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, 1997 Commission 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
<PAGE>
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 . . . . . . . . . . . . . 13
Item 6. Exhibits and Reports on Form 8-K. . . . . . 14
<PAGE>
<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, 1997 AND DECEMBER 31, 1996
(UNAUDITED)
ASSETS
------
<CAPTION>
MARCH 31, DECEMBER 31,
1997 1996
------------- -----------
<S> <C> <C>
Current assets:
Cash and cash equivalents. . . . . . . . . . . . . . . . . . $ 5,312,087 3,743,541
Interest, rents and other receivables (net of allowance
for doubtful accounts of $177,663 in 1997 and
$48,604 in 1996) . . . . . . . . . . . . . . . . . . . . . 1,027,482 1,232,970
Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . 11,919 71,674
Escrow deposits. . . . . . . . . . . . . . . . . . . . . . . 222,079 144,050
------------ -----------
Total current assets . . . . . . . . . . . . . . . . . 6,573,567 5,192,235
Investment properties held for sale or disposition . . . . . . 72,765,441 72,718,307
------------ -----------
Deferred expenses. . . . . . . . . . . . . . . . . . . . . . . 729,614 732,036
Accrued rents receivable . . . . . . . . . . . . . . . . . . . 1,447,118 1,455,105
------------ -----------
$ 81,515,740 80,097,683
============ ===========
<PAGE>
JMB INCOME PROPERTIES, LTD. - XIII
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
CONSOLIDATED BALANCE SHEETS - CONTINUED
LIABILITIES AND PARTNERS' CAPITAL ACCOUNTS (DEFICITS)
-----------------------------------------------------
MARCH 31, DECEMBER 31,
1997 1996
------------- -----------
Current liabilities:
Current portion of long-term debt. . . . . . . . . . . . . . $ 319,439 313,664
Accounts payable . . . . . . . . . . . . . . . . . . . . . . 229,373 300,262
Accrued interest . . . . . . . . . . . . . . . . . . . . . . 194,485 194,950
Accrued real estate taxes. . . . . . . . . . . . . . . . . . 1,291,883 1,201,572
Unearned rents . . . . . . . . . . . . . . . . . . . . . . . 595,458 444,575
------------ -----------
Total current liabilities. . . . . . . . . . . . . . . 2,630,638 2,455,023
Tenant security deposits . . . . . . . . . . . . . . . . . . . 312,678 314,124
Long-term debt, less current portion . . . . . . . . . . . . . 25,400,916 25,482,974
------------ -----------
Commitments and contingencies
Total liabilities. . . . . . . . . . . . . . . . . . . 28,344,232 28,252,121
------------ -----------
Partners' capital accounts (deficits):
General partners:
Capital contributions. . . . . . . . . . . . . . . . . . 20,000 20,000
Cumulative net earnings (losses) . . . . . . . . . . . . 775,007 721,969
Cumulative cash distributions. . . . . . . . . . . . . . (1,631,037) (1,631,037)
------------ -----------
(836,030) (889,068)
------------ -----------
Limited partners (126,414 interests):
Capital contributions, net of offering costs . . . . . . 113,741,315 113,741,315
Cumulative net earnings (losses) . . . . . . . . . . . . 32,176,830 30,903,922
Cumulative cash distributions. . . . . . . . . . . . . . (91,910,607) (91,910,607)
------------ -----------
54,007,538 52,734,630
------------ -----------
Total partners' capital accounts (deficits). . . . . . 53,171,508 51,845,562
------------ -----------
$ 81,515,740 80,097,683
============ ===========
<FN>
See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE>
<TABLE>
JMB INCOME PROPERTIES, LTD. - XIII
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
CONSOLIDATED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(UNAUDITED)
<CAPTION>
1997 1996
------------ -----------
<S> <C> <C>
Income:
Rental income. . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,996,030 2,712,925
Interest income. . . . . . . . . . . . . . . . . . . . . . . . . 42,564 168,002
----------- ----------
3,038,594 2,880,927
----------- ----------
Expenses:
Mortgage and other interest. . . . . . . . . . . . . . . . . . . 583,922 589,727
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . -- 574,210
Property operating expenses. . . . . . . . . . . . . . . . . . . 896,616 792,261
Professional services. . . . . . . . . . . . . . . . . . . . . . 95,763 72,651
Amortization of deferred expenses. . . . . . . . . . . . . . . . 5,955 43,550
General and administrative . . . . . . . . . . . . . . . . . . . 130,392 134,022
----------- ----------
1,712,648 2,206,421
----------- ----------
Operating earnings (loss). . . . . . . . . . . . . . . . . 1,325,946 674,506
Partnership's share of operations
from unconsolidated ventures . . . . . . . . . . . . . . . . . . -- 113,325
----------- ----------
Net earnings (loss). . . . . . . . . . . . . . . . . . . . $ 1,325,946 787,831
=========== ==========
Net earnings (loss) per
limited partnership
interest. . . . . . . . . . . . . . . . . . . . . . . . . $ 10.07 5.98
=========== ==========
Cash distributions per limited
partnership interest . . . . . . . . . . . . . . . . . . $ -- 11.00
=========== ==========
<FN>
See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE>
<TABLE>
JMB INCOME PROPERTIES, LTD. - XIII
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(UNAUDITED)
<CAPTION>
1997 1996
----------- -----------
<S> <C> <C>
Cash flows from operating activities:
Net earnings (loss). . . . . . . . . . . . . . . . . . . . . . . $ 1,325,946 787,831
Items not requiring cash or cash equivalents:
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . -- 574,210
Amortization of deferred expenses. . . . . . . . . . . . . . . 5,955 43,550
Partnership's share of operations of unconsolidated
ventures, net of distributions . . . . . . . . . . . . . . . -- (113,325)
Changes in:
Interest, rents and other receivables. . . . . . . . . . . . . 205,488 289,622
Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . 59,755 49,484
Accrued rents receivable . . . . . . . . . . . . . . . . . . . 7,987 1,909
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . (70,889) 58,985
Accrued interest . . . . . . . . . . . . . . . . . . . . . . . (465) 45,622
Unearned rents . . . . . . . . . . . . . . . . . . . . . . . . 150,883 (151,557)
Accrued real estate taxes. . . . . . . . . . . . . . . . . . . 90,311 81,046
Tenant security deposits . . . . . . . . . . . . . . . . . . . (1,446) (12,361)
Escrow deposits. . . . . . . . . . . . . . . . . . . . . . . . (78,029) 20,685
----------- -----------
Net cash provided by (used in) operating activities. . . 1,695,496 1,675,701
----------- -----------
Cash flows from investing activities:
Additions to investment properties, net. . . . . . . . . . . . . (47,134) (93,010)
Partnership's distributions from unconsolidated ventures . . . . -- 475,000
Payment of deferred expenses . . . . . . . . . . . . . . . . . . (3,533) (36,125)
----------- -----------
Net cash provided by (used in) investing activities. . . (50,667) 345,865
----------- -----------
<PAGE>
JMB INCOME PROPERTIES, LTD. - XIII
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED
1997 1996
----------- -----------
Cash flows from financing activities:
Principal payments on long-term debt . . . . . . . . . . . . . . (76,283) (54,267)
Distributions to limited partners. . . . . . . . . . . . . . . . -- (1,404,600)
Distributions to general partners. . . . . . . . . . . . . . . . -- (39,017)
----------- -----------
Net cash provided by (used in) financing activities. . . (76,283) (1,497,884)
----------- -----------
Net increase (decrease) in cash and
cash equivalents . . . . . . . . . . . . . . . . . . . 1,568,546 523,682
Cash and cash equivalents, beginning of year . . . . . . 3,743,541 13,599,171
----------- -----------
Cash and cash equivalents, end of period . . . . . . . . $ 5,312,087 14,122,853
=========== ===========
Supplemental disclosure of cash flow information:
Cash paid for mortgage and other interest. . . . . . . . . . . . $ 584,387 544,105
=========== ===========
Non-cash investing and financing activities. . . . . . . . . . . $ -- --
=========== ===========
<FN>
See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE>
JMB INCOME PROPERTIES, LTD. - XIII
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED VENTURE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 1997 AND 1996
(UNAUDITED)
GENERAL
Readers of this quarterly report should refer to the Partnership's
audited financial statements for the fiscal year ended December 31, 1996
which are included in the Partnership's 1996 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.
The Partnership adopted Statement of Financial Accounting Standards
No. 121 "Accounting for the Impairment of Long-Lived Assets and for Long-
Lived Assets to be Disposed of" ("SFAS 121") as required in the first
quarter of 1996. The Partnership's policy is to consider a property to be
held for sale or disposition when the Partnership has committed to a plan
to sell such property and active marketing activity has commenced or is
expected to commence in the near term. In accordance with SFAS 121, any
properties identified as "held for sale or disposition" are no longer
depreciated. As of December 31, 1996, the Partnership has committed to a
plan to sell all of its remaining investment properties. Accordingly,
these properties have been classified as held for sale or disposition in
the accompanying consolidated financial statements. The results of
operations, net of venture partners' share, for such properties were
$1,352,000 and $718,140, respectively, for the three months ended March 31,
1997 and 1996. In addition, the accompanying consolidated financial
statements include $0 and $113,325, respectively, of the Partnership's
share of total property operations of $0 and $197,224 for the three months
ended March 31, 1997 and 1996, respectively, for unconsolidated properties
held for sale or disposition or sold or disposed of during the past two
years.
TRANSACTIONS WITH AFFILIATES
The Partnership, pursuant to the Partnership Agreement, is permitted
to engage in various transactions involving the Managing General Partner
and its affiliates including the reimbursement for salaries and salary-
related expenses of its employees, certain of its officers, and other
direct expenses relating to the administration of the Partnership and the
operation of the Partnership's investments. Fees, commissions and other
expenses required to be paid by the Partnership to the General Partners and
their affiliates as of March 31, 1997 and for the three months ended March
31, 1997 and 1996 were as follows:
<PAGE>
Unpaid at
March 31,
1997 1996 1997
------- ------ -------------
Property management and
leasing fees. . . . . . . $38,522 19,146 12,352
Insurance commissions. . . -- -- --
Reimbursement (at cost)
for out-of-pocket
salary and salary
related expenses
related to the on-site
and other costs for the
Partnership and its
investment properties . . 17,931 13,091 16,806
------- ------- ------
$56,453 32,237 29,158
======= ======= ======
During 1994, certain officers and directors of the Managing 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, 1997 were approximately $37,500, all of which was paid at
March 31, 1997. Effective November 1, 1996, an affiliate of the General
Partners assumed the management of the retail portion of the Adams/Wabash
Self Park for an annual fee equal to 5% of the gross revenue of the retail
portion of the property, the same terms as the previous unaffiliated
manager.
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
$5,511,000 at March 31, 1997. All amounts deferred or currently payable do
not bear interest. The Partnership does not expect that the subordination
requirements of the Partnership agreement will be satisfied over the
expected remaining term of the Partnership to permit payment of the
majority of these amounts. Accordingly, the General Partners waived their
right to receive the allocation of sale proceeds, which otherwise would
have been deferred per above, from the sale of the Partnership's interest
in the Miami International Mall and the First Financial Plaza in 1996.
CERRITOS INDUSTRIAL PARK
During the quarter, occupancy of this industrial park remained at
100%. The Partnership has entered into leases with renewal tenants
representing 37,200 square feet of the 73,600 square feet of space under
tenant leases originally scheduled to expire in 1997 (23% of the park's
square footage). The Partnership is actively pursuing the renewal or re-
leasing of the remaining tenant spaces which are scheduled to expire in
1997 representing approximately 36,400 square feet. In April 1997, the
Partnership entered into a contract to sell the property to an unaffiliated
third party buyer. If the sale is consummated on its proposed terms, the
Partnership will expect to recognize a gain for both financial reporting
and Federal income tax purposes. However, the sale contract is subject to
numerous contingencies and consequently, there can be no assurance that
this transaction will be consummated on these or any other terms.
FOUNTAIN VALLEY INDUSTRIAL PARK
During the quarter, occupancy of this industrial park remained at 94%.
The Partnership has renewed 39,120 square feet, re-leased 53,076 square
feet and has sold 22,202 square feet of the 154,968 square feet of space
under tenant leases originally scheduled to expire in 1997 and 1998 (39% of
the park's original square footage of 393,092 square feet). The Partnership
<PAGE>
is actively pursuing the renewal or re-leasing of the remaining tenant
spaces which are scheduled to expire in 1997 and 1998 representing
approximately 63,456 square feet (17% of the park's revised square footage
of 370,890 square feet). The strong Orange County industrial market
continues to put upward pressure on tenant demand and consequently, market
rents. As a result, the Partnership has been able to convert several
buildings which had been previously leased to tenants on a temporary basis
to permanent leases at higher rents then the tenants were paying
previously.
On May 1, 1997, the Partnership sold a 12,702 square foot building and
related land parcel within the park to the current tenant for a sales price
of $970,000. As a result, the lender required a $470,000 prepayment of the
outstanding mortgage in accordance with this sale. After payment of
closing costs and the prepayment premium to the lender, the net sale
proceeds to the Partnership were approximately $430,000. The Partnership
expects to recognize a gain for both financial reporting and Federal income
tax purposes in 1997. The Partnership intends to market the balance of the
industrial park for sale by mid-1997.
RIVERTREE COURT SHOPPING CENTER
On February 15, 1997, PetsMart opened its store, which increased
occupancy of this retail property at quarter end to 96%, up from 90% in the
previous quarter. The Partnership is actively marketing the property for
sale.
ADAMS/WABASH
On April 30, 1997, the Partnership signed a letter agreement giving an
unaffiliated third party buyer the option to purchase the property. If the
sale was consummated on its proposed terms, the Partnership would expect to
recognize a gain for both financial reporting and Federal income tax
purposes. However, the letter agreement is subject to numerous
contingencies, including execution of a sale contract, and consequently,
there can be no assurance that this will result in a sales transaction that
will be consummated on these or any other terms.
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,
1997 and for the three months ended March 31, 1997 and 1996.
<PAGE>
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.
During mid-1996, some of the Limited Partners in the Partnership
received unsolicited tender offers to purchase up to 4.9% of the Interests
in the Partnership from unaffiliated third parties with offers ranging
between $270 and $350 per Interest. The Partnership recommended against
acceptance of these offers on the basis that, among other things, the offer
price was inadequate. These offers have expired.
It is possible that other offers for Interests may be made by
unaffiliated third parties in the future, although there is no assurance
that any other third party will commence an offer for Interests, the terms
of any such offer or whether any such offer, if made, will be consummated,
amended or withdrawn. The board of directors of JMB Realty Corporation
("JMB") the managing general partner of the Partnership, has established a
special committee (the "Special Committee") consisting of certain directors
of JMB to deal with all matters relating to tender offers for Interests in
the Partnership, including any and all responses to such tender offers.
The Special Committee has retained independent counsel to advise it in
connection with any potential tender offers for Interests and has retained
Lehman Brothers Inc. as financial advisor to assist the Special Committee
in evaluating and responding to any additional potential tender offers for
Interests.
In November 1996, an unaffiliated third party made an unsolicited
tender offer for up to 4.9% of the Interests in the Partnership at $400 per
Interest. The Special Committee was neutral in its recommendation to
accept or reject such offer. The offer expired in December 1996.
In 1997, unaffiliated third parties made unsolicited tender offers for
up to 4.9% of the Interests in the Partnership with offers ranging between
$265 and $285 per Interest. The Special Committee recommended against
acceptance of these offers, one of which has expired and the other of which
is currently scheduled to expire in June 1997. As of the date of this
report, the Partnership is aware that 3.78% of the Interests of the
Partnership have been purchased by such unaffiliated third parties either
pursuant to such tender offers or through negotiated purchases.
At March 31, 1997, the Partnership and its consolidated venture had
cash and cash equivalents of approximately $5,312,000. Such funds are
available for distributions to partners and for working capital
requirements including tenant and capital improvements.
In May 1997, the Partnership expects to make a semi-annual
distribution of cash generated from operations of $16 per Interest ($8 per
Interest for each of the first and second quarter). In addition, the
Partnership anticipates reductions in operating cash flow as the
Partnership's remaining investment properties are sold.
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 increase in cash and cash equivalents at March 31, 1997 as
compared to December 31, 1996 is primarily due to the timing of
distributions to the partners in the Partnership.
<PAGE>
The decrease in interest, rents and other receivables and the increase
in unearned rents at March 31, 1997 as compared to December 31, 1996 is
primarily due to the timing of sales tax rebates due from the city of
Fountain Valley and corresponding issuance of rent credits to Fry's
Electronics, a major tenant at the Fountain Valley Industrial Park.
The decrease in prepaid expenses at March 31, 1997 as compared to
December 31, 1996 is primarily due to the timing of payment of insurance
premiums at certain of the Partnership's investment properties.
The increase in escrow deposits and accrued real estate taxes at March
31, 1997 as compared to December 31, 1996 is primarily due to the timing of
payment of real estate taxes at certain of the Partnership's investment
properties.
The decrease in interest income for the three months ended March 31,
1997 as compared to the three months ended March 31, 1996 is primarily due
to the decrease in the Partnership's average invested balance in U.S.
Government obligations during 1997 as compared to 1996.
The decrease in depreciation and the decrease in amortization of
deferred expenses for the three months ended March 31, 1997 as compared to
the three months ended March 31, 1996 is primarily due to the
classification of all investment properties as properties held for sale,
and therefore, not being subject to continued depreciation.
The increase in property operating expenses for the three months ended
March 31, 1997 as compared to the three months ended March 31, 1996 is
primarily due to an increase in certain expenses at the Rivertree Court
Shopping Center investment property, most of which are recoverable from
tenants.
The decrease in Partnership's share of operations from unconsolidated
ventures for the three months ended March 31, 1997 as compared to the three
months ended March 31, 1996 is due to the sale of the Partnership's
interest in the Miami International Mall in April 1996 and the sale of the
First Financial Plaza office building in September 1996.
<PAGE>
<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 owned during 1997.
<CAPTION>
1996 1997
-------------------------------------------------------------------
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. Rivertree Court
Shopping Center
Vernon Hills (Chicago),
Illinois . . . . . . . . 84% 83% 89% 90% 96%
2. Fountain Valley
Industrial Park
Fountain Valley
(Los Angeles),
California (a) . . . . . 93% 100% 94% 94% 94%
3. Cerritos Industrial Park
Cerritos (Los Angeles),
California . . . . . . . 100% 100% 100% 100% 100%
4. 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, 1997
is 45%.
(a) On December 31, 1996, a parcel of land and related building (9,500 square feet) were sold decreasing
Fountain Valley Industrial Park's total building area from 393,092 square feet to 383,592 square feet. Occupancy
percentages for 1997 reflect such revised available square footage.
</TABLE>
<PAGE>
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 Report for December
31, 1992 on Form 10-K (File No. 000-19496) 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 Report for December 31, 1992
on Form 10-K (File No. 000-19496) dated March 18, 1993.
3-C. Acknowledgement of rights and duties of the General
Partners of the Partnership between AGPP Associates, L.P. (a successor
Associated General Partner of the Partnership) and JMB Realty Corporation
as of December 31, 1995 is hereby incorporated herein by reference to the
Partnership's Report for June 30, 1996 on Form 10-Q (File No. 000-19496)
dated August 9, 1996.
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.
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 Registrant
commits to provide copies of such agreements to the Securities and Exchange
Commission upon request.
(b) No reports on Form 8-K have been filed during the last quarter
of the period covered by this report.
<PAGE>
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 9, 1997
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 9, 1997
<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, 1997 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-31-1997
<PERIOD-END> MAR-31-1997
<CASH> 5,312,087
<SECURITIES> 0
<RECEIVABLES> 1,261,480
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 6,573,567
<PP&E> 72,765,441
<DEPRECIATION> 0
<TOTAL-ASSETS> 81,515,740
<CURRENT-LIABILITIES> 2,630,638
<BONDS> 25,400,916
<COMMON> 0
0
0
<OTHER-SE> 53,171,508
<TOTAL-LIABILITY-AND-EQUITY>81,515,740
<SALES> 2,996,030
<TOTAL-REVENUES> 3,038,594
<CGS> 0
<TOTAL-COSTS> 902,571
<OTHER-EXPENSES> 226,155
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 583,922
<INCOME-PRETAX> 1,325,946
<INCOME-TAX> 0
<INCOME-CONTINUING> 1,325,946
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,325,946
<EPS-PRIMARY> 10.07
<EPS-DILUTED> 10.07
</TABLE>
