SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the quarter ended March 31, 1996Commission file #000-19496
JMB INCOME PROPERTIES, LTD. - XIII
(Exact name of registrant as specified in its charter)
Illinois 36-3426137
(State of organization) (IRS Employer Identification No.)
900 N. Michigan Ave., Chicago, IL 60611
(Address of principal executive office)(Zip Code)
Registrant's telephone number, including area code 312/915-1987
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes X No
TABLE OF CONTENTS
PART I FINANCIAL INFORMATION
Item 1. Financial Statements. . . . . . . . . . . . 3
Item 2. Management's Discussion and
Analysis of Financial Condition
and Results of Operations . . . . . . . . . 11
PART II OTHER INFORMATION
Item 5. Other Information . . . . . . . . . . . . . 12
Item 6. Exhibits and Reports on Form 8-K. . . . . . 14
<TABLE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
JMB INCOME PROPERTIES, LTD. - XIII
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
CONSOLIDATED BALANCE SHEETS
MARCH 31, 1996 AND DECEMBER 31, 1995
(UNAUDITED)
ASSETS
------
<CAPTION>
MARCH 31, DECEMBER 31,
1996 1995
------------- -----------
<S> <C> <C>
Current assets:
Cash and cash equivalents. . . . . . . . . . . . . . . . . . $ 14,122,853 13,599,171
Interest, rents and other receivables (net of allowance
for doubtful accounts of $20,118 in 1996 and
$38,235 in 1995) . . . . . . . . . . . . . . . . . . . . . 831,648 1,121,270
Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . 19,417 68,901
Escrow deposits. . . . . . . . . . . . . . . . . . . . . . . 81,995 102,680
------------ -----------
Total current assets . . . . . . . . . . . . . . . . . 15,055,913 14,892,022
Investment properties, at cost:
Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,300,842 21,300,842
Buildings and improvements . . . . . . . . . . . . . . . . . 69,532,829 69,439,819
------------ -----------
90,833,671 90,740,661
Less accumulated depreciation. . . . . . . . . . . . . . . . 17,157,558 16,583,348
------------ -----------
Total investment properties, net of
accumulated depreciation . . . . . . . . . . . . . . 73,676,113 74,157,313
Investment in unconsolidated ventures, at equity . . . . . . . 7,664,338 8,026,013
Deferred expenses. . . . . . . . . . . . . . . . . . . . . . . 733,759 741,184
Accrued rents receivable . . . . . . . . . . . . . . . . . . . 1,664,773 1,666,682
------------ -----------
$ 98,794,896 99,483,214
============ ===========
LIABILITIES AND PARTNERS' CAPITAL ACCOUNTS (DEFICITS)
-----------------------------------------------------
Current liabilities:
Current portion of long-term debt. . . . . . . . . . . . . . $ 313,605 291,589
Accounts payable . . . . . . . . . . . . . . . . . . . . . . 256,750 197,765
Accrued interest . . . . . . . . . . . . . . . . . . . . . . 242,351 196,729
Accrued real estate taxes. . . . . . . . . . . . . . . . . . 1,252,387 1,171,341
Unearned rents . . . . . . . . . . . . . . . . . . . . . . . 460,525 612,082
------------ -----------
Total current liabilities. . . . . . . . . . . . . . . 2,525,618 2,469,506
Tenant security deposits . . . . . . . . . . . . . . . . . . . 316,261 328,622
Long-term debt, less current portion . . . . . . . . . . . . . 26,070,355 26,146,638
------------ -----------
Commitments and contingencies
Total liabilities. . . . . . . . . . . . . . . . . . . 28,912,234 28,944,766
------------ -----------
Partners' capital accounts (deficits):
General partners:
Capital contributions. . . . . . . . . . . . . . . . . . 20,000 20,000
Cumulative net earnings (losses) . . . . . . . . . . . . 491,173 459,660
Cumulative cash distributions. . . . . . . . . . . . . . (1,428,861) (1,389,844)
------------ -----------
(917,688) (910,184)
------------ -----------
Limited partners (126,414 interests):
Capital contributions, net of offering costs . . . . . . 113,741,315 113,741,315
Cumulative net earnings (losses) . . . . . . . . . . . . 17,046,915 16,290,597
Cumulative cash distributions. . . . . . . . . . . . . . (59,987,880) (58,583,280)
------------ -----------
70,800,350 71,448,632
------------ -----------
Total partners' capital accounts (deficits). . . . . . 69,882,662 70,538,448
------------ -----------
$ 98,794,896 99,483,214
============ ===========
<FN>
See accompanying notes to consolidated financial statements.
</TABLE>
<TABLE>
JMB INCOME PROPERTIES, LTD. - XIII
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
CONSOLIDATED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 1996 AND 1995
(UNAUDITED)
<CAPTION>
1996 1995
----------- ----------
<S> <C> <C>
Income:
Rental income. . . . . . . . . . . . . . . . . . . . . . . . $ 2,712,925 2,765,479
Interest income. . . . . . . . . . . . . . . . . . . . . . . 168,002 193,944
----------- ----------
2,880,927 2,959,423
----------- ----------
Expenses:
Mortgage and other interest. . . . . . . . . . . . . . . . . 589,727 594,345
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . 574,210 622,185
Property operating expenses. . . . . . . . . . . . . . . . . 792,261 893,893
Professional services. . . . . . . . . . . . . . . . . . . . 72,651 87,134
Amortization of deferred expenses. . . . . . . . . . . . . . 43,550 50,598
General and administrative . . . . . . . . . . . . . . . . . 134,022 53,923
----------- ----------
2,206,421 2,302,078
----------- ----------
Operating earnings (loss). . . . . . . . . . . . . . . 674,506 657,345
Partnership's share of operations from unconsolidated
ventures . . . . . . . . . . . . . . . . . . . . . . . . . . 113,325 159,793
----------- ----------
Net earnings (loss). . . . . . . . . . . . . . . . . . $ 787,831 817,138
=========== ==========
Net earnings (loss) per limited partnership
interest . . . . . . . . . . . . . . . . . . . . . . $ 5.98 6.21
=========== ==========
Cash distributions per limited partnership
interest . . . . . . . . . . . . . . . . . . . . . . $ 11.00 11.00
=========== ==========
<FN>
See accompanying notes to consolidated financial statements.
</TABLE>
<TABLE>
JMB INCOME PROPERTIES, LTD. - XIII
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 1996 AND 1995
(UNAUDITED)
<CAPTION>
1996 1995
----------- -----------
<S> <C> <C>
Cash flows from operating activities:
Net earnings (loss). . . . . . . . . . . . . . . . . . . . . . . $ 787,831 817,138
Items not requiring cash or cash equivalents:
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . 574,210 622,185
Amortization of deferred expenses. . . . . . . . . . . . . . . 43,550 50,598
Partnership's share of operations of unconsolidated
ventures . . . . . . . . . . . . . . . . . . . . . . . . . . (113,325) (159,793)
Changes in:
Interest, rents and other receivables. . . . . . . . . . . . . 289,622 135,805
Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . 49,484 43,825
Accrued rents receivable . . . . . . . . . . . . . . . . . . . 1,909 (53,240)
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . 58,985 8,884
Accrued interest . . . . . . . . . . . . . . . . . . . . . . . 45,622 (402)
Unearned rents . . . . . . . . . . . . . . . . . . . . . . . . (151,557) 187,377
Accrued real estate taxes. . . . . . . . . . . . . . . . . . . 81,046 132,655
Tenant security deposits . . . . . . . . . . . . . . . . . . . (12,361) 2,078
Escrow deposits. . . . . . . . . . . . . . . . . . . . . . . . 20,685 (103,744)
----------- -----------
Net cash provided by (used in) operating activities. . . 1,675,701 1,683,366
----------- -----------
Cash flows from investing activities:
Net sales and maturities (purchases) of short-term
investments. . . . . . . . . . . . . . . . . . . . . . . . . . -- 6,120,111
Additions to investment properties . . . . . . . . . . . . . . . (93,010) (39,414)
Partnership's distributions from unconsolidated ventures . . . . 475,000 456,250
Payment of deferred expenses . . . . . . . . . . . . . . . . . . (36,125) (24,149)
----------- -----------
Net cash provided by (used in) investing activities. . . 345,865 6,512,798
----------- -----------
Cash flows from financing activities:
Principal payments on long-term debt . . . . . . . . . . . . . . (54,267) (65,924)
Distributions to limited partners. . . . . . . . . . . . . . . . (1,404,600) (1,404,600)
Distributions to general partners. . . . . . . . . . . . . . . . (39,017) (39,017)
----------- -----------
Net cash provided by (used in) financing activities. . . (1,497,884) (1,509,541)
----------- -----------
Net increase (decrease) in cash and
cash equivalents . . . . . . . . . . . . . . . . . . . 523,682 6,686,623
Cash and cash equivalents, beginning of year . . . . . . 13,599,171 5,011,101
----------- -----------
Cash and cash equivalents, end of period . . . . . . . . $14,122,853 11,697,724
=========== ===========
Supplemental disclosure of cash flow information:
Cash paid for mortgage and other interest. . . . . . . . . . . . $ 544,105 594,747
=========== ===========
Non-cash investing and financing activities. . . . . . . . . . . $ -- --
=========== ===========
<FN>
See accompanying notes to consolidated financial statements.
</TABLE>
JMB INCOME PROPERTIES, LTD. - XIII
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 1996 AND 1995
(UNAUDITED)
GENERAL
Readers of this quarterly report should refer to the Partnership's
audited financial statements for the fiscal year ended December 31, 1995
which are included in the Partnership's 1995 Annual Report, as certain
footnote disclosures which would substantially duplicate those contained in
such audited financial statements have been omitted from this report.
The preparation of financial statements in accordance with GAAP
requires the Partnership to make estimates and assumptions that affect the
reported or disclosed amount of assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those
estimates.
Statement of Financial Accounting Standards No. 121 was adopted by the
Partnership on January 1, 1996.
Certain amounts in the 1995 consolidated financial statements have
been reclassified to conform with the 1996 presentation.
TRANSACTIONS WITH AFFILIATES
Fees, commissions and other expenses required to be paid by the
Partnership to the General Partners and their affiliates as of March 31,
1996 and for the three months ended March 31, 1996 and 1995 are as follows:
Unpaid at
March 31,
1996 1995 1996
------- ------- -------------
Property management
fees. . . . . . . . . . . $19,146 18,418 --
Insurance commissions. . . -- -- --
Reimbursement
(at cost) for
out-of-pocket
expenses. . . . . . . . . 26,881 1,015 11,249
------- ------- ------
$46,027 19,433 11,249
======= ======= ======
During 1994, certain officers and directors of the Corporate General
Partner acquired interests in a company which provides certain property
management services to certain of the properties owned by the Partnership.
The fees earned by such company from the Partnership for the three months
ended March 31, 1996 were approximately $36,000, all of which was paid at
March 31, 1996.
In accordance with the subordination requirements of the Partnership
Agreement, the General Partners have deferred payment of certain of their
distributions of net cash flow and sale proceeds from the Partnership. The
cumulative amount of such deferred distributions are approximately
$4,905,000 at March 31, 1996. All amounts deferred or currently payable do
not bear interest.
The Managing General Partner and its affiliates are entitled to
reimbursement for salaries and direct expenses of officers and employees of
the Managing General Partner and its affiliates relating to the
administration of the Partnership and the operation of Partnership's
investment properties. The amount of such salaries and direct expenses
aggregated $39,278 and $285,872 for the three months ended March 31, 1996
and the twelve months ended December 31, 1995, respectively, of which
$88,621 is unpaid as of March 31, 1996.
FIRST FINANCIAL
From 1996 through 1998, leases at the First Financial office building
representing 55% of the rentable square footage are scheduled to expire,
not all of which are expected to renew. In addition, new leases will
likely require expenditures for lease commissions and tenant improvements
prior to tenant occupancy. Occupancy in the first quarter decreased 7%
primarily due to First Financial Group relocating to a smaller space.
Merrill Lynch (11,294 square feet) entered into a lease for the vacated
First Financial Group space and moved-in in April, 1996.
In order to finalize the two year loan extension that occurred in
November, 1995, the Partnership and its affiliated partner advanced in late
1995 approximately $4.1 million (approximately $1.5 million by the
Partnership) to the joint venture to fund the required principal paydown
and related loan fees. A capital call had been made on the unaffiliated
joint venture partner for its share of the total required amount; however,
the unaffiliated joint venture partner had indicated that it would not fund
its required share. The Partnership and its affiliated partner reached an
agreement with the unaffiliated partner to settle this dispute through a
modification of the joint venture agreement. The unaffiliated partner has
become a limited partner as a result of this modification.
JMB/MIAMI
The Partnership was a general partner in JMB/Miami International
Associates ("JMB/Miami"), which owned a 50% partnership interest in West
Dade County Associates ("West Dade"). West Dade owns an interest in the
Miami International Mall. The other partners of JMB/Miami were IDS/JMB
Balanced Income Growth, Ltd. ("IDS/JMB") and Urban Shopping Centers, L.P.
("Urban"), both of which are affiliates of the Partnership. On April 8,
1996, effective March 31, 1996, JMB/Miami was voluntarily dissolved by
agreement of its partners and its 50% ownership interest in West Dade and
related assets were distributed to its partners based on their respective
ownership percentages. Accordingly, the Partnership acquired a direct 25%
ownership interest in West Dade. The Partnership then sold its entire 25%
interest in West Dade as described below.
On April 8, 1996, DeBartolo Realty Partnership, L.P. ("DeBartolo"),
the unaffiliated venture partner in West Dade, purchased 29.812% (i.e., a
7.453% interest) of the Partnership's interest in West Dade for $4,005,624
(paid in cash at closing), subject to proration. DeBartolo also assumed a
proportionate share of the Partnership's obligations and liabilities of
West Dade from and after March 31, 1996, the effective date of the
transaction. DeBartolo is not affiliated with the Partnership or its
General Partners, and the terms of the sale were determined by arm's-length
negotiations.
Concurrently, Urban exercised its right of first refusal and purchased
the other 70.188% of the Partnership's interest (i.e., a 17.547% interest)
in West Dade for $9,431,107 (paid in cash at closing), subject to
proration. Urban also assumed a proportionate share of the Partnership's
share of obligations and liabilities of West Dade from and after the
effective date of the transaction. The price of the interest sold to Urban
was in proportion to that sold to DeBartolo, and the other terms of the
sale with Urban were based on those applicable to the sale with DeBartolo.
In addition, West Dade agreed to indemnify the Partnership generally from
and against claims and liabilities incurred by the Partnership in
connection with West Dade or its property after the effective date of the
transaction. The Partnership expects to recognize a gain for Federal
income tax and financial reporting purposes. The Partnership anticipates
making a cash distribution of approximately $100 per Interest from the
sales proceeds in August, 1996.
CERRITOS INDUSTRIAL PARK
From 1996 through 1998, leases at the Cerritos Industrial Park
representing 85% of the rentable square footage are scheduled to expire,
not all of which are expected to renew.
FOUNTAIN VALLEY INDUSTRIAL PARK
Fountain Valley is currently 100% leased (including temporary tenants)
and 93% occupied. In 1996 and 1997, leases representing 19% and 20%,
respectively, of the leasable square footage at Fountain Valley are
scheduled to expire, not all of which are expected to be renewed. The
Partnership is currently examining the economic benefits, including the use
of Partnership funds, of a partial redevelopment of the property to retail
uses.
RIVERTREE COURT SHOPPING CENTER
The Rivertree Court Shopping Center operates in a market which
continues to experience significant growth in the commercial and
residential sectors.
In January 1996, HomeGoods vacated its space in the center. Primarily
as a result thereof, the occupancy of the center declined from 99% to 84%
during the quarter. In December 1995, the HomeGoods lease (40,560 square
feet) was assigned to Best Buy Company, Inc. ("Best Buy") with occupancy
scheduled for mid-1996. Best Buy, an existing tenant of 25,031 square feet
at the center, will be allowed to terminate its existing lease immediately
upon vacating its former space and relocation to its new space. The
Partnership has entered into a letter of intent with a major national
tenant to lease Best Buy's former space with a projected occupancy of
Summer 1996. However, no assurances can be made that such negotiations
will ultimately be consummated with a new lease with this tenant.
ADAMS/WABASH
The Palmer House Hotel did not renew its exclusive parking agreement
with the Adams/Wabash Self Park upon its expiration in December, 1995.
This will likely have a negative impact on the property's operating cash
flow reducing the preferred return payable to the Partnership by
approximately $400,000 for 1996. This impact should be partially mitigated
in future years as the property continues to increase transient parking
volume to replace revenues previously generated by the Palmer House
contract.
ADJUSTMENTS
In the opinion of the Managing General Partner, all adjustments
(consisting solely of normal recurring adjustments) necessary for a fair
presentation have been made to the accompanying figures as of March 31,
1996 and for the three months ended March 31, 1996 and 1995.
PART I. FINANCIAL INFORMATION
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Reference is made to the notes to the accompanying consolidated
financial statements for additional information concerning certain of the
Partnership's investments.
At March 31, 1996, the Partnership and its consolidated venture had
cash and cash equivalents of approximately $14,123,000. Such remaining
funds are available for distributions to partners and for working capital
requirements including tenant and capital improvements.
Starting in May 1996, in an effort to reduce Partnership operating
expenses, the Partnership has elected to make semi-annual, rather than
quarterly, distributions of operating cash flow. The May, 1996 semi-annual
distribution of $20 per Interest and anticipated $18 distributions per
Interest thereafter was reduced from the previous quarterly distribution of
$11 per Interest. The reduction in distributions was necessary primarily
due to anticipated reductions in operating cash flow resulting from the
sale of the Partnership's interest in Miami International Mall and
anticipated reductions in operating cash flow due to the re-leasing
programs required at certain of the Partnerships investment properties over
the next few years. Future distributions from sales or property operations
will depend upon a combination of operating cash flow from the remaining
investment properties and the expected future capital requirements of the
Partnership.
After reviewing the remaining properties and the marketplaces in which
they operate, the General Partners of the Partnership expect to be able to
conduct an orderly liquidation of its remaining investment portfolio as
quickly as practicable. Therefore, the affairs of the Partnership are
expected to be wound up no later than December 31, 1999 (sooner if the
properties are sold in the nearer term), barring unforeseen economic
developments.
RESULTS OF OPERATIONS
The decrease in interest, rents and other receivables and unearned
rents at March 31, 1996 as compared to December 31, 1995 is primarily due
to the timing of the receipts of sales tax rebates due to Fountain Valley
Industrial Park from the city of Fountain Valley and corresponding issuance
of rent credits to Fry's Electronics.
The decrease in investments in unconsolidated ventures at March 31,
1996 as compared to December 31, 1995 is primarily due to distributions of
net operating cash flow of approximately $475,000 received by the
Partnership from West Dade.
The decrease in interest income for the three months ended March 31,
1996 as compared to the three months ended March 31, 1995 is primarily due
to the decrease in the Partnership's average balance in U.S. Government
obligations at March 31, 1996 as compared to March 31, 1995.
The decrease in property operating expenses for the three months ended
March 31, 1996 as compared to the three months ended March 31, 1995 is
primarily due to a reduction in the allowance for doubtful accounts and a
reduction in real estate tax expense at certain of the Partnership's
investment properties.
The increase in general and administrative expenses 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 state income tax expense and an
increase in reimbursable costs for the Partnership.
<TABLE>
PART II. OTHER INFORMATION
ITEM 5. OTHER INFORMATION
OCCUPANCY
The following is a listing of approximate physical occupancy levels by quarter for the Partnership's
investment properties.
<CAPTION>
1995 1996
-------------------------------------------------------------------
At At At At At At At At
3/31 6/30 9/30 12/31 3/31 6/30 9/30 12/31
---- ---- ---- ----- ---- ---- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1. First Financial Plaza
Encino (Los Angeles),
California (1) . . . . . 89% 86% 88% 89% 82%
2. Miami International Mall
Miami, Florida (3) . . . 89% 91% 90% 94% 94%
3. Rivertree Court
Shopping Center
Vernon Hills (Chicago),
Illinois . . . . . . . . 85%(2) 96% 95% 99% 84%
4. Fountain Valley
Industrial Park
Fountain Valley
(Los Angeles),
California . . . . . . . 92% 92% 100% 88% 93%
5. Cerritos Industrial Park
Cerritos (Los Angeles),
California . . . . . . .100% 100% 100% 100% 100%
6. Adams/Wabash Self Park
Chicago, Illinois. . . . * * * * *
<FN>
- ---------------
An asterisk indicates that the property is primarily a parking garage and occupancy information is not
applicable. However, the approximate occupancy level for the retail portion of the structure as of March 31, 1996
is 45%.
(1) The percentage represents physical occupancy. Mitsubishi (8,109 square feet or 4% of the building)
vacated its space in July 1993 prior to its lease expiration of January 1997 and continues to pay rent pursuant to
its lease obligation.
(2) The Rivertree Court Shopping Center is 99% leased as of March 31, 1996. In December 1995, the
HomeGoods Store lease (40,560 square feet or 14% of the property) was assigned to Best Buy Company, Inc. for
occupancy in mid-1996 as more further described in the Notes to Consolidated Financial Statements included in this
report.
(3) The Partnership's interest in this property was sold April 8, 1996 as more further described in the
Notes to Consolidated Financial Statements included in this report.
</TABLE>
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits.
3-A. The Prospectus of the Partnership dated August 20, 1986
as supplemented October 31, 1986 and January 26, 1987 as filed with the
Commission pursuant to Rules 424(b) and 424(c) is hereby incorporated
herein by reference to Exhibit 3-A to the Partnership's Form 10-K dated
March 18, 1993.
3-B. Amended and Restated Agreement of Limited Partnership set
forth as Exhibit A to the Prospectus, which is hereby incorporated by
reference to Exhibit 3-B to the Partnership's Form 10-K dated March 18,
1993.
4-A. Copy of documents relating to the mortgage loan secured
by the Rivertree Court Shopping Center, Vernon Hills (Chicago), Illinois
dated December 30, 1988 is hereby incorporated by reference to Exhibit 4-A
to the Partnership's report for December 31, 1992 on Form 10-K (File No.
000-19496) dated March 18, 1993.
4-B. Copy of documents relating to the mortgage loan secured
by a first mortgage on West Dade's interest in Miami International Mall,
Miami, Florida dated December 21, 1993 is hereby incorporated by reference
to Exhibit 4-B to the Partnership's report for December 31, 1993 on Form
10-K (File No. 000-19496) dated March 25, 1994.
4-C. Copy of modification document relating to the mortgage
loan secured by the First Financial Plaza Office Building in Encino,
California is hereby incorporated by reference to Exhibit 4-C to the
Partnership's Report for December 31, 1995 on Form 10-K (File No. 000-
19496) dated March 25, 1996.
10-A. Acquisition documents relating to the purchase by the
Partnership of Rivertree Court Shopping Center in Vernon Hills (Chicago),
Illinois, are hereby incorporated by reference to Exhibit 1 to the
Partnership's Form 8-K (File No. 000-19496) dated November 4, 1988.
10-B. Acquisition documents relating to the purchase by the
Partnership of Fountain Valley Industrial Buildings in Fountain Valley,
California and Cerritos Industrial Buildings in Cerritos, California, are
hereby incorporated by reference to Exhibits 1 and 2 to the Partnership's
Form 8-K (File No. 000-19496) dated November 15, 1988.
10-C. Acquisition documents relating to the acquisition by the
Partnership of an interest in the Adams/Wabash Parking Garage in Chicago,
Illinois are hereby incorporated by reference to Exhibit 3 to the
Partnership's Form 8-K (File No. 000-19496) dated October 15, 1990.
27. Financial Data Schedule
Although certain long-term debt instruments of the Registrant have been
excluded from Exhibit 4 above, pursuant to Rule (b)(4)(iii), the
Registrants commits to provide copies of such agreements to the Securities
and Exchange Commission upon request.
(b) The following report on Form 8-K was filed since the beginning
of the last quarter of the period covered by this report.
The Partnership's Report on Form 8-K (File No. 0-19496) for
April 8, 1996 (describing the sale of its indirect interest in West Dade
County Associates) was filed. This report was dated April 23, 1996.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Company has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
JMB INCOME PROPERTIES, LTD. - XIII
BY: JMB Realty Corporation
(Managing General Partner)
By: GAILEN J. HULL
Gailen J. Hull, Senior Vice President
Date:May 10, 1996
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following person in the capacity
and on the date indicated.
GAILEN J. HULL
Gailen J. Hull, Principal Accounting Officer
Date:May 10, 1996
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
REGISTRANT'S FORM 10-Q FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
INCLUDED IN SUCH REPORT.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> MAR-31-1996
<CASH> 14,122,853
<SECURITIES> 0
<RECEIVABLES> 933,060
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 15,055,913
<PP&E> 90,833,671
<DEPRECIATION> 17,157,558
<TOTAL-ASSETS> 98,794,896
<CURRENT-LIABILITIES> 2,525,618
<BONDS> 26,070,355
<COMMON> 0
0
0
<OTHER-SE> 69,882,662
<TOTAL-LIABILITY-AND-EQUITY>98,794,896
<SALES> 2,712,925
<TOTAL-REVENUES> 2,880,927
<CGS> 0
<TOTAL-COSTS> 1,410,021
<OTHER-EXPENSES> 206,673
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 589,727
<INCOME-PRETAX> 674,506
<INCOME-TAX> 0
<INCOME-CONTINUING> 787,831
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 787,831
<EPS-PRIMARY> 5.98
<EPS-DILUTED> 5.98
</TABLE>
