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 0-14554
NATIONAL PROPERTY INVESTORS 8
(Exact name of small business issuer as specified in its charter)
California 13-3254885
(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 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___
<PAGE>
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
a)
NATIONAL PROPERTY INVESTORS 8
BALANCE SHEET
(Unaudited)
(in thousands, except unit data)
March 31, 2000
<TABLE>
<CAPTION>
Assets
<S> <C>
Cash and cash equivalents $ 801
Receivables and deposits 100
Restricted escrows 134
Other assets 238
Investment properties:
Land $ 1,970
Buildings and related personal property 29,033
31,003
Less accumulated depreciation (17,837) 13,166
$ 14,439
Liabilities and Partners' (Deficit) Capital
Liabilities
Accounts payable $ 64
Tenant security deposit liabilities 71
Accrued property taxes 545
Other liabilities 192
Mortgage notes payable 10,770
Partners' (Deficit) Capital
General partner $ (195)
Limited partners (44,882 units
issued and outstanding) 2,992 2,797
$ 14,439
</TABLE>
See Accompanying Notes to Financial Statements
<PAGE>
b)
NATIONAL PROPERTY INVESTORS 8
STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except unit data)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
2000 1999
Revenues:
<S> <C> <C>
Rental income $ 1,122 $ 1,130
Other income 74 74
Total revenues 1,196 1,204
Expenses:
Operating 384 397
General and administrative 111 40
Interest 232 230
Depreciation 320 301
Property taxes 122 113
Total expenses 1,169 1,081
Net income $ 27 $ 123
Net income allocated to general partner (1%) $ -- $ 1
Net income allocated to limited partners (99%) 27 122
$ 27 $ 123
Net income per limited partnership unit $ 0.60 $ 2.72
Distribution per limited partnership unit $ 22.68 $ 18.76
</TABLE>
See Accompanying Notes to Financial Statements
<PAGE>
c)
NATIONAL PROPERTY INVESTORS 8
STATEMENT OF CHANGES IN PARTNERS' (DEFICIT) CAPITAL
(Unaudited)
(in thousands, except unit data)
<TABLE>
<CAPTION>
Limited
Partnership General Limited
Units Partner Partners Total
<S> <C> <C> <C> <C>
Original capital contributions 44,882 $ 1 $22,441 $22,442
Partners' (deficit) capital at
December 31, 1999 44,882 $ (185) $ 3,983 $ 3,798
Distribution to partners -- (10) (1,018) (1,028)
Net income for the three months
ended March 31, 2000 -- -- 27 27
Partners' (deficit) capital
at March 31, 2000 44,882 $ (195) $ 2,992 $ 2,797
</TABLE>
See Accompanying Notes to Financial Statements
<PAGE>
d)
NATIONAL PROPERTY INVESTORS 8
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 $ 27 $ 123
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 320 301
Amortization of loan costs 9 9
Change in accounts:
Receivables and deposits 7 (24)
Other assets (82) 5
Accounts payable (3) (18)
Tenant security deposit liabilities (1) 1
Accrued property taxes 51 19
Other liabilities (31) 8
Net cash provided by operating activities 297 424
Cash flows from investing activities:
Property improvements and replacements (162) (34)
Net (deposits to) withdrawals from restricted escrows (33) 591
Net cash (used in) provided by investing
activities (195) 557
Cash flows from financing activities:
Payments on mortgage notes payable (16) (17)
Distributions to partners (1,028) (850)
Net cash used in financing activities (1,044) (867)
Net (decrease) increase in cash and cash equivalents (942) 114
Cash and cash equivalents at beginning of period 1,743 1,746
Cash and cash equivalents at end of period $ 801 $ 1,860
Supplemental disclosure of cash flow information:
Cash paid for interest $ 222 $ 221
</TABLE>
See Accompanying Notes to Financial Statements
<PAGE>
e)
NATIONAL PROPERTY INVESTORS 8
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
Note A - Basis of Presentation
The accompanying unaudited financial statements of National Property Investors 8
(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 NPI Equity Investments, Inc. ("NPI Equity" or 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, 2000 are not necessarily
indicative of the results that may be expected for the fiscal year ending
December 31, 2000. For further information, refer to the financial statements
and footnotes thereto included in the Partnership's Annual Report on Form 10-KSB
for the year ended December 31, 1999.
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 Managing General Partner. The Managing 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 - 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 made to the
Managing General Partner and affiliates during the three months ended March 31,
2000 and 1999:
2000 1999
(in thousands)
Property management fees (included in operating expenses) $ 60 $ 61
Reimbursement for services of affiliates (included in
investment properties and operating and general and
administrative expenses) $ 29 $ 29
Non-accountable partnership reimbursement (included in
general and administrative expense) $ 67 $ --
During the three months ended March 31, 2000 and 1999, affiliates of the
Managing General Partner were entitled to receive 5% of gross receipts from both
of the Registrant's properties for providing property management services. The
Registrant paid to such affiliates approximately $60,000 and $61,000 for the
three months ended March 31, 2000 and 1999, respectively.
<PAGE>
An affiliate of the Managing General Partner received reimbursement of
accountable administrative expenses amounting to approximately $29,000 for both
of the three months ended March 31, 2000 and 1999.
For services relating to the administration of the Partnership and operation of
its properties, the Managing General Partner is entitled to receive payment for
non-accountable expenses up to a maximum of $150,000 per year of distributions
from operations based upon the number of Partnership units sold, subject to
certain limitations. The Managing General Partner received approximately $67,000
for the three months ended March 31, 2000 for non-accountable expense
reimbursements. The Managing General Partner was not entitled to receive a
similar reimbursement during the three months ended March 31, 1999 because there
were no distributions from operations.
The Managing General Partner has established a revolving credit facility (the
"Partnership Revolver") to be used to fund deferred maintenance and working
capital needs of the Partnership. The maximum draw available to the Partnership
under the Partnership Revolver is $500,000. Loans under the Partnership Revolver
will have a term of 365 days, be unsecured and bear interest at the rate of 2%
per annum in excess of the prime rate announced from time to time by Chase
Manhattan Bank. The maturity date of such borrowing will be accelerated in the
event of: (i) the removal of the managing general partner (whether or not For
Cause); (ii) the sale or refinancing of a property by the Partnership (whether
or not a borrowing under the Partnership Revolver was made with respect to such
property); or (iii) the liquidation of the Partnership. The Partnership has not
borrowed under the Partnership Revolver to date.
AIMCO and its affiliates currently own 24,988 limited partnership units in the
Partnership representing 55.675% 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 55.675% 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 Managing General Partner because of their
affiliation with the Managing General Partner. However, DeForest Ventures II
L.P., from whom AIMCO, through its merger with Insignia, acquired its units, had
agreed for the benefit of non-tendering unitholders, that it would vote its
Units: (i) against any increase in compensation payable to the Managing General
Partner or to affiliates; and (ii) on all other matters submitted by it or its
affiliates, in proportion to the votes cast by non tendering unit holders.
Except for the foregoing, no other limitations are imposed on Insignia
Properties, L.P.'s right to vote each Unit acquired.
Note D - Distributions
During the three months ended March 31, 2000, the Registrant declared and paid a
distribution of approximately $1,028,000 (approximately $1,018,000 to the
limited partners or $22.68 per limited partnership unit) from operations. During
the three months ended March 31, 1999, the Registrant made a distribution of
approximately $850,000 (approximately $842,000 to the limited partners or $18.76
per limited partnership unit) from refinancing and property sale proceeds from
prior years.
Note E - Segment Reporting
The Partnership has one reportable segment: residential properties. The
Partnership's residential property segment consists of two apartment complexes
one in Indianapolis, Indiana and the other in Morrisville, North Carolina. The
Partnership rents apartment units to tenants for terms that are typically twelve
months or less.
The Partnership evaluates performance based on segment profit (loss) before
depreciation. The accounting policies of the reportable segment are the same as
those of the Partnership as described in the Partnership's Annual Report on Form
10-KSB for the fiscal year ended December 31, 1999.
The Partnership's reportable segment consists of investment properties that
offer similar products and services. Although each of the investment properties
is 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 months 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.
<TABLE>
<CAPTION>
2000 Residential Other Totals
<S> <C> <C> <C>
Rental income $ 1,122 $ -- $ 1,122
Other income 73 1 74
Interest expense 232 -- 232
Depreciation 320 -- 320
General and administrative expense -- 111 111
Segment profit (loss) 137 (110) 27
Total assets 14,347 92 14,439
Capital expenditures for investment
properties 162 -- 162
</TABLE>
<TABLE>
<CAPTION>
1999 Residential Other Totals
<S> <C> <C> <C>
Rental income $ 1,130 $ -- $ 1,130
Other income 63 11 74
Interest expense 230 -- 230
Depreciation 301 -- 301
General and administrative expense -- 40 40
Segment profit (loss) 152 (29) 123
Total assets 15,690 707 16,397
Capital expenditures for investment
properties 34 -- 34
</TABLE>
<PAGE>
Note F - 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 Managing 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 Managing 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 Managing 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 Managing 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
Managing 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.
<PAGE>
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 two apartment complexes. The
following table sets forth the average occupancy of the properties for the three
months ended March 31, 2000 and 1999:
Average Occupancy
Property 2000 1999
Williamsburg on the Lake Apartments 95% 95%
Indianapolis, Indiana
Huntington Athletic Club Apartments 85% 93%
Morrisville, North Carolina
The Managing General Partner attributes the decrease in occupancy at Huntington
Athletic Club Apartments to increased competition in the area from six new
apartment complexes.
Results of Operations
The Registrant's net income for the three months ended March 31, 2000 was
approximately $27,000 as compared to approximately $123,000 for the three months
ended March 31, 1999. The decrease in net income for the three month period
ended March 31, 2000 was due to an increase in total expenses and a decrease in
total revenues.
Total revenues decreased for the three months ended March 31, 2000 due to
decreased rental income. Rental income decreased due to decreased occupancy at
Huntington Athletic Club Apartments which was partially offset by increased
average rental rates at both of the Partnership's properties.
Total expenses increased due to an increase in general and administrative
expenses and depreciation expense which were partially offset by a decrease in
operating expense. General and administrative expenses increased over the
comparable period due to an increase in the nonaccountable partnership
reimbursement paid to the Managing General Partner from distributions from
operations as provided in the Partnership Agreement. Included in general and
administrative expenses at both March 31, 2000 and 1999 are management
reimbursements to the Managing 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
required by the Partnership Agreement are also included. Depreciation expense
increased due to property additions during the past twelve months which are now
being depreciated. Operating expenses decreased primarily due to decreased
salary expenses at Williamsburg on the Lake Apartments.
As part of the ongoing business plan of the Partnership, the Managing 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 Registrant from increases in
expenses. As part of this plan, the Managing General Partner attempts to protect
the Registrant 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 Managing General Partner will be able to sustain such a plan.
Liquidity and Capital Resources
At March 31, 2000, the Partnership held cash and cash equivalents of
approximately $801,000 compared to approximately $1,860,000 at March 31, 1999.
The decrease of approximately $942,000 in cash and cash equivalents since
December 31, 1999 is due to approximately $1,044,000 of cash used in financing
activities and approximately $195,000 of cash used in investing activities which
was partially offset by approximately $297,000 of cash provided by operating
activities. Cash used in financing activities consisted of distributions to the
partners and, to a lesser extent, payments of principal made on the mortgage
encumbering Huntington Athletic Club Apartments. Cash used in investing
activities consisted of property improvements and replacements and net deposits
to escrow accounts maintained by the mortgage lender. The Partnership invests
its working capital reserves in money market accounts.
The Managing General Partner has extended to the Partnership a $500,000 line of
credit. The Partnership has no outstanding amounts due under this line of
credit. Based on present plans, the Managing General Partner does not anticipate
the need to borrow against the line of credit in the near future. Other than
unrestricted cash and cash equivalents, the line of credit is the Partnership's
only unused source of liquidity.
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 various properties to adequately maintain the
physical assets and other operating needs of the Registrant and to comply with
Federal, state and local legal and regulatory requirements. Capital improvements
for each of the Registrant's properties are detailed below.
Williamsburg on the Lake Apartments
During the three months ended March 31, 2000, the Partnership completed
approximately $105,000 of capital expenditures at Williamsburg on the Lake
Apartments consisting primarily of office equipment, carpet replacement,
submetering improvements, and appliances. These improvements were funded from
operating cash flow. The Partnership has evaluated the capital improvement needs
of the property for the year 2000. The amount budgeted is approximately
$328,000, consisting primarily of parking area improvements, air conditioning
unit replacement, appliances, carpet replacements, major landscaping, and
structural improvements. Additional improvements may be considered and will
depend on the physical condition of the property as well as replacement reserves
and anticipated cash flow generated by the property.
Huntington Athletic Club Apartments
During the three months ended March 31, 2000, the Partnership completed
approximately $57,000 of capital expenditures at Huntington Athletic Club
Apartments consisting primarily of carpet replacement, lighting upgrades, and
appliances. These improvements were funded from operating cash flow. The
Partnership has evaluated the capital improvement needs of the property for the
year 2000. The amount budgeted is approximately $158,000, consisting primarily
of appliances, carpet replacement, and structural improvements. Additional
improvements may be considered and will depend on the physical condition of the
property as well as replacement reserves and anticipated cash flow generated by
the property.
The additional capital expenditures will be incurred only if cash is available
from operations or from 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. Huntington Athletic
Club Apartment's mortgage indebtedness of approximately $3,370,000 is amortized
over 300 months with a balloon payment of approximately $3,211,000 due in
February 2002. The mortgage encumbering the Williamsburg on the Lake Apartments
requires interest only payments with the principal balance of $7,400,000 due in
November 2003. The Managing General Partner will attempt to refinance such
indebtedness and/or sell the properties prior to such maturity dates. If the
properties cannot be refinanced or sold for a sufficient amount, the Registrant
may risk losing such properties through foreclosure.
During the three months ended March 31, 2000, the Registrant declared and paid a
distribution of approximately $1,028,000 (approximately $1,018,000 to the
limited partners or $22.68 per limited partnership unit) from operations. During
the three months ended March 31, 1999, the Registrant made a distribution of
approximately $850,000 (approximately $842,000 to the limited partners or $18.76
per limited partnership unit) from refinancing and property sale proceeds from
prior years. 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 Registrant's
distribution policy is reviewed on a semi-annual basis. There can be no
assurance, however, that the Registrant will generate sufficient funds from
operations after required capital improvements to permit further distributions
to its partners during the remainder of 2000 or subsequent periods.
<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 Managing 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 1 - Financial Information, Item 1. 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
Managing 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
Managing 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 Managing 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 Managing
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 in the first quarter of 2000:
None.
<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.
NATIONAL PROPERTY INVESTORS 8
By: NPI EQUITY INVESTMENTS, INC.
Its Managing 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:
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from NATIONAL
PROPERTY INVESTORS 8 2000 First Quarter 10-QSB and is qualified in its entirety
by reference to such 10-QSB filing.
</LEGEND>
<CIK> 0000763701
<NAME> NATIONAL PROPERTY INVESTORS 8
<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> 801
<SECURITIES> 0
<RECEIVABLES> 100
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0 <F1>
<PP&E> 31,003
<DEPRECIATION> (17,837)
<TOTAL-ASSETS> 14,439
<CURRENT-LIABILITIES> 0 <F1>
<BONDS> 10,770
0
0
<COMMON> 0
<OTHER-SE> 2,797
<TOTAL-LIABILITY-AND-EQUITY> 14,439
<SALES> 0
<TOTAL-REVENUES> 1,196
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,169
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 232
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 27
<EPS-BASIC> 0.60 <F2>
<EPS-DILUTED> 0
<FN>
<F1> Registrant has an unclassified balance sheet. <F2> Multiplier is 1.
</FN>
</TABLE>
