FORM 10-QSB--QUARTERLY OR TRANSITIONAL REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Quarterly or Transitional Report
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-QSB
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended March 31, 2000
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from __________ to __________
Commission file number 0-10884
SHELTER PROPERTIES IV
(Exact name of small business issuer as specified in its charter)
South Carolina 57-0721760
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
55 Beattie Place, P.O. Box 1089
Greenville, South Carolina 29602
(Address of principal executive offices)
(864) 239-1000
(Issuer's telephone number)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the 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)
SHELTER PROPERTIES IV
CONSOLIDATED BALANCE SHEET
(Unaudited)
(in thousands, except per unit data)
March 31, 2000
Assets
Cash and cash equivalents $ 2,791
Receivables and deposits 438
Restricted escrows 1,343
Other assets 619
Investment properties:
Land $ 3,442
Buildings and related personal property 59,628
63,070
Less accumulated depreciation (37,219) 25,851
$ 31,042
Liabilities and Partners' (Deficit) Capital
Liabilities
Accounts payable $ 78
Tenant security deposit liabilities 252
Accrued property taxes 244
Other liabilities 376
Mortgage notes payable 22,578
Partners' (Deficit) Capital
General partners $ (10)
Limited partners (49,995 units issued and
outstanding) 7,524 7,514
$ 31,042
See Accompanying Notes to Consolidated Financial Statements
<PAGE>
b)
SHELTER PROPERTIES IV
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except unit data)
Three Months Ended
March 31,
2000 1999
Revenues:
Rental income $2,840 $2,789
Other income 152 101
Total revenues 2,992 2,890
Expenses:
Operating 1,268 1,148
General and administrative 86 73
Depreciation 505 497
Interest 515 529
Property taxes 207 198
Total expenses 2,581 2,445
Net income $ 411 $ 445
Net income allocated to general partners (1%) $ 4 $ 4
Net income allocated to limited partners (99%) 407 441
$ 411 $ 445
Net income per limited partnership unit $ 8.14 $ 8.82
See Accompanying Notes to Consolidated Financial Statements
<PAGE>
c)
SHELTER PROPERTIES IV
CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' (DEFICIT) CAPITAL
(Unaudited)
(in thousands, except unit data)
<TABLE>
<CAPTION>
Limited
Partnership General Limited
Units Partners Partners Total
<S> <C> <C> <C> <C>
Original capital contributions 50,000 $ 2 $50,000 $50,002
Partners' (deficit) capital at
December 31, 1999 49,995 $ (14) $ 7,117 $ 7,103
Net income for the three months
ended March 31, 2000 -- 4 407 411
Partners' (deficit) capital at
March 31, 2000 49,995 $ (10) $ 7,524 $ 7,514
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
<PAGE>
d)
SHELTER PROPERTIES IV
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
2000 1999
Cash flows from operating activities:
<S> <C> <C>
Net income $ 411 $ 445
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 505 497
Amortization of discounts and loan costs 71 69
Change in accounts:
Receivables and deposits 288 64
Other assets (130) (99)
Accounts payable (126) (84)
Tenant security deposit liabilities 20 6
Accrued property taxes (97) (84)
Other liabilities 89 44
Net cash provided by operating activities 1,031 858
Cash flows from investing activities:
Property improvements and replacements (207) (205)
Net (deposits to) withdrawals from restricted escrows (442) 97
Net cash used in investing activities (649) (108)
Cash flows from financing activities:
Partners' distributions (1,000) --
Payments on mortgage notes payable (221) (203)
Net cash used in financing activities (1,221) (203)
Net (decrease) increase in cash and cash equivalents (839) 547
Cash and cash equivalents at beginning of period 3,630 1,273
Cash and cash equivalents at end of period $ 2,791 $ 1,820
Supplemental disclosure of cash flow information:
Cash paid for interest $ 444 $ 461
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
<PAGE>
e)
SHELTER PROPERTIES IV
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note A - Basis of Presentation
The accompanying unaudited consolidated financial statements of Shelter
Properties IV (the "Partnership" or "Registrant") have been prepared in
accordance with generally accepted accounting principles for interim financial
information and with the instructions to Form 10-QSB and Item 310 (b) of
Regulation S-B. 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 Shelter Realty IV Corporation (the
"Corporate General Partner"), all adjustments (consisting of normal recurring
accruals) considered necessary for a fair presentation have been included.
Operating results for the three month period ended March 31, 2000, are not
necessarily indicative of the results that may be expected for the year ending
December 31, 2000. For further information, refer to the consolidated financial
statements and footnotes thereto included in the Partnership's Annual Report on
Form 10-KSB for the fiscal year ended October 31, 1999.
Change in Fiscal Year End: The Partnership elected to change its fiscal year
from October 31, to December 31, effective for the period ending March 31, 2000,
as announced in its Form 8-K filed on January 3, 2000. This Quarterly Report on
Form 10-QSB presents the unaudited results of the Partnership's operations for
the three months ended March 31, 2000 and 1999.
Principles of Consolidation: The financial statements include all the accounts
of the Partnership and its 99.99% owned partnership. The general partner of the
consolidated partnership is the Corporate General Partner. The Corporate General
Partner may be removed as the general partner of the consolidated partnership by
the Registrant; therefore, the consolidated partnership is controlled and
consolidated by the Registrant. All significant interpartnership balances have
been eliminated.
Note B - Transfer of Control
Pursuant to a series of transactions which closed on October 1, 1998 and
February 26, 1999, Insignia Financial Group, Inc. and Insignia Properties Trust
merged into Apartment Investment and Management Company ("AIMCO"), a publicly
traded real estate investment trust, with AIMCO being the surviving corporation
(the "Insignia Merger"). As a result, AIMCO acquired 100% ownership interest in
the Corporate General Partner. The Corporate General Partner does not believe
that this transaction has had or will have a material effect on the affairs and
operations of the Partnership.
Note C - Reconciliation of Cash Flows
The following is a reconciliation of the subtotal on the accompanying
consolidated statements of cash flows captioned "net cash provided by operating
activities" to "net cash used in operations", as defined in the partnership
agreement of the Partnership (the "Partnership Agreement"). However, "net cash
used in operations" should not be considered an alternative to net income as an
indicator of the Partnership's operating performance or to cash flows as a
measure of liquidity.
For the Three Months Ended
March 31,
2000 1999
(in thousands)
Net cash provided by operating activities $ 1,031 $ 858
Payments on mortgage notes payable (221) (203)
Property improvements and replacements (207) (205)
Change in restricted escrows, net (442) 97
Changes in reserves for net operating
liabilities (44) 153
Additional reserves (117) (700)
Net cash from operations $ -- $ --
The Corporate General Partner believed it to be in the best interest of the
Partnership to reserve net cash from operations of approximately $117,000 and
$700,000 at March 31, 2000 and 1999, respectively, to fund continuing capital
improvements and repairs at the Partnership's three investment properties.
Note D - Distributions
During the three months ended March 31, 2000, the Partnership paid a
distribution from operations of approximately $1,000,000 ($990,000 paid to
limited partners or $19.80 per limited partnership unit) relating to a
distribution payable as of December 31, 1999. There were no distributions paid
during the three months ended March 31, 1999.
Note E - Transactions with Affiliated Parties
The Partnership has no employees and is dependent on the Corporate General
Partner and its affiliates for the management and administration of all
partnership activities. The Partnership Agreement provides for (i) certain
payments to affiliates for services and (ii) reimbursement of certain expenses
incurred by affiliates on behalf of the Partnership. The following payments were
made to the Corporate General Partner and its affiliates during the three months
ended March 31, 2000 and 1999:
2000 1999
(in thousands)
Property management fees (included in
operating expenses) $152 $146
Reimbursement for services of affiliates
(included in operating, general and
administrative expenses, and investment
properties) 50 45
During the three months ended March 31, 2000 and 1999, affiliates of the
Corporate General Partner were entitled to receive 5% of gross receipts from all
of the Registrant's properties as compensation for providing property management
services. The Registrant paid to such affiliates approximately $152,000 and
$146,000 for the three months ended March 31, 2000 and 1999, respectively.
Affiliates of the Corporate General Partner received reimbursement of
accountable administrative expenses amounting to approximately $50,000 and
$45,000 for the three months ended March 31, 2000 and 1999, respectively.
AIMCO and its affiliates currently own 28,998 limited partnership units in the
Partnership representing 58.002% of the outstanding units. A number of these
units were acquired pursuant to tender offers made by AIMCO or its affiliates.
It is possible that AIMCO or its affiliates will make one or more additional
offers to acquire additional limited partnership interests in the Partnership
for cash or in exchange for units in the operating partnership of AIMCO. Under
the Partnership Agreement, unitholders holding a majority of the Units are
entitled to take action with respect to a variety of matters. As a result of its
ownership of 58.002% of the outstanding units, AIMCO is in a position to
influence all voting decisions with respect to the Registrant. When voting on
matters, AIMCO would in all likelihood vote the Units it acquired in a manner
favorable to the interest of the Corporate General Partner because of their
affiliation with the Corporate General Partner.
Note F - Segment Reporting
Description of the types of products and services from which the reportable
segment derives its revenues:
The Partnership has one reportable segment: residential properties, consisting
of three apartment complexes one each located in Florida, South Carolina, and
North Carolina. The Partnership rents apartment units to tenants for terms that
are typically twelve months or less.
Measurement of segment profit or loss:
The Partnership evaluates performance based on segment profit (loss) before
depreciation. The accounting policies of the reportable segment are the same as
those described in the summary of significant accounting policies in the
Partnership's Annual Report on Form 10-KSB for the fiscal year ended October 31,
1999.
Factors management used to identify the Partnership's reportable segment:
The Partnership's reportable segment consists of investment properties that
offer similar products and services. Although each of the investment properties
are managed separately, they have been aggregated into one segment as they
provide services with similar types of products and customers.
Segment information for the three month periods ended March 31, 2000 and 1999 is
shown in the tables below (in thousands). The "Other" column includes
partnership administration related items and income and expense not allocated to
the reportable segment.
2000 Residential Other Totals
Rental income $ 2,840 $ -- $ 2,840
Other income 145 7 152
Interest expense 515 -- 515
Depreciation 505 -- 505
General and administrative expense -- 86 86
Segment profit (loss) 490 (79) 411
Total assets 30,691 351 31,042
Capital expenditures for investment
properties 207 -- 207
1999 Residential Other Totals
Rental income $ 2,789 $ -- $ 2,789
Other income 93 8 101
Interest expense 529 -- 529
Depreciation 497 -- 497
General and administrative expense -- 73 73
Segment profit (loss) 510 (65) 445
Total assets 29,974 1,007 30,981
Capital expenditures for investment
properties 205 -- 205
Note G - Legal Proceedings
In March 1998, several putative unit holders of limited partnership units of the
Partnership commenced an action entitled Rosalie Nuanes, et al. v. Insignia
Financial Group, Inc., et al. in the Superior Court of the State of California
for the County of San Mateo. The plaintiffs named as defendants, among others,
the Partnership, the Corporate General Partner and several of their affiliated
partnerships and corporate entities. The action purports to assert claims on
behalf of a class of limited partners and derivatively on behalf of a number of
limited partnerships (including the Partnership) which are named as nominal
defendants, challenging the acquisition by Insignia Financial Group, Inc.
("Insignia") and entities which were, at one time, affiliates of Insignia
("Insignia Affiliates") of interests in certain general partner entities, past
tender offers by Insignia Affiliates to acquire limited partnership units, the
management of partnerships by Insignia Affiliates and the Insignia Merger (see
"Note B - Transfer of Control"). The plaintiffs seek monetary damages and
equitable relief, including judicial dissolution of the Partnership. On June 25,
1998, the Corporate General Partner filed a motion seeking dismissal of the
action. In lieu of responding to the motion, the plaintiffs have filed an
amended complaint. The Corporate General Partner filed demurrers to the amended
complaint which were heard February 1999. Pending the ruling on such demurrers,
settlement negotiations commenced. On November 2, 1999, the parties executed and
filed a Stipulation of Settlement, settling claims, subject to final court
approval, on behalf of the Partnership and all limited partners who own units as
of November 3, 1999. Preliminary approval of the settlement was obtained on
November 3, 1999 from the Superior Court of the State of California, County of
San Mateo, at which time the Court set a final approval hearing for December 10,
1999. Prior to the December 10, 1999 hearing the Court received various
objections to the settlement, including a challenge to the Court's preliminary
approval based upon the alleged lack of authority of class plaintiffs' counsel
to enter the settlement. On December 14, 1999, the Corporate General Partner and
its affiliates terminated the proposed settlement. Certain plaintiffs have filed
a motion to disqualify some of the plaintiffs' counsel in the action. The
Corporate General Partner does not anticipate that costs associated with this
case will be material to the Partnership's overall operations.
The Partnership is unaware of any other pending or outstanding litigation that
is not of a routine nature arising in the ordinary course of business.
Item 2. Management's Discussion and Analysis or Plan of Operation
The matters discussed in this Form 10-QSB contain certain forward-looking
statements and involve risks and uncertainties (including changing market
conditions, competitive and regulatory matters, etc.) detailed in the
disclosures contained in this Form 10-QSB and the other filings with the
Securities and Exchange Commission made by the Registrant from time to time. The
discussion of the Registrant's business and results of operations, including
forward-looking statements pertaining to such matters, does not take into
account the effects of any changes to the Registrant's business and results of
operations. Accordingly, actual results could differ materially from those
projected in the forward-looking statements as a result of a number of factors,
including those identified herein.
The Partnership's investment properties consist of three apartment complexes.
The following table sets forth the average occupancy of the properties for each
of the three months ended March 31, 2000 and 1999:
Average
Occupancy
Property 2000 1999
Baymeadows Apartments
Jacksonville, Florida 94% 94%
Quail Run Apartments
Columbia, South Carolina (1) 88% 91%
Countrywood Village Apartments
Raleigh, North Carolina (2) 91% 94%
(1) The Corporate General Partner attributes the decrease in average occupancy
at Quail Run to increased competition in the local market as a result of
the addition of five new apartment complexes in the local area.
(2) The Corporate General Partner attributes the decrease in average occupancy
at Countrywood Village to tenants moving out to purchase homes due to
lower interest rates.
Results of Operations
The Partnership's net income for the three months ended March 31, 2000 was
approximately $411,000 compared to approximately $445,000 for the corresponding
period in 1999. The decrease in net income for the comparable three months
periods is due to an increase in total expenses partially offset by an increase
in total revenues. Total expenses increased for the three months ended March 31,
2000 as compared to the three months ended March 31, 1999, predominately due to
an increase in operating expense at Baymeadows. Operating expense increased at
Baymeadows due to increases in salaries, commissions and other related benefits
as well as increases in sewer repair, floor covering repairs and interior
painting at Baymeadows. These repairs were completed to upgrade Baymeadows so
that it may improve its position in the Jacksonville market. All other expenses
remained relatively constant for the comparable three month periods.
The increase in total revenues is due to increases in rental income and other
income. Rental income increased due to increases in average rental rates at all
three properties, slightly offset by decreases in occupancy at Quail Run
Apartments and Countrywood Village Apartments. Other income increased primarily
due to increases in lease cancellation fees and late charges at Baymeadows
Apartments.
Included in general and administrative expense for the three month periods ended
March 31, 2000 and 1999 are reimbursements to the Corporate General Partner
allowed under the Partnership Agreement. In addition, costs associated with the
quarterly and annual communications with investors and regulatory agencies and
the annual audit and appraisals required by the Partnership Agreement are also
included.
As part of the ongoing business plan of the Partnership, the Corporate 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 Corporate 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 Corporate General Partner will be able to sustain
such a plan.
Liquidity and Capital Resources
At March 31, 2000, the Partnership had cash and cash equivalents of
approximately $2,791,000 as compared to approximately $1,820,000 at March 31,
1999. Cash and cash equivalents decreased approximately $839,000 for the three
months ended March 31, 2000 from the Registrant's year end of December 31, 1999.
The decrease was due to approximately $1,221,000 of cash used in financing
activities and approximately $649,000 of cash used in investing activities,
which was partially offset by approximately $1,031,000 of cash provided by
operating activities. Cash used in financing activities consisted of
distributions to partners and, to lesser extent, payments of principal made on
the mortgages encumbering the Registrant's properties. Cash used in investing
activities consisted of property improvements and replacements and net deposits
to restricted escrows maintained by the mortgage lender. The Registrant invests
its working capital reserves in money market accounts.
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 investment properties to adequately maintain the
physical assets and other operating needs of the Partnership and to comply with
Federal, state, local, legal, and regulatory requirements. Capital improvements
planned for each of the Registrant's properties are detailed below.
Baymeadows Apartments: The Partnership has budgeted, but is not limited to,
approximately $520,000 in capital improvements at Baymeadows Apartments for 2000
consisting primarily of parking lot upgrades, carpet and vinyl replacements, new
appliances, major landscaping and air conditioning upgrades. As of March 31,
2000 the Partnership has spent approximately $116,000 consisting primarily of
carpet and vinyl replacements, appliances, major landscaping and plumbing
upgrades. These improvements were funded from operating cash flow.
Quail Run Apartments: The Partnership has budgeted, but is not limited to,
approximately $234,000 in capital improvements at Quail Run Apartments for 2000
consisting primarily of new appliances, carpet and vinyl replacements, and
fencing upgrades. As of March 31, 2000 the Partnership has spent approximately
$43,000 consisting primarily of carpet and vinyl replacements, new appliances
and lighting upgrades. These improvements were funded from operating cash flow.
Countrywood Apartments: The Partnership has budgeted, but is not limited to,
approximately $125,000 in capital improvements at Countrywood Apartments for
2000 consisting primarily of carpet and vinyl replacements, cabinet
replacements, new appliances, and air conditioning upgrades. As of March 31,
2000 the Partnership has spent approximately $48,000 consisting primarily of
carpet and vinyl replacements and new appliances. These improvements were funded
from operating cash flow.
The additional capital expenditures will be incurred only if cash is available
from operations and Partnership reserves. To the extent that such budgeted
capital improvements are completed, the Registrant's distributable cash flow, if
any, may be adversely affected at least in the short term.
The Registrant's current assets are thought to be sufficient for any near term
needs (exclusive of capital improvements) of the Registrant. The mortgage
indebtedness of approximately $22,578,000, net of discount, is amortized over
257 months with a balloon payment of approximately $20,671,000 due on November
15, 2002. The Corporate General Partner will attempt to refinance such
indebtedness and/or sell the properties prior to such maturity date. If the
properties cannot be refinanced or sold for a sufficient amount, the Registrant
will risk losing such properties through foreclosure.
During the three months ended March 31, 2000, the Partnership paid a
distribution from operations of approximately $1,000,000 ($990,000 paid to
limited partners or $19.80 per limited partnership unit) relating to a
distribution payable as of December 31, 1999. There were no distributions paid
during the three months ended March 31, 1999. Future cash distributions will
depend on the levels of net cash generated from operations, the availability of
cash reserves and the timing of debt maturities, refinancings, and/or property
sales. The Partnership's distribution policy is reviewed on a quarterly basis.
There can be no assurance, however, that the Partnership will generate
sufficient funds from operations, after required capital expenditures, to permit
any additional distributions to its partners for the remainder of 2000 or
subsequent periods. In addition, the Partnership may be restricted from making
distributions if the amount in the reserve account for each property is less
than $400 per apartment unit at such property or a total of approximately
$648,000. As of March 31, 2000, the reserve account was fully funded with
approximately $1,343,000 on deposit with the mortgage lender.
<PAGE>
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
In March 1998, several putative unit holders of limited partnership units of the
Partnership commenced an action entitled Rosalie Nuanes, et al. v. Insignia
Financial Group, Inc., et al. in the Superior Court of the State of California
for the County of San Mateo. The plaintiffs named as defendants, among others,
the Partnership, the Corporate General Partner and several of their affiliated
partnerships and corporate entities. The action purports to assert claims on
behalf of a class of limited partners and derivatively on behalf of a number of
limited partnerships (including the Partnership) which are named as nominal
defendants, challenging the acquisition by Insignia Financial Group, Inc.
("Insignia") and entities which were, at one time, affiliates of Insignia
("Insignia Affiliates") of interests in certain general partner entities, past
tender offers by Insignia Affiliates to acquire limited partnership units, the
management of partnerships by Insignia Affiliates and the Insignia Merger (see
"Part I - Financial Information, Item I. Financial Statements, Note B - Transfer
of Control"). The plaintiffs seek monetary damages and equitable relief,
including judicial dissolution of the Partnership. On June 25, 1998, the
Corporate General Partner filed a motion seeking dismissal of the action. In
lieu of responding to the motion, the plaintiffs have filed an amended
complaint. The Corporate General Partner filed demurrers to the amended
complaint which were heard February 1999. Pending the ruling on such demurrers,
settlement negotiations commenced. On November 2, 1999, the parties executed and
filed a Stipulation of Settlement, settling claims, subject to final court
approval, on behalf of the Partnership and all limited partners who own units as
of November 3, 1999. Preliminary approval of the settlement was obtained on
November 3, 1999 from the Superior Court of the State of California, County of
San Mateo, at which time the Court set a final approval hearing for December 10,
1999. Prior to the December 10, 1999 hearing the Court received various
objections to the settlement, including a challenge to the Court's preliminary
approval based upon the alleged lack of authority of class plaintiffs' counsel
to enter the settlement. On December 14, 1999, the Corporate General Partner and
its affiliates terminated the proposed settlement. Certain plaintiffs have filed
a motion to disqualify some of the plaintiffs' counsel in the action. The
Corporate General Partner does not anticipate that costs associated with this
case will be material to the Partnership's overall operations.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
a) Exhibits:
Exhibit 27, Financial Data Schedule, is filed as an exhibit to
this report.
b) Reports on Form 8-K filed during the three months ended March
31, 2000:
Current Report on Form 8-K dated January 3, 2000, filed on
January 12, 2000, disclosing change in fiscal year end from
October to December.
<PAGE>
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
SHELTER PROPERTIES IV
By: Shelter Realty IV Corporation
Its Corporate General Partner
By: /s/Patrick J. Foye
Patrick J. Foye
Executive Vice President
By: /s/Martha L. Long
Martha L. Long
Senior Vice President and
Controller
Date: May 15, 2000
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from SHELTER
PROPERTIES IV 2000 First Quarter 10-QSB and is qualified in its entirety by
reference to such 10-QSB filing.
</LEGEND>
<CIK> 0000702174
<NAME> SHELTER PROPERTIES IV
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 2,791
<SECURITIES> 0
<RECEIVABLES> 438
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0 <F1>
<PP&E> 63,070
<DEPRECIATION> (37,219)
<TOTAL-ASSETS> 31,042
<CURRENT-LIABILITIES> 0 <F1>
<BONDS> 22,578
0
0
<COMMON> 0
<OTHER-SE> 7,514
<TOTAL-LIABILITY-AND-EQUITY> 31,042
<SALES> 0
<TOTAL-REVENUES> 2,992
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 2,581
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 515
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 411
<EPS-BASIC> 8.14 <F2>
<EPS-DILUTED> 0
<FN>
<F1> Registrant has an unclassified balance sheet. <F2> Multiplier is 1.
</FN>
</TABLE>
