FORM 10-QSB.--QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Quarterly or Transitional Report
(As last amended by 34-32231, eff. 6/3/93.)
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, 1996
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT
For the transition period.........to.........
Commission file number 0-14283
ANGELES INCOME PROPERTIES, LTD. IV
(Exact name of small business issuer as specified in its charter)
California 95-3974194
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
One Insignia Financial Plaza, P.O. Box 1089
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
a) ANGELES INCOME PROPERTIES, LTD. IV
CONSOLIDATED BALANCE SHEET
(Unaudited)
(in thousands, except unit data)
March 31, 1996
Assets
Cash and cash equivalents:
Unrestricted $ 3,145
Restricted--tenant security deposits 6
Accounts receivable, net of allowance
of $167 153
Escrows for taxes 129
Other assets 605
Investment properties
Land $ 2,708
Buildings and related personal property 20,063
22,771
Less accumulated depreciation (10,717) 12,054
$ 16,092
Liabilities and Partners' Deficit
Liabilities
Accounts payable $ 27
Tenant security deposits 6
Accrued taxes 57
Other liabilities 132
Mortgage notes payable 14,395
Equity interest in net liabilities of joint venture,
net of advances of $1,347 (Note B) 12,828
Partners' Deficit
General partner $ (1,366)
Limited partners (131,760 units issued
and outstanding) (9,987) (11,353)
$ 16,092
See Accompanying Notes to Consolidated Financial Statements
b) ANGELES INCOME PROPERTIES, LTD. IV
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except unit data)
Three Months Ended
March 31,
1996 1995
Revenues:
Rental income $ 1,096 $ 1,073
Other income 26 8
Total revenues 1,122 1,081
Expenses:
Operating 292 280
General and administrative 80 107
Maintenance 63 66
Depreciation 259 276
Interest 367 374
Property taxes 57 53
Bad debt (recovery) expense, net (132) 27
Total expenses 986 1,183
Income (loss) before equity in loss of
joint ventures 136 (102)
Equity in loss of joint venture(s) (479) (509)
Net loss $ (343) $ (611)
Net loss allocated to general
partner (2%) $ (7) $ (12)
Net loss allocated to limited
partners (98%) (336) (599)
Net loss $ (343) $ (611)
Net loss per limited partnership unit $ (2.55) $ (4.55)
See Accompanying Notes to Consolidated Financial Statements
c) ANGELES INCOME PROPERTIES, LTD. IV
CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' DEFICIT - March 31, 1996
(Unaudited)
(in thousands, except unit data)
<TABLE>
<CAPTION>
Limited
Partnership General Limited
Units Partner Partners Total
<S> <C> <C> <C> <C>
Original capital contributions 131,800 $ 1 $65,900 $ 65,901
Partners' deficit at
December 31, 1995 131,760 $(1,359) $(9,651) $ (11,010)
Net loss for the three months
ended March 31, 1996 -- (7) (336) (343)
Partners' deficit at
March 31, 1996 131,760 $(1,366) $(9,987) $ (11,353)
<FN>
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
d) ANGELES INCOME PROPERTIES, LTD. IV
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
1996 1995
<S> <C> <C>
Cash flows from operating activities:
Net loss $ (343) $ (611)
Adjustments to reconcile net loss to net cash
provided by operating activities:
Depreciation 259 276
Amortization of loan costs
and leasing commissions 58 29
Bad debt (recovery) expense, net (23) 27
Equity in loss of joint venture(s) 479 509
Change in accounts:
Accounts receivable 89 (47)
Escrows for taxes 93 70
Other assets (195) (10)
Accounts payable (37) 20
Accrued taxes (90) (79)
Other liabilities (9) 61
Net cash provided by operating activities 281 245
Cash flows from investing activities:
Property improvements and replacements (32) (58)
Advances to joint ventures (456) (429)
Distributions from joint venture -- 963
Net cash (used in) provided by investing activities (488) 476
Cash flows used in financing activities:
Payments on mortgage notes payable (74) (67)
Net (decrease) increase in cash (281) 654
Cash and cash equivalents at beginning of period 3,426 548
Cash and cash equivalents at end of period $ 3,145 $ 1,202
Supplemental disclosure of cash flow information:
Cash paid for interest $ 356 $ 363
<FN>
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
e) ANGELES INCOME PROPERTIES, LTD. IV
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note A - 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 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, 1996,
are not necessarily indicative of the results that may be expected for the
fiscal year ending December 31, 1996. For further information, refer to the
financial statements and footnotes thereto included in the Angeles Income
Properties Ltd. IV (the "Partnership") annual report on Form 10-KSB for the
fiscal year ended December 31, 1995.
Certain reclassifications have been made to the 1995 information to conform to
the 1996 presentation.
Note B - Investment in Joint Venture
The Partnership has a 66.7% investment in Northtown Mall Partners ("Northtown")
which is shown as "Equity interest in net liabilities of the joint venture" on
the balance sheet. The Partnership had a 43% investment in the Fort Worth
Option Joint Venture ("Fort Worth"), a 43% investment in the Burlington Outlet
Mall Joint Venture ("Burlington") and a 50% investment in the Moraine West
Carrollton Joint Venture ("Moraine"). The Partnership no longer has an
investment in Fort Worth, Burlington or Moraine due to the sale of Fort Worth's
last investment property, the foreclosure of Burlington's investment property
and the dissolution of Moraine during 1995. The condensed balance sheet
information as of March 31, 1996, for Northtown and Burlington is as follows:
Northtown Burlington
(in thousands)
Assets
Cash $ 420 $ 26
Other assets 7,751 2
Investment properties, net 25,833 --
Total $34,004 $ 28
Note B - Investment in Joint Venture (continued)
Liabilities and Partners' (Deficit) Capital
Northtown Burlington
(in thousands)
Other liabilities $ 3,540 $ 17
Mortgage note payable 51,649 --
Partners' (deficit) capital (21,185) 11
Total $ 34,004 $ 28
The condensed profit and loss statements for the three months ended March 31,
1996 and 1995, for the joint ventures is as follows:
Northtown Burlington
(in thousands)
1996
Revenue $ 2,573 $ 11
Costs and expenses (3,293) --
Net (loss) income $ (720) $ 11
<TABLE>
<CAPTION>
Northtown Burlington Moraine Fort Worth
1995
<C> <C> <C> <C> <C>
Revenue $ 2,543 $ 143 $ 13 $ 174
Costs and expenses (3,147) (273) (1) (123)
Loss on sale of
investment property -- -- -- (42)
Net (loss) income $ (604) $ (130) $ 12 $ 9
</TABLE>
The Partnership's equity in the losses of the joint ventures was $479,000 and
$509,000 for the three months ended March 31, 1996 and 1995, respectively.
The Partnership accounts for its 66.7% investment in Northtown using the equity
method of accounting. Under the equity method, the Partnership records its
equity interest in earnings or losses of the joint venture; however, the
investment in the joint venture will be recorded at an amount less than zero (a
liability) to the extent of the Partnership's share of net liabilities of the
joint venture.
Note C - Transactions with Affiliated Parties
The Partnership has no employees and is dependent on the 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 made to the General Partner and affiliates during
the three months ended March 31, 1996 and 1995:
1996 1995
(in thousands)
Property management fees $ 39 $ 32
Lease commissions 39 5
Reimbursement for services of affiliates 48 82
The Partnership insures its properties under a master policy through an agency
and insurer unaffiliated with the General Partner. An affiliate of the 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 General Partner who receives
payment on these obligations from the agent. The amount of the Partnership's
insurance premiums accruing to the benefit of the affiliate of the General
Partner by virtue of the agent's obligations is not significant.
In July 1993, Angeles Mortgage Investment Trust ("AMIT"), a real estate
investment trust formerly affiliated with Angeles Corporation ("Angeles"),
initiated litigation against Fort Worth and other partnerships which loaned
money to AMIT seeking to avoid repayment of such obligations. The Partnership
subsequently filed a counterclaim against AMIT seeking to enforce the
obligation, the principal amount of which was $2,240,000 plus accrued interest
from March 1993 ("AMIT Obligation").
On November 9, 1994, Fort Worth executed a definitive Settlement Agreement to
settle the dispute with respect to the AMIT obligation. The actual closing of
the Settlement Agreement occurred April 14, 1995. The Partnership's claim
against AMIT was satisfied by a cash payment to Fort Worth by AMIT totalling
$1,933,000 (the "Settlement Amount") plus interest at closing. These funds were
applied against the Partnership's $5,000,000 note receivable from Fort Worth
(see discussion below). On August 9, 1995, Fort Worth and Angeles entered into
an agreement in principle regarding the allowance of an amended claim for the
deficiency between the original principal and the Settlement Amount (the
"deficiency"). The amended claim equalled 90% of the deficiency, or $276,000.
In January 1996, the Partnership received $48,000 as payment on the deficiency.
MAE GP Corporation ("MAE GP"), an affiliate of the General Partner, owns
1,675,113 Class B Shares of AMIT. MAE GP has the option to convert these Class
B Shares, in whole or in part, into Class A Shares on the basis of 1 Class A
Share for every 49 Class B Shares. These Class B Shares entitle MAE GP to
receive 1.2% 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 which
allows MAE GP to vote approximately 37% of the total shares (unless and until
converted to Class A Shares at which time the percentage of the vote controlled
represented by the shares held by MAE GP would approximate 1.2% 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 annual meeting 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, Liquidity Assistance, LLC, ("LAC"), an affiliate of the General
Partner and an affiliate of Insignia Financial Group, Inc., which provides
property management and partnership administration services to the Partnership,
owns 63,200 Class A Shares of AMIT. These Class A Shares entitle LAC to vote
approximately 1.5% of the total shares.
As part of the settlement, 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.
AMIT delivered to MAE GP cash in the sum of $250,000 at closing, which occurred
April 14, 1995, as payment for the option. Upon exercise of the option, AMIT
would remit to MAE GP an additional $94,000.
Simultaneously with the execution of the option, MAE GP executed an irrevocable
proxy in favor of AMIT the result of which is MAE GP will be able 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 these matters, MAE GP granted 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.
In 1992, the Partnership loaned Fort Worth $5,000,000 to cover leasing
commissions, tenant improvements, and capital expenditures. The note payable
requires interest at a rate of prime plus 1.5% with monthly interest only
payments through January 1996, at which time the principal was due. The note
was in default in prior years due to non-payment of interest when due and is
fully reserved.
Note C - Transactions with Affiliated Parties (continued)
On December 22, 1994, the Partnership entered into an agreement with Fort Worth
and Angeles Income Properties, Ltd. V ("AIPL V"), an affiliate of the General
Partner and the other 57% owner of Fort Worth, whereby Fort Worth transferred,
assigned and delivered to the Partnership all of Fort Worth's right, title and
interests in and to all payment, distributions, profits, returns of capital and
benefits accruing from the repayment by AMIT of the loan made to AMIT from Fort
Worth. This transfer effectively transferred AIPL V's right, title and interest
in and to all payment, distributions, profits, returns of capital and benefits
accruing from the repayment by AMIT of the loan made to AMIT from Fort Worth.
AIPL V has consented to this transfer, assignment and delivery.
The Partnership may make advances to the affiliated joint venture as deemed
appropriate by the General Partner. These advances do not bear interest and do
not have stated terms of repayment.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
The Partnership's investment properties consist of two commercial properties.
The following table sets forth the average occupancy of the properties for the
three months ended March 31, 1996 and 1995:
Average Occupancy
Property 1996 1995
Factory Merchant's Mall 90% 89%
Pigeon Forge, Tennessee
Eastgate Market Place
Walla Walla, Washington 93% 93%
The Partnership realized a net loss of $343,000 for the three months ended March
31, 1996, as compared to a net loss of $611,000 for the three months ended March
31, 1995. The decrease in the net loss for the three months ended March 31,
1996, as compared to the three months ended March 31, 1995, is primarily due to
an increase in revenues, a decrease in general and administrative expenses, an
increase in bad debt recovery and a decrease in the equity in loss of joint
ventures (see discussion below).
The increase in rental revenues for the three months ended March 31, 1996, as
compared to the three months ended March 31, 1995, is a result of an increase in
average rental rates at Factory Merchant's Mall. The increase in other income
is due to an increase in interest income as a result of larger cash balances
available for investment. General and administrative expenses decreased
primarily due to a decrease in partnership accounting, investor services and
asset management cost reimbursements. During the three months ended March 31,
1996, the Partnership recognized bad debt recovery of $48,000 from AMIT (see
discussion at "Note C") and $62,000 from Fort Worth as payment on its note
payable to the Partnership. As mentioned previously, the receivables on the
Partnership's books had been fully reserved. In addition, there was a reduction
of the reserve required based on a review of tenant accounts receivable.
The Partnership's equity in the losses of the joint ventures was $479,000 and
$509,000 for the three months ended March 31, 1996 and 1995, respectively. The
decrease in the equity loss of joint ventures can be attributed to the loss
recognized on the Partnership's investment in Burlington during the three months
ended March 31, 1995. Due to the foreclosure of the Burlington investment
property in 1995, this loss did not recur in 1996. This loss was partially
offset by the increased loss at Northtown due to an increase in insurance and
real estate tax expense.
As part of the ongoing business plan of the Partnership, the 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 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
General Partner will be able to sustain such a plan.
At March 31, 1996, the Partnership had unrestricted cash of $3,145,000 compared
to $1,202,000 at March 31, 1995. Net cash provided by operating activities
increased due to a decreased net loss offset, in part, by an increase in other
assets and decreases in accounts payable and other liabilities. Net cash from
investing activities decreased as a result of a non-recurring distribution
received from Moraine in 1995. Net cash used in financing activities remained
stable. The Northtown Mall property has continued to experience cash shortfalls
and has been dependent upon the Partnership and Angeles Income Properties Ltd.
III (the 33.3% owner of Northtown) to cover such shortfalls in order to meet
operating and debt service requirements for this property (see discussion below
for the General Partner's plans regarding this investment property).
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 properties to adequately maintain the physical
assets and other operating needs of the Partnership. Such assets are currently
thought to be sufficient for any near-term needs of the Partnership. The
mortgage indebtedness of $14,395,000, which is secured by the Factory Merchant's
Mall investment property, matures in December 1997. The General Partner is
currently in negotiations to refinance this indebtedness, however, the outcome
of such negotiations cannot presently be determined. Future cash distributions
will depend on the levels of net cash generated from operations, refinancings,
property sales and the availability of cash reserves. There were no cash
distributions in the first three months of 1996 or 1995.
On March 15, 1991, Northtown and the holder of the Northtown Mall mortgage note
payable entered into an Option Agreement ("Option") whereby such lender has the
right and an option to purchase the Northtown Mall property on the terms and
conditions as set forth in the Option. The purchase price of the property, as
set forth in the Option, is defined as the fair market value of the property.
Such Option can be exercised by written notice by the lender at specified dates.
The General Partner is presently in negotiations to refinance this indebtedness,
however, the outcome of such negotiations cannot presently be determined.
A purchase agreement was executed on May 8, 1994, for the sale of all of the
Moraine properties to an affiliate of the third party managing agent. The sale
closed on July 21, 1994. Moraine made a final distribution of $1,931,000 in
1995, of which the Partnership's pro-rata share was $963,000, and the joint
venture was then dissolved.
In March 1995, Fort Worth's remaining property was sold for $300,000 to a tenant
of the property. All remaining cash was used in 1996 to partially satisfy Fort
Worth's debt to the Partnership. The remaining debt was forgiven by the
Partnership.
On October 30, 1995, the Partnership lost Burlington Outlet Mall located in
Burlington, NC, through a foreclosure by an unaffiliated mortgage holder. The
property was not generating sufficient cash flow to meet debt service
requirements. The non-payment of principal and interest constituted a default
under terms of the mortgage agreement and allowed the holder of the mortgage
agreement to foreclose on the property. The Partnership deemed it to be in its
best interest not to contest the foreclosure action.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
In July 1993, AMIT initiated litigation against Fort Worth, and other
partnerships which loaned money to AMIT seeking to avoid repayment of such
obligations. The Partnership subsequently filed a counterclaim against AMIT
seeking to enforce the obligation, the principal amount of which was $2,240,000
plus accrued interest from March 1993 ("AMIT Obligation").
On November 9, 1994, Fort Worth executed a definitive Settlement Agreement to
settle the dispute with respect to the AMIT obligation. The actual closing of
the Settlement occurred April 14, 1995. The Partnership's claim against AMIT
was satisfied by a cash payment by AMIT totalling $1,933,000 (the "Settlement
Amount") plus interest at closing. These funds were applied against the
Partnership's $5,000,000 note receivable from Fort Worth. On August 9, 1995,
Fort Worth and Angeles entered into an agreement in principle regarding the
allowance of an amended claim for the deficiency between the original principal
and the Settlement Amount (the "deficiency"). The amended claim equalled 90% of
the deficiency, or $276,000. In January 1996, the Partnership received $48,000
as payment on the deficiency.
MAE GP Corporation ("MAE GP"), an affiliate of the General Partner, owns
1,675,113 Class B Shares of AMIT. MAE GP has the option to convert these Class
B Shares, in whole or in part, into Class A Shares on the basis of 1 Class A
Share for every 49 Class B Shares. These Class B Shares entitle MAE GP to
receive 1.2% 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 which
allows MAE GP to vote approximately 37% of the total shares (unless and until
converted to Class A Shares at which time the percentage of the vote controlled
represented by the shares held by MAE GP would approximate 1.2% 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 annual meeting 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, Liquidity Assistance, LLC, ("LAC"), an affiliate of the General
Partner and an affiliate of Insignia Financial Group, Inc., which provides
property management and partnership administration services to the Partnership,
owns 63,200 Class A Shares of AMIT. These Class A Shares entitle LAC to vote
approximately 1.5% of the total shares.
As part of the settlement, 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.
AMIT delivered to MAE GP cash in the sum of $250,000 at closing, which occurred
April 14, 1995, as payment for the option. Upon exercise of the option, AMIT
would remit to MAE GP an additional $94,000.
Simultaneously with the execution of the option, MAE GP executed an irrevocable
proxy in favor of AMIT the result of which is MAE GP will be able 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 these matters, MAE GP granted 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.
Additionally, Angeles, either directly or through an affiliate, maintained a
central disbursement account (the "Account") for the properties and partnerships
managed by Angeles and its affiliates, including the Registrant. Angeles caused
the Partnership to make deposits to the Account ostensibly to fund the payment
of certain obligations of the Partnership. Angeles further caused checks on
such account to be written to or on behalf of certain other partnerships.
However, of these total deposits, at least $81,000 deposited by or on behalf of
the Partnership was used for purposes other than satisfying the liabilities of
the Partnership. Accordingly, the Partnership filed a Proof of Claim in the
Angeles bankruptcy proceedings for such amount. However, subsequently the
General Partner of the Partnership determined that the cost involved to pursue
such claim would likely exceed any amount received, if in fact such claim were
to be resolved in favor of the Partnership. Therefore, the Partnership withdrew
this claim on August 9, 1995.
The Partnership, along with other affiliates, has been named in a suit brought
by a company which owned a 20% interest ("Plaintiff") in Fort Worth's investment
property, the W.T. Waggoner Building, which was sold in 1995. The Plaintiff is
suing for breach of contract and negligence for mismanagement of the property.
The General Partner believes that there is no merit in this suit and intends to
vigorously defend it.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
a) Exhibits:
None.
b) Reports on Form 8-K:
None filed during the three months ended March 31, 1996.
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 INCOME PROPERTIES, LTD. IV
By: Angeles Realty Corporation II
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 15, 1996
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Angeles
Income Properties, Ltd. IV 1996 First Quarter 10-QSB and is qualified in its
entirety by reference to such 10-QSB filing
</LEGEND>
<CIK> 0000763049
<NAME> ANGELES INCOME PROPERTIES, LTD. IV
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> MAR-31-1996
<CASH> 3,145
<SECURITIES> 0
<RECEIVABLES> 153
<ALLOWANCES> 167
<INVENTORY> 0
<CURRENT-ASSETS> 0<F1>
<PP&E> 22,771
<DEPRECIATION> 10,717
<TOTAL-ASSETS> 16,092
<CURRENT-LIABILITIES> 0<F1>
<BONDS> 14,395
0
0
<COMMON> 0
<OTHER-SE> (11,353)
<TOTAL-LIABILITY-AND-EQUITY> 16,092
<SALES> 0
<TOTAL-REVENUES> 1,112
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 986
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 367
<INCOME-PRETAX> (343)
<INCOME-TAX> 0
<INCOME-CONTINUING> (343)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (343)
<EPS-PRIMARY> (2.55)<F2>
<EPS-DILUTED> 0
<FN>
<F1>The Registrant has an unclassified balance sheet.
<F2>Amount not in thousands.
</FN>
</TABLE>
