FORM 10-QSB.--QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
QUARTERLY OR TRANSITIONAL REPORT
U.S. Securities and Exchange Commission
Washington, D.C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1997
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period.........to.........
Commission file number 0-15547
ANGELES INCOME PROPERTIES, LTD. V
(Exact name of small business issuer as specified in its charter)
California 95-4049903
(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
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ANGELES INCOME PROPERTIES, LTD. V
STATEMENT OF NET LIABILITIES IN LIQUIDATION
(Unaudited)
(in thousands, except unit data)
March 31, 1997
Assets
Cash and cash equivalents:
Unrestricted $ 64
Restricted--tenant security deposits 17
Accounts receivable 6
Escrow for taxes 26
Other assets 11
Investment property 3,243
3,367
Liabilities
Accounts payable 11
Tenant security deposits 28
Accrued interest 1,868
Other liabilities 57
Mortgage notes payable, $2,000 in default 4,801
Estimated costs during the period of
liquidation (Note A) 473
7,238
Net liabilities in liquidation (Note A) $ (3,871)
See Accompanying Notes to Financial Statements
ANGELES INCOME PROPERTIES, LTD. V
STATEMENT OF CHANGES IN NET LIABILITIES IN LIQUIDATION
(in thousands)
March 31, 1997
Partner's deficit at June 30, 1996 $ (5,548)
Adjustment to liquidation basis of accounting (Note B) 1,809
Net liabilities in liquidation at July 1, 1996 (3,739)
Changes in net liabilities in liquidation
attributed to:
Decrease in unrestricted cash (42)
Decrease in restricted cash (43)
Decrease in accounts receivable (1)
Decrease in escrows for taxes (62)
Increase in other assets 11
Decrease in investment property (3,559)
Decrease in accounts payable 6
Decrease in tenant security deposits 33
Increase in accrued interest (865)
Decrease in other liabilities 28
Decrease in mortgage notes payable 3,568
Decrease in estimated costs during the period
of liquidation 794
Net liabilities in liquidation at March 31, 1997 $ (3,871)
See Accompanying Notes To Financial Statements
ANGELES INCOME PROPERTIES, LTD. V
STATEMENT OF OPERATIONS
(Unaudited)
(in thousands, except unit data)
Three Months Ended
March 31,
1996
Revenues:
Rental income $ 368
Other income 50
Total revenues 418
Expenses:
Operating 199
General and administrative 57
Maintenance 35
Depreciation 67
Interest 341
Property taxes 49
Total expenses 748
Net loss $ (330)
Loss allocated to general partner (1%) $ (3)
Loss allocated to limited partners (99%) (327)
Net loss $ (330)
Per limited partnership unit:
Net loss $ (7.26)
See Accompanying Notes to Financial Statements
ANGELES INCOME PROPERTIES, LTD. V
STATEMENT OF CHANGES IN PARTNERS' DEFICIT
(in thousands, except unit data)
<TABLE>
<CAPTION>
Limited
Partnership General Limited
Units Partner Partners Total
<S> <C> <C> <C> <C>
Original capital contributions 45,450 $ 1,000 $ 45,450 $ 45,451
Partners' deficit at
December 31, 1995 45,021 $ (448) $ (5,337) $ (5,785)
Net loss for the three months
ended March 31, 1996 -- (3) (327) (330)
Partners' deficit at
March 31, 1996 45,021 $ (451) $ (5,664) $ (6,115)
<FN>
See Accompanying Notes to Financial Statements
</TABLE>
ANGELES INCOME PROPERTIES, LTD. V
STATEMENT OF CASH FLOWS
(Unaudited)
(in thousands)
Three Months Ended
March 31,
1996
Cash flows from operating activities:
Net loss $ (330)
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 67
Amortization of loan costs 6
Change in accounts:
Restricted cash 11
Accounts receivable 9
Escrows for taxes 7
Accounts payable (8)
Accrued taxes 14
Accrued interest 203
Due to affiliates 42
Other liabilities (2)
Net cash provided by operating activities 19
Cash flows used in investing activities:
Property improvements and replacements (11)
Cash flows from financing activities:
Payments on mortgage notes payable (20)
Net decrease in cash and cash equivalents (12)
Cash and cash equivalents at beginning of period 293
Cash and cash equivalents at end of period $ 281
Supplemental disclosure of cash flow information:
Cash paid for interest $ 132
See Accompanying Notes to Financial Statements
ANGELES INCOME PROPERTIES, LTD. V
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
March 31, 1997
NOTE A - BASIS OF PRESENTATION
As of July 1, 1996, Angeles Income Properties, Ltd. V (the "Partnership")
adopted the liquidation basis of accounting. The Partnership has significant
recurring operating losses and continues to suffer from inadequate liquidity.
The Partnership is in default on recourse indebtedness and does not generate
sufficient cash flows to meet current operating requirements. In addition,
there are no other capital resources available to the Partnership.
Until November 1995, the Partnership had a recourse first mortgage note payable
to Angeles Mortgage Investment Trust ("AMIT") in the amount of $1,800,000 plus
accrued interest on University Park Center - Phase IV that was in default due to
nonpayment of interest. In May 1995, AMIT initiated foreclosure proceedings and
acquired the property in a sheriff's sale, subject to Minnesota law of one year
right of redemption, leaving a deficiency judgment. In November 1995, the
Partnership granted to AMIT Deeds in Lieu of Foreclosure on University Park
Center Phase I and II and agreed to waive the right of redemption on Phase IV.
The Partnership had a non-recourse mortgage of $850,000 secured by University
Park Center - Phase III, which was in default due to nonpayment of interest. The
lender foreclosed on University Park Center - Phase III in 1996.
The Partnership had a nonrecourse second mortgage note payable to AMIT, in the
amount of $1,720,000 plus accrued interest secured by Springdale Lake Estates
Mobile Home Park that was in default due to nonpayment upon maturity. On April
11, 1996, a formal demand for payment of the unpaid principal balance and
accrued interest was received from AMIT for the debt secured by Springdale Lake
Estates Mobile Home Park. AMIT foreclosed on the property on August 15, 1996.
The Partnership has a second mortgage payable to AMIT in the amount of
$2,000,000, which is secured by Southgate Village Apartments. This indebtedness
is in default due to nonpayment upon maturity and is recourse to the
Partnership. On February 29, 1996, a formal demand for payment of the unpaid
principal balance and accrued interest was received from AMIT for the debt
secured by Southgate Village Apartments. On June 12, 1996, AMIT filed a
Complaint For Foreclosure and Other Relief. The Partnership entered into a
forbearance agreement with AMIT, effective July 1, 1996, which provides that
surplus cash be deposited into a separate account on which the Partnership has
granted AMIT a first priority lien. In exchange, AMIT agrees to refrain from
appointing a receiver for the property. Angeles Realty Corporation II (the
"General Partner") does not intend to contest the foreclosure and anticipates
that this property will be lost in 1997 through foreclosure.
The Partnership is presently paying non-debt related expenses of the property
and is current on its first mortgage note payable. However, the debt to Angeles
Acceptance Pool, L.P. ("AAP") matures in November 1997 and the Partnership does
not have the ability to satisfy the indebtedness when it is due. At this time,
the General Partner believes the equity in Southgate Village Apartments is not
sufficient to retire the AMIT debt, therefore, the General Partner expects to
transfer the Partnership's interest in Southgate Village Apartments to AMIT.
These transactions are anticipated to occur during the fourth quarter of 1997.
The General Partner does not expect to contest any of these proceedings. The
General Partner does not have any other plans to remedy the liquidity problems
the Partnership is experiencing.
The Partnership does not intend to purchase any additional properties and the
General Partner has decided to terminate the Partnership upon foreclosure of the
final property.
As a result of the decision to liquidate the Partnership, the Partnership
changed its basis of accounting for its financial statements on July 1, 1996,
from the going concern basis of accounting to the liquidation basis of
accounting in accordance with generally accepted accounting principles.
Consequently, assets have been valued at estimated realizable value (including
subsequent actual transactions described below) and liabilities are presented at
their estimated settlement amounts, including estimated costs associated with
carrying out the liquidation. The valuation of assets and liabilities
necessarily requires many estimates and assumptions and there are substantial
uncertainties in carrying out the liquidation. The actual realization of assets
and settlement of liabilities could be higher or lower than amounts indicated
and is based upon the General Partner's estimates as of the date of the
financial statements.
The statement of net liabilities in liquidation as of March 31, 1997, include
$631,000 of costs, net of income, that the General Partner estimates will be
incurred during the period of liquidation based upon the assumption that the
liquidation process will be completed by December 31, 1997. These costs include
anticipated legal fees, administrative expenses, and loss from property
operations. Because the success in realization of assets and the settlement of
liabilities is based on the General Partner's best estimates, the liquidation
period may be shorter than projected or it may be extended beyond the projected
period.
NOTE B - ADJUSTMENT TO LIQUIDATION BASIS OF ACCOUNTING
At July 1, 1996, in accordance with the liquidation basis of accounting, assets
were adjusted to their estimated net realizable value and liabilities were
adjusted to their settlement amount and include all estimated costs associated
with carrying out the liquidation. The net adjustment required to convert to
the liquidation basis of accounting was a decrease in net liabilities of
$1,809,000. Significant adjustments in 1996 are summarized as follows:
(Increase) Decrease
in net liabilities
(in thousands)
Adjustment from book value of property
improvements to estimated net realizable value $ 38
Adjustment to record estimated costs during the
period of liquidation (1,267)
Adjustment of debt to net settlement value 979
Adjustment for other assets and liabilities 2,059
Net decrease in net liabilities $ 1,809
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 expenses were paid or accrued to the General Partner and
affiliates during the three months ended March 31, 1997 and 1996:
1997 1996
(in thousands)
Property management fees $ 10 $ 21
Reimbursement for services of
affiliates 38 35
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 November 1992, AAP, a Delaware limited partnership was organized to acquire
and hold the obligations evidencing the working capital loan previously provided
to the Partnership by Angeles Capital Investments, Inc. ("ACII"). Angeles
Corporation ("Angeles") is the 99% limited partner of AAP and Angeles Acceptance
Directives, Inc.("AAD"), an affiliate of the General Partner, was until April
14, 1995, the 1% general partner of AAP. On April 14, 1995, as part of a
settlement of claims between affiliates of the General Partner and Angeles, AAD
resigned as general partner of AAP and simultaneously received a 1/2% limited
partner interest in AAP.
This working capital loan funded the Partnership's operating deficits in prior
years. Total indebtedness, which is included as a note payable, was $198,000 at
March 31, 1997, and March 31, 1996, with monthly interest only payments at prime
plus 2%. Principal is to be paid the earlier of i) the availability of funds,
ii) the sale of one or more properties owned by the Partnership, or iii)
November 25, 1997. Total interest expense for this loan was $5,000 for the three
months ended March 31, 1997 and 1996, respectively.
AMIT currently provides financing to the Partnership in the total principal
amount of $2,000,000 secured by Southgate Village Apartments. This debt is in
default at March 31, 1997. Total interest expense on this financing was $163,000
and $58,000 for the three months ended March 31, 1997 and 1996, respectively.
MAE GP Corporation ("MAE GP"), an affiliate of the General Partner, owns
1,675,113 Class B Shares of AMIT. The terms of the Class B Shares provide that
they are convertable, in whole or in part, into Class A Shares on the basis of 1
Class A Share for every 49 Class B Shares (however, in connection with the
settlement agreement described in the following paragraph, MAE GP has agreed not
to convert the Class B Shares so long as AMIT's option is outstanding). These
Class B Shares entitle MAE GP to receive 1% of the distributions of net cash
distributed by AMIT. These Class B Shares also entitle MAE GP to vote on the
same basis as Class A Shares, providing MAE GP with approximately 39% of the
total voting power of AMIT (unless and until converted to Class A Shares, in
which case the percentage of the vote controlled represented by the shares held
by MAE GP would approximate 1.3% of the vote). Between the date of acquisition
of these shares (November 24, 1992) and March 31, 1995, MAE GP declined to vote
these shares. Since that date, MAE GP voted its shares at the 1995 and 1996
annual meetings in connection with the election of trustees and other matters.
MAE GP has not exerted and continues to decline to exert any management control
over or participate in the management of AMIT. MAE GP may choose to vote these
shares as it deems appropriate in the future. In addition, Insignia Properties,
L.P. ("IPLP"), an affiliate of the General Partner and an affiliate of Insignia
Financial Group, Inc. ("Insignia"), which provides property management and
partnership administration services to the Partnership, owns 96,800 Class A
Shares of AMIT at March 31, 1997. These Class A Shares represent approximately
2.2% of the total voting power of AMIT.
As part of a settlement of certain disputes with AMIT, MAE GP granted to AMIT an
option to acquire the Class B shares owned by it. This option can be exercised
at the end of 10 years or when all loans made by AMIT to partnerships affiliated
with MAE GP as of November 9, 1994 (which is the date of execution of a
definitive Settlement Agreement) have been paid in full, but in no event prior
to November 9, 1997. In connection with such settlement, AMIT delivered to MAE
GP cash in the sum of $250,000 at closing (which occurred April 14, 1995) as
payment for the option. If and when the option is exercised, AMIT will be
required to remit to MAE GP an additional $94,000.
Simultaneously with the execution of the option and as part of the settlement,
MAE GP executed an irrevocable proxy in favor of AMIT, the result of which is
that MAE GP is permitted to vote the Class B Shares on all matters except those
involving transactions between AMIT and MAE GP affiliated borrowers or the
election of any MAE GP affiliate as an officer or trustee of AMIT. On those
matters, MAE GP is obligated to deliver to the AMIT trustees, in their capacity
as trustees of AMIT, proxies with regard to the Class B Shares instructing such
trustees to vote said Class B Shares in accordance with the vote of the majority
of the Class A Shares voting to be determined without consideration of the votes
of "Excess Class A Shares" (as defined in Section 6.13 of the Declaration of
Trust of AMIT).
On April 3, 1997, Insignia and AMIT entered into a non-binding agreement in
principle contemplating, among other things, a business combination of AMIT and
Insignia Properties Trust, an entity owned 98% by Insignia and its affiliates
("IPT"). It is anticipated that the resulting combined entity would be owned
approximately 82% by Insignia and its affiliates and 18% by the pre-combination
AMIT shareholders (including MAE GP and IPLP). The proposed transaction is
contingent upon, among other things, satisfactory review of the business,
operations, properties and assets of AMIT and IPT, the negotiation and execution
of definitive agreements and the approval of the proposed transaction by the
trustees and shareholders of each of AMIT and IPT.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS AND PLAN OF OPERATION
As of July 1, 1996, the Partnership adopted the liquidation basis of accounting.
The Partnership has significant recurring operating losses and continues to
suffer from inadequate liquidity. The Partnership is in default on recourse
indebtedness totaling $2,000,000 due to AMIT and does not generate sufficient
cash flows to meet current operating requirements. In addition, there are
limited identified capital resources available to the Partnership.
The Partnership has a second mortgage in the amount of $2,000,000 which is
secured by Southgate Village Apartments. This indebtedness is in default due to
nonpayment upon maturity and is recourse to the Partnership. On February 29,
1996, a formal demand for payment of the unpaid principal balance and accrued
interest was received from AMIT for the debt secured by Southgate Village
Apartments. On June 12, 1996, AMIT filed a Complaint For Foreclosure and Other
Relief. The Partnership entered into a forbearance agreement with AMIT,
effective July 1, 1996, which provides that surplus cash be deposited into a
separate account on which the Partnership has granted AMIT a first priority
lien. In exchange, the Partnership agrees to refrain from appointing a receiver
for the property. The General Partner does not intend to contest the
foreclosure and anticipates that this property will be lost in 1997 through
foreclosure.
The Partnership is presently paying non-debt related expenses of the properties
and is current on its first mortgage note payable. However, the debt to AAP
matures in November 1997 and the Partnership does not have the ability to
satisfy the indebtedness when it becomes due. The General Partner believes the
equity in Southgate Village Apartments is not sufficient to retire the AMIT
debt, therefore, the General Partner expects to transfer the Partnership's
interest in Southgate Village Apartments to AMIT. These transactions are
anticipated to occur during the fourth quarter of 1997. The Partnership does
not expect to contest any of these proceedings. The General Partner does not
have any other plans to remedy the liquidity problems the Partnership is
experiencing. The Partnership does not intend to purchase any additional
properties and the General Partner has decided to terminate the Partnership upon
foreclosure of the final property.
As a result of the decision to liquidate the Partnership, the Partnership
changed its basis of accounting for its financial statements on July 1, 1996,
from the going concern basis of accounting to the liquidation basis of
accounting in accordance with generally accepted accounting principles.
Consequently, assets have been valued at estimated realizable value (including
subsequent actual transactions described below) and liabilities are presented at
their estimated settlement amounts, including estimated costs associated with
carrying out the liquidation. The valuation of assets and liabilities
necessarily requires many estimates and assumptions and there are substantial
uncertainties in carrying out the liquidation. The actual realization of assets
and settlement of liabilities could be higher or lower than amounts indicated
and is based upon the General Partner's estimates as of the date of the
financial statements.
For the nine months ended March 31, 1997, the Partnership recorded a net
increase in net liabilities in liquidation of $132,000. The statements of net
liabilities in liquidation as of March 31, 1997, include $473,000 of costs, net
of income, that the General Partner estimates will be incurred during the period
of liquidation based upon the assumption that the liquidation process will be
completed by December 31, 1997. These costs include anticipated legal fees,
administrative expenses, and loss from property operations. Because the success
in realization of assets and the settlement of liabilities is based on the
General Partner's best estimates, the liquidating period may be shorter than
projected or it may be extended beyond the projected period.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
In July 1993, Angeles Mortgage Investment Trust ("AMIT") initiated litigation
against Angeles Fort Worth Option Joint Venture ("Forth Worth") and other
partnerships which loaned money to AMIT seeking to avoid repayment of such
obligations. The Partnership had a 57% interest in Forth Worth. The
Partnership subsequently filed a counterclaim against AMIT seeking to enforce
the obligation, the principal amount of which is $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 was satisfied
by a cash payment to Fort Worth by AMIT totaling $1,932,975 (the "Settlement
Amount") plus interest at closing.
MAE GP Corporation ("MAE GP"), an affiliate of the General Partner, owns
1,675,113 Class B Shares of AMIT. The terms of the Class B Shares provide that
they are convertable, in whole or in part, into Class A Shares on the basis of 1
Class A Share for every 49 Class B Shares (however, in connection with the
settlement agreement described in the following paragraph, MAE GP has agreed not
to convert the Class B Shares so long as AMIT's option is outstanding). These
Class B Shares entitle MAE GP to receive 1% of the distributions of net cash
distributed by AMIT. These Class B Shares also entitle MAE GP to vote on the
same basis as Class A Shares, providing MAE GP with approximately 39% of the
total voting power of AMIT (unless and until converted to Class A Shares, in
which case the percentage of the vote controlled represented by the shares held
by MAE GP would approximate 1.3% of the vote). Between the date of acquisition
of these shares (November 24, 1992) and March 31, 1995, MAE GP declined to vote
these shares. Since that date, MAE GP voted its shares at the 1995 and 1996
annual meetings in connection with the election of trustees and other matters.
MAE GP has not exerted and continues to decline to exert any management control
over or participate in the management of AMIT. MAE GP may choose to vote these
shares as it deems appropriate in the future. In addition, Insignia Properties,
L.P. ("IPLP"), an affiliate of the General Partner and an affiliate of Insignia
Financial Group, Inc. ("Insignia"), which provides property management and
partnership administration services to the Partnership, owns 96,800 Class A
Shares of AMIT at March 31, 1997. These Class A Shares represent approximately
2.2% of the total voting power of AMIT.
As part of a settlement of certain disputes with AMIT, MAE GP granted to AMIT an
option to acquire the Class B shares owned by it. This option can be exercised
at the end of 10 years or when all loans made by AMIT to partnerships affiliated
with MAE GP as of November 9, 1994 (which is the date of execution of a
definitive Settlement Agreement) have been paid in full, but in no event prior
to November 9, 1997. In connection with such settlement, AMIT delivered to MAE
GP cash in the sum of $250,000 at closing (which occurred April 14, 1995) as
payment for the option. If and when the option is exercised, AMIT will be
required to remit to MAE GP an additional $94,000.
Simultaneously with the execution of the option and as part of the settlement,
MAE GP executed an irrevocable proxy in favor of AMIT, the result of which is
that MAE GP is permitted to vote the Class B Shares on all matters except those
involving transactions between AMIT and MAE GP affiliated borrowers or the
election of any MAE GP affiliate as an officer or trustee of AMIT. On those
matters, MAE GP is obligated to deliver to the AMIT trustees, in their capacity
as trustees of AMIT, proxies with regard to the Class B Shares instructing such
trustees to vote said Class B Shares in accordance with the vote of the majority
of the Class A Shares voting to be determined without consideration of the votes
of "Excess Class A Shares" (as defined in Section 6.13 of the Declaration of
Trust of AMIT).
On April 3, 1997, Insignia and AMIT entered into a non-binding agreement in
principle contemplating, among other things, a business combination of AMIT and
Insignia Properties Trust, an entity owned 98% by Insignia and its affiliates
("IPT"). It is anticipated that the resulting combined entity would be owned
approximately 82% by Insignia and its affiliates and 18% by the pre-combination
AMIT shareholders (including MAE GP and IPLP). The proposed transaction is
contingent upon, among other things, satisfactory review of the business,
operations, properties and assets of AMIT and IPT, the negotiation and execution
of definitive agreements and the approval of the proposed transaction by the
trustees and shareholders of each of AMIT and IPT.
The Partnership, 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.
The Partnership has a second mortgage in the amount of $2,000,000 which is
secured by Southgate Village Apartments. This indebtedness is in default due to
nonpayment upon maturity and is recourse to the Partnership. On February 29,
1996, a formal demand for payment of the unpaid principal balance and accrued
interest was received from AMIT for the debt secured by Southgate Village
Apartments. On June 12, 1996, AMIT filed a Complaint For Foreclosure and Other
Relief. The General Partner does not intend to contest the foreclosure and
anticipates that this property will be lost in 1997 through foreclosure.
The Partnership is unaware of any other pending or outstanding litigation that
is not of a routine nature. The General Partner of the Partnership believes
that all such pending or outstanding litigation will be resolved without a
material adverse effect upon the business, financial condition or operations of
the Partnership.
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. V
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.
Controller and Principal
Accounting Officer
Date: May 13, 1997
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Angeles
Income Properties Ltd. V 1997 First Quarter 10-QSB and is qualified in its
entirety by reference to such 10-QSB filing.
</LEGEND>
<CIK> 0000792181
<NAME> ANGELES INCOME PROPERTIES LTD. V
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> MAR-31-1997
<CASH> 64
<SECURITIES> 0
<RECEIVABLES> 6
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0<F1>
<PP&E> 3,243
<DEPRECIATION> 0
<TOTAL-ASSETS> 3,367
<CURRENT-LIABILITIES> 0<F1>
<BONDS> 4,801
0
0
<COMMON> 0
<OTHER-SE> 473
<TOTAL-LIABILITY-AND-EQUITY> 7,238
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<FN>
<F1>Registrant has an unclassified balance sheet.
</FN>
</TABLE>
