FORM 10-QSB.--QUARTERLY 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
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1997
[ ] TRANSITION REPORT PURSUANT TO 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the transition period.........to.........
Commission file number 0-14248
ANGELES PARTNERS XIV
(Exact name of small business issuer as specified in its charter)
California 95-3959771
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
One Insignia Financial Plaza
Greenville, South Carolina 29602
(Address of principal executive offices) (Zip Code)
Issuer's telephone number (864) 239-1000
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 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) ANGELES PARTNERS XIV
CONSOLIDATED BALANCE SHEET
(Unaudited)
(in thousands, except unit data)
March 31, 1997
Assets
Cash and cash equivalents:
Unrestricted $ 584
Restricted--tenant security deposits 88
Accounts receivable, net of allowance for
doubtful accounts of $2 64
Escrow for taxes and insurance 337
Restricted escrows 359
Other assets 410
Investment properties:
Land $ 3,210
Buildings and related personal property 37,491
40,701
Less accumulated depreciation (23,842) 16,859
$ 18,701
Liabilities and Partners' Deficit
Liabilities
Accounts payable $ 83
Tenant security deposits 104
Accrued taxes 439
Accrued interest 3,277
Due to affiliates 1,133
Other liabilities 45
Notes payable, including $3,791 in default 43,948
Partners' Deficit
General partners $ (686)
Limited partners (43,897 units
issued and outstanding) (29,642) (30,328)
$ 18,701
See Accompanying Notes to Consolidated Financial Statements
b)
ANGELES PARTNERS XIV
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except unit data)
Three Months Ended
March 31,
1997 1996
Revenues:
Rental income $ 1,359 $ 1,846
Other income 38 34
Total revenues 1,397 1,880
Expenses:
Operating 429 525
General and administrative 80 119
Maintenance 146 221
Depreciation 301 615
Interest 1,148 1,403
Property taxes 115 142
Bad debt (recovery) expense, net (27) 9
Total expenses 2,192 3,034
Net loss $ (795) $ (1,154)
Loss allocated to general
partners (1%) $ (8) $ (12)
Loss allocated to limited
partners (99%) (787) (1,142)
Net loss $ (795) $ (1,154)
Net loss per limited
partnership unit $ (17.93) $ (25.87)
See Accompanying Notes to Consolidated Financial Statements
c) ANGELES PARTNERS XIV
CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' DEFICIT
(Unaudited)
(in thousands, except unit data)
<TABLE>
<CAPTION>
Limited
Partnership General Limited
Units Partners Partners Total
<S> <C> <C> <C> <C>
Original capital contributions 44,390 $ 1 $ 44,390 $ 44,391
Partners' deficit at
December 31, 1996 43,897 $ (678) $ (28,855) $ (29,533)
Net loss for the three months
ended March 31, 1997 -- (8) (787) (795)
Partners' deficit at
March 31, 1997 43,897 $ (686) $ (29,642) $ (30,328)
<FN>
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
d) ANGELES PARTNERS XIV
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
1997 1996
<S> <C> <C>
Cash flows from operating activities:
Net loss $ (795) $ (1,154)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation 301 615
Amortization of discounts, loan costs, and
leasing commissions 14 33
Bad debt (recovery) expense, net (27) 9
Change in accounts:
Restricted cash -- 4
Accounts receivable 34 14
Escrows for taxes and insurance (71) (112)
Other assets 47 35
Accounts payable 39 23
Tenant security deposit liabilities 1 (5)
Accrued taxes 40 6
Accrued interest 798 670
Due to affiliates 79 65
Other liabilities (30) 19
Net cash provided by operating activities 430 222
Cash flows from investing activities:
Property improvements and replacements (47) (20)
Deposits to restricted escrows (18) (27)
Net cash used in investing activities (65) (47)
Cash flows from financing activities:
Principal payments on notes payable (166) (151)
Loan costs -- (41)
Additions to notes payable 67 --
Net cash used in financing activities (99) (192)
Net increase (decrease) in unrestricted cash and
cash equivalents 266 (17)
Unrestricted cash and cash equivalents at
beginning of period 318 223
Unrestricted cash and cash equivalents at
end of period $ 584 $ 206
Supplemental disclosure of cash flow information:
Cash paid for interest $ 321 $ 704
Interest on notes transferred to notes payable $ 215 $ 278
<FN>
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
e) ANGELES PARTNERS XIV
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE A - GOING CONCERN
The accompanying financial statements have been prepared assuming Angeles
Partners XIV (the "Partnership" or the "Registrant") will continue as a going
concern. The Partnership continues to incur recurring operating losses and
suffers from inadequate liquidity. Non-recourse indebtedness of $3,791,000 is
in default at March 31, 1997, due to nonpayment of interest and principal when
due. In addition, indebtedness of $11,624,000, plus related accrued interest,
matures in November and December 1997.
The Partnership incurred a net loss of $795,000 for the three months ended March
31, 1997, and Angeles Realty Corporation II (the "Managing General Partner")
expects this trend to continue. The Partnership generated cash from operations
of $430,000 during the first quarter of 1997; however, this was primarily the
result of accruing interest of $798,000 on its indebtedness and $79,000 for
services provided by affiliates.
The Dayton Industrial Complex has four remaining buildings at March 31, 1997.
The Partnership is in default on Building 53's and Building 59's non-recourse
first mortgages in the amount of $3,791,000 due to nonpayment of interest and
principal when due. The Partnership expects to lose these buildings to
foreclosure in 1997. The first mortgage on Building 55 and the second mortgages
on Buildings 41, 53 and 59, which total $7,048,000 and are all non-recourse to
the Partnership, mature in December 1997. The estimated fair value of these
buildings is less than the indebtedness, and the Managing General Partner
anticipates losing these buildings when the indebtedness matures. The Dayton
Industrial Complex has not generated any operating cash for the Partnership
since it was purchased nor has the Partnership expended any cash to support the
property. The Managing General Partner will not use any Partnership funds on
these buildings in 1997.
The Partnership has unsecured working capital loans to Angeles Acceptance Pool,
L.P. ("AAP") in the amount of $4,576,000 plus related accrued interest that is
due in November 1997. This indebtedness is recourse to the Partnership. The
Managing General Partner will initiate negotiations with AAP and is hopeful that
these loans will be restructured, however, there can be no assurances that these
negotiations will be successful.
No other sources of additional financing have been identified by the
Partnership, nor does the Managing General Partner have any other plans to
remedy the liquidity problems the Partnership is currently experiencing. The
Managing General Partner anticipates that Fox Crest Apartments and Waterford
Square Apartments will generate sufficient cash flows during 1997 to meet all
property operating expenses, debt service requirements and to fund capital
expenditures. However, these cash flows will be insufficient to provide debt
service for the unsecured Partnership indebtedness. If the Managing General
Partner is unsuccessful in its efforts to restructure these loans, then it may
be forced to terminate the Partnership.
As a result of the above, there is substantial doubt about the Partnership's
ability to continue as a going concern. The financial statements do not include
any adjustments to reflect the possible future effects on the recoverability and
classification of assets or amounts and classifications of liabilities that may
result from these uncertainties.
NOTE B - BASIS OF PRESENTATION
The accompanying unaudited financial statements 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 the Managing 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,
1997, are not necessarily indicative of the results that may be expected for the
fiscal year ending December 31, 1997. For further information, refer to the
financial statements and footnotes thereto included in the Partnership's annual
report on Form 10-KSB for the fiscal year ended December 31, 1996.
Effective October 1, 1996, the Dayton Industrial Complex buildings were
classified as an investment property "held for disposal". Accordingly, the
buildings have been recorded at the lower of carrying amount or fair value, less
costs to sell, and no additional depreciation expense will be recorded during
the period the assets are held for disposal.
Certain reclassifications have been made to the 1996 information to conform to
the 1997 presentation.
NOTE C - TRANSACTIONS WITH AFFILIATED PARTIES
The Partnership has no employees and is dependent on the Managing General
Partner and its affiliates for the management and administration of all
Partnership activities. The Partnership Agreement provides for payments to
affiliates for services and as reimbursement of certain expenses incurred by
affiliates on behalf of the Partnership.
The following payments were paid or accrued to the Managing General Partner and
affiliates during each of the three months ended March 31, 1997 and 1996:
1997 1996
(in thousands)
Property management fees, including $8 accrued $ 61 $ 57
at March 31, 1997
Reimbursement for services of affiliates,
including $1,125 accrued at March 31, 1997 74 66
The Partnership insures its properties under a master policy through an agency
and insurer unaffiliated with the Managing General Partner. An affiliate of the
Managing General Partner acquired, in the acquisition of a business, certain
financial obligations from an insurance agency which was later acquired by the
agent who placed the current year's master policy. The current agent assumed
the financial obligations to the affiliate of the Managing General Partner who
receives payments on these obligations from the agent. The amount of the
Partnership's insurance premiums accruing to the benefit of the affiliate of the
Managing General Partner by virtue of the agent's obligations is not
significant.
In November 1992, AAP, a Delaware limited partnership, was organized to acquire
and hold the obligations evidencing the working capital loans previously
provided to the Partnership by Angeles Capital Investments, Inc. ("ACII").
Angeles Corporation ("Angeles") is the 99% limited partner of AAP and Angeles
Acceptance Directives, Inc.("AAD"), an affiliate of the Managing General
Partner, was, until April 14, 1995, the 1% general partner of AAP. On April 14,
1995, as part of a settlement of claims between affiliates of the Managing
General Partner and Angeles, AAD resigned as general partner of AAP and
simultaneously received a 1/2% limited partner interest in AAP. An affiliate of
Angeles now serves as the general partner of AAP.
These working capital loans funded the Partnership's operating deficits in prior
years. Total indebtedness was approximately $4,576,000 at March 31, 1997, with
monthly interest accruing at prime plus two percent. Interest is to be paid
based on excess cash flow, as defined. Principal is to be paid the earlier of i)
the availability of funds, ii) the sale of one or more properties owned by the
Partnership, or iii) November 25, 1997. Total interest expense for this loan
was $118,000 for both the three months ended March 31, 1997 and 1996. Accrued
interest payable was $1,906,000 at March 31, 1997.
AMIT currently provides notes payable to the Partnership in the amount of
$7,138,000. Total interest expense on this financing was $245,000 and $255,000
for the three months ended March 31, 1997 and 1996, respectively. Accrued
interest payable was $888,000 at March 31, 1997.
MAE GP Corporation ("MAE GP"), an affiliate of the Managing General Partner,
owns 1,675,113 Class B Shares of AMIT. The terms of the Class B Shares provide
that they are convertable, in whole or in part, into Class A Shares on the basis
of 1 Class A Share for every 49 Class B Shares (however, in connection with the
settlement agreement described in the following paragraph, MAE GP has agreed not
to convert the Class B Shares so long as AMIT's option is outstanding). These
Class B Shares entitle MAE GP to receive 1% of the distributions of net cash
distributed by AMIT. These Class B Shares also entitle MAE GP to vote on the
same basis as Class A Shares, providing MAE GP with approximately 39% of the
total voting power of AMIT (unless and until converted to Class A Shares, in
which case the percentage of the vote controlled represented by the shares held
by MAE GP would approximate 1.3% of the vote). Between the date of acquisition
of these shares (November 24, 1992) and March 31, 1995, MAE GP declined to vote
these shares. Since that date, MAE GP voted its shares at the 1995 and 1996
annual meetings in connection with the election of trustees and other matters.
MAE GP has not exerted and continues to decline to exert any management control
over or participate in the management of AMIT. MAE GP may choose to vote these
shares as it deems appropriate in the future. In addition, Insignia Properties,
L.P. ("IPLP"), an affiliate of the Managing General Partner and an affiliate of
Insignia Financial Group, Inc. ("Insignia"), which provides property management
and partnership administration services to the Partnership, owns 96,800 Class A
Shares of AMIT at March 31, 1997. These Class A Shares represent approximately
2.2% of the total voting power of AMIT.
As part of a settlement of certain disputes with AMIT, MAE GP granted to AMIT an
option to acquire the Class B shares owned by it. This option can be exercised
at the end of 10 years or when all loans made by AMIT to partnerships affiliated
with MAE GP as of November 9, 1994 (which is the date of execution of a
definitive Settlement Agreement) have been paid in full, but in no event prior
to November 9, 1997. In connection with such settlement, AMIT delivered to MAE
GP cash in the sum of $250,000 at closing (which occurred April 14, 1995) as
payment for the option. If and when the option is exercised, AMIT will be
required to remit to MAE GP an additional $94,000.
Simultaneously with the execution of the option and as part of the settlement,
MAE GP executed an irrevocable proxy in favor of AMIT, the result of which is
that MAE GP is permitted to vote the Class B Shares on all matters except those
involving transactions between AMIT and MAE GP affiliated borrowers or the
election of any MAE GP affiliate as an officer or trustee of AMIT. On those
matters, MAE GP is obligated to deliver to the AMIT trustees, in their capacity
as trustees of AMIT, proxies with regard to the Class B Shares instructing such
trustees to vote said Class B Shares in accordance with the vote of the majority
of the Class A Shares voting to be determined without consideration of the votes
of "Excess Class A Shares" (as defined in Section 6.13 of the Declaration of
Trust of AMIT).
On April 3, 1997, Insignia and AMIT entered into a non-binding agreement in
principle contemplating, among other things, a business combination of AMIT and
Insignia Properties Trust, an entity owned 98% by Insignia and its affiliates
("IPT"). It is anticipated that the resulting combined entity would be owned
approximately 82% by Insignia and its affiliates and 18% by the pre-combination
AMIT shareholders (including MAE GP and IPLP). The proposed transaction is
contingent upon, among other things, satisfactory review of the business,
operations, properties and assets of AMIT and IPT, the negotiation and execution
of definitive agreements and the approval of the proposed transaction by the
trustees and shareholders of each of AMIT and IPT.
The Partnership has agreed to pay Miller Valentine Realty ("MV") property
management fees, leasing commissions, and financing fees and sales commissions
upon the refinancing or sale of the properties. The Partnership will receive
the first $3,000,000 of excess cash from operations, refinancings or sales of
the properties less unrefunded arrearages. Thereafter, the agreement provides
that MV shall receive, as incentive for providing property management, leasing
and asset management services to the Partnership, two-thirds of the next
$12,000,000 of excess cash proceeds generated by the properties. Cash in excess
of $15,000,000 shall be shared equally by MV and the Partnership.
The agreement contemplates that the properties will be sold at an opportune time
but no later than 10 years after commencement of the agreements (March 2, 1992).
In addition, the agreement contains an option for MV to buy the properties five
years after the commencement date of the agreement. The Managing General
Partner does not anticipate that there will be any proceeds available to the
Partnership. Should the Partnership elect not to sell, it would be obligated to
purchase MV's incentive interest based on the offered purchase price. The
Partnership intends to maintain ownership of the Dayton properties only as long
as they are under the management of MV. There is no certainty as to the future
of the Dayton properties otherwise.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
The Partnership's investment properties consist of two apartment complexes and
one commercial property. The following table sets forth the average occupancy
of the properties for the three months ended March 31, 1997 and March 31, 1996.
Property 1997 1996
Waterford Square Apartments
Huntsville, Alabama (1) 91% 85%
Fox Crest Apartments
Waukegan, Illinois (1) 96% 91%
Dayton Industrial Complex
Dayton, Ohio (2) 69% 84%
1) Waterford Square Apartments and Fox Crest Apartments had increases in
occupancy due to an improvement in the rental market in the areas in which
the properties are located.
2) Dayton Industrial has been adversely affected by the build-up of commercial
space in the area.
The Partnership realized a net loss of $795,000 for the three months ended March
31, 1997, versus a net loss of $1,154,000 for the three months ended March 31,
1996. The decrease in net loss can be attributed to the overall decrease in
expenses as a result of the sales of three buildings in the Dayton Industrial
Complex since March 31, 1996. Historically, these buildings have not generated
any operating income for the Partnership. Consequently, the loss of these
buildings has resulted in a decreased net loss for the Partnership. Also,
Waterford Square Apartments and Fox Crest Apartments both experienced increases
in income and decreases in expenses, resulting in an additional decrease in the
net loss for the Partnership.
Rental income decreased for the three months ended March 31, 1997, versus the
three months ended March 31, 1996, due to the sales of Buildings 45, 52 and 63
in the Dayton Industrial Complex (see discussion below), but was partially
offset by increases in rental income at Fox Crest Apartments and Waterford
Square Apartments due to increases in occupancy at both investment properties.
The sale of Buildings 45, 52 and 63 in the Dayton Industrial Complex also
contributed to a decrease in operating and depreciation expense for the three
months ended March 31, 1997, as compared to the three months ended March 31,
1996. Also, the $1,729,000 write-down of the buildings in the Dayton Industrial
Complex, during the fourth quarter of 1996, contributed to the decrease in
depreciation. General and administrative expenses decreased due to the timing
of year-end mailing costs and decreased professional fees. Due to the
aforementioned sales, maintenance expense decreased, however maintenance expense
at Waterford Square Apartments increased due to interior painting completed at
the investment property during the three months ended March 31, 1997. The
decrease in interest expense, resulting from the sales, was partially offset by
an increase in interest expense due to default interest, and due to interest
accruing on increased debt balances. Interest expense at Fox Crest Apartments
and Waterford Square Apartments decreased due to lower interest rates obtained
through the refinancings of the mortgage debt secured by these properties in
1996.
The Managing General Partner continues to monitor the rental market environment
at its investment properties to assess the feasibility of increasing rents, to
maintain or increase the occupancy level and to protect the Partnership from
increases in expense. The Managing General Partner expects to be able, at a
minimum, to continue protecting the Partnership from inflation-related increases
in expenses by increasing rents and increasing the overall occupancy level.
However, rental concessions and rental reductions needed to offset softening
market conditions could affect the ability to sustain such a plan.
At March 31, 1997, the Partnership had unrestricted cash and cash equivalents of
$584,000 compared to $206,000 at March 31, 1996. The increase in net cash
provided by operating activities resulted from a decreased net loss, as
explained above. Net cash used in investing activities increased as a result of
an increase in property improvements and replacements at Waterford Square
Apartments and Fox Crest Apartments. Net cash used in financing activities
decreased due to an increase in mortgage notes payable as a result of an advance
from the lender to cover operating expenses for Building #59 of the Dayton
Industrial Complex. Also, there were no additional loan costs incurred during
the quarter ended March 31, 1997. During the three months ended March 31, 1996,
the Partnership incurred $41,000 of loan costs as a result of the Managing
General Partner's negotiations to refinance the mortgage which encumbered the
Waterford Square Apartments investment property.
The accompanying financial statements have been prepared assuming the
Partnership will continue as a going concern. The Partnership continues to
incur recurring operating losses and suffers from inadequate liquidity. Non-
recourse indebtedness of $3,791,000 is in default at March 31, 1997, due to non-
payment of interest and principal when due. In addition, indebtedness of
$11,624,000, plus related accrued interest, matures in November and December
1997.
The Dayton Industrial Complex has four remaining buildings at March 31, 1997.
The Partnership is in default on Building 53's and Building 59's non-recourse
first mortgages in the amount of $3,791,000 due to nonpayment of interest and
principal when due. The Partnership expects to lose these buildings to
foreclosure. The first mortgage on Building 55 and the second mortgages on
Buildings 41, 53 and 59, which total $7,048,000 and are all non-recourse to the
Partnership, mature in December 1997. The estimated fair value of these
buildings are less than the indebtedness, and the Managing General Partner
anticipates losing these buildings when the indebtedness matures. The Dayton
Industrial Complex has not generated any operating cash for the Partnership
since it was purchased, nor has the Partnership expended any cash to support the
property. The Managing General Partner will not use any Partnership funds on
these buildings in 1997.
The Partnership has unsecured working capital loans to AAP in the amount of
$4,576,000 plus related accrued interest that is due in November 1997. This
indebtedness is recourse to the Partnership. The Managing General Partner will
initiate negotiations with AAP and is hopeful that these loans will be
restructured, however, there can be no assurances that these negotiations will
be successful.
No other sources of additional financing have been identified by the
Partnership, nor does the Managing General Partner have any other plans to
remedy the liquidity problems the Partnership is currently experiencing. The
Managing General Partner anticipates that the Fox Crest Apartments and Waterford
Square Apartments will generate sufficient cash flows during 1997 to meet all
property operating expenses, debt service requirements and to fund capital
expenditures. However, these cash flows will be insufficient to provide debt
service for the unsecured Partnership indebtedness. If the Managing General
Partner is unsuccessful in its efforts to restructure these loans, then it may
be forced to terminate the Partnership.
As a result of the above, there is substantial doubt about the Partnership's
ability to continue as a going concern. The financial statements do not include
any adjustments to reflect the possible future effects on the recoverability and
classification of assets or amounts and classifications of liabilities that may
result from these uncertainties.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
On December 11, 1995, AMIT filed a breach of contract action with respect to a
$1,300,000 (original face amount) promissory note issued by it on April 1, 1991,
to the Partnership. The Partnership defaulted on its repayment obligations in
June 1993, whereupon the property which secured the note was foreclosed. A
default judgment in the amount of $1,775,000 had been sought as a result of this
action. In April 1996, this matter was resolved by transferring a security
interest in the beneficiary interest in the trust which owns Fox Crest
Apartments and a security interest in the general partner interest which owns
the Waterford Square Apartments to AMIT in consideration for their not filing a
judgment lien against the Fox Crest Apartments property.
On December 27, 1996, the lender on Building 59 of the Dayton Industrial Complex
initiated foreclosure proceedings. The Managing General Partner does not intend
to contest this foreclosure and anticipates that this property will be lost in
1997.
The Partnership is unaware of any other pending or outstanding litigation that
is not of a routine nature. The Managing General Partner of the Partnership
believes that all such pending or outstanding litigation will be resolved
without a material adverse effect upon the business, financial condition, or
operations of the Partnership.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
a) Exhibits: Exhibit 27, Financial Data Schedule.
b) Reports on Form 8-K:
No reports on form 8-K were filed during the three months
ended March 31, 1997.
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.
ANGELES PARTNERS XIV
By: Angeles Realty Corporation II
Managing General Partner
By: /s/Carroll D. Vinson
Carroll D. Vinson
President
By: /s/Robert D. Long, Jr.
Robert D. Long, Jr.
Vice President/CAO
Date: May 13, 1997
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contain summary financial information extracted from Angeles
Partners XIV 1997 First Quarter 10-QSB and is qualified in its entirety by
reference to such 10-QSB filing.
</LEGEND>
<CIK> 0000759859
<NAME> ANGELES PARTNERS XIV
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> MAR-31-1997
<CASH> 584
<SECURITIES> 0
<RECEIVABLES> 64
<ALLOWANCES> 2
<INVENTORY> 0
<CURRENT-ASSETS> 0<F1>
<PP&E> 40,701
<DEPRECIATION> 23,842
<TOTAL-ASSETS> 18,701
<CURRENT-LIABILITIES> 0<F1>
<BONDS> 43,948
0
0
<COMMON> 0
<OTHER-SE> (30,328)
<TOTAL-LIABILITY-AND-EQUITY> 18,701
<SALES> 0
<TOTAL-REVENUES> 1,397
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 2,192
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,148
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (795)
<EPS-PRIMARY> (17.93)<F2>
<EPS-DILUTED> 0
<FN>
<F1>Registrant has an unclassified balance sheet.
<F2>Multiplier is 1.
</FN>
</TABLE>
