenant security deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,750) (292)
------------ -----------
Net cash provided by operating activities. . . . . . . . . . . . . . . . . . 1,238,140 920,371
------------ -----------
Cash flows from investing activities:
Net purchases of short-term investments. . . . . . . . . . . . . . . . . . . . . . . (2,771,309) (566,785)
Additions to investment properties . . . . . . . . . . . . . . . . . . . . . . . . . (3,921) (84,051)
Payment of deferred expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,732) --
------------ -----------
Net cash used in investing activities. . . . . . . . . . . . . . . . . . . . (2,780,962) (650,836)
------------ -----------
Cash flows from financing activities:
Principal payments on long-term debt . . . . . . . . . . . . . . . . . . . . . . . . (215,352) (166,392)
Distributions to limited partners. . . . . . . . . . . . . . . . . . . . . . . . . . -- (500,125)
Distributions to general partners. . . . . . . . . . . . . . . . . . . . . . . . . . -- (88,257)
------------ -----------
Net cash used in financing activities. . . . . . . . . . . . . . . . . . . . (215,352) (754,774)
------------ -----------
JMB INCOME PROPERTIES, LTD. - IV
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED
1995 1994
------------ -----------
Net decrease in cash and cash equivalents. . . . . . . . . . . . . . . . . . (1,758,174) (485,239)
Cash and cash equivalents, beginning of year . . . . . . . . . . . . . . . . 3,110,077 1,346,869
------------ -----------
Cash and cash equivalents, end of period . . . . . . . . . . . . . . . . . . $ 1,351,903 861,630
============ ===========
Supplemental disclosure of cash flow information:
Cash paid for mortgage and other interest. . . . . . . . . . . . . . . . . . . . . . $ 206,314 195,035
============ ===========
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
JUNE 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 six months ended
June 30:
1995 1994
----------------------- -------------------------
GAAP BASIS TAX BASIS GAAP BASIS TAX BASIS
---------- --------- ---------- ---------
Net earnings . . . . . $737,528 640,463 549,071 499,627
Net earnings
per limited
partnership
interest. . . . . . . $ 36.13 31.37 26.90 24.48
======== ======== ======= =======
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
($1,331,388 and $3,049,976 at June 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 June 30, 1995. The remaining property
owned at June 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 $265,000 in 1995 for tenant improvements
and capital expenditures at the Parkway City Mall. Additionally, as
occupancy of the property is 87% at June 30, 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 June 30,
1995, and for the six months ended June 30, 1995 and 1994, are as follows:
<TABLE>
<CAPTION>
Unpaid at
June 30,
1995 1994 1995
-------- ------- -------------
<S> <C> <C> <C>
Property management fees . . . . . $103,786 99,525 1,265
Insurance commissions. . . . . . . 9,348 8,302 --
Reimbursement (at cost) for
out-of-pocket expenses . . . . . 516 318 --
-------- ------- ------
$113,650 108,145 1,265
======== ======= ======
</TABLE>
All amounts payable to the General Partners and their affiliates do
not bear interest and are expected to be paid in future periods.
Subsequent to June 30, 1995, the Managing General Partner of the
Partnership has determined to use an independent third-party or parties to
perform certain of these administrative services beginning in late 1995.
Use of a third party 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 June 30, 1995
and for the three and six months ended June 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 June 30, 1995, the Partnership and its consolidated venture had
cash and cash equivalents of approximately $1,352,000. Such funds and
short-term investments of approximately $4,731,000 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 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 June 30, 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
31,000 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 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. As previously reported, another shopping
center developer had announced plans for a proposed third mall for the
Huntsville area. Recently, the developer announced several department
stores have committed to the development. If built, this third mall will
likely significantly impact the market share of Parkway City Mall. The
Partnership is examining other alternative plans to allow the property to
effectively compete with the third mall, should it be built. Although it
is not clear that the third mall will be developed, the increased
likelihood of the development of the third mall has had, and is expected to
continue 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, we believe the property's market value is 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.
As we have reported previously, due to these factors, the Partnership
has held this investment property longer than originally anticipated in an
effort to maximize the return to the Limited Partners.
RESULTS OF OPERATIONS
The decrease in cash and cash equivalents and the corresponding
increase in short-term investments at June 30, 1995 as compared to December
31, 1994 is primarily due to approximately $1,331,000 of the Partnership's
investments in U.S. Government obligations being classified as cash
equivalents at June 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 June 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 six
months ended June 30, 1995 as compared to the three and six months ended
June 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.
The decrease in prepaid expenses at June 30, 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 June
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 decreases in current portion of long-term debt and accrued
interest at June 30, 1995 as compared to December 31, 1994 are primarily
due to the prepayment of the July 1995 mortgage payment at the Parkway City
Mall.
The increase in unearned rents at June 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 June 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 six months ended
June 30, 1995 as compared to the three and six months ended June 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 three and six
months ended June 30, 1995 as compared to the three and six months ended
June 30, 1994 is primarily due to an increase in salary expense of
approximately $71,000 due to the hiring of in-house security personnel
resulting from termination of outside security contract and an increase in
market research expense of approximately $26,000 (all of which is 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%
<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: August 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: August 9, 1995
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
REGISTRANT'S FORM 10-Q FOR THE SIX MONTHS ENDED JUNE 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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<CASH> 1,351,903
<SECURITIES> 4,731,070
<RECEIVABLES> 563,563
<ALLOWANCES> 0
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<PP&E> 16,146,407
<DEPRECIATION> 10,734,071
<TOTAL-ASSETS> 12,188,168
<CURRENT-LIABILITIES> 578,044
<BONDS> 3,048,005
<COMMON> 0
0
0
<OTHER-SE> 6,529,997
<TOTAL-LIABILITY-AND-EQUITY> 12,188,168
<SALES> 2,202,753
<TOTAL-REVENUES> 2,357,021
<CGS> 0
<TOTAL-COSTS> 984,829
<OTHER-EXPENSES> 52,968
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<INTEREST-EXPENSE> 176,080
<INCOME-PRETAX> 1,143,144
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<EPS-PRIMARY> 36.13
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</TABLE>
