UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
Amendment No. 2
(Mark One)
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended June 30, 1997
or
[ ]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: 0-16171
USAA Income Properties IV Limited Partnership
(Exact name of registrant as specified in its charter)
Delaware 74-2449334
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
8000 Robert F. McDermott Fwy., IH 10 West, Suite 600
San Antonio, Texas 78230-3884
(Address of principal executive offices) (Zip Code)
(210) 498-7391
(Registrant's telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if
changed since last report.)
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.
[X] Yes [ ] No
1
<PAGE>
INTRODUCTORY NOTE
This Amendment No. 2 to the Quarterly Report on Form 10-Q of
USAA Income Properties IV Limited Partnership is being filed
for the purpose of adding note 3 to the financial
statements.
2
<PAGE>
3. Investment in Joint Venture
On May 31, 1988, the Partnership entered into the USAA
Chelmsford Associates Joint Venture with USAA Real
Estate Company, the parent company of the Partnership's
General Partner, for the ownership and operation of the
Apollo Computer Research and Development Headquarters
Building. The Partnership contributed $9,000,000 for
its 55.8% joint venture interest. The contribution
consisted of $3,000,000 in remaining offering proceeds
and $6,000,000 in proceeds from a note payable to USAA
Real Estate Company. The Partnership accounts
for its investment in the joint venture using the equity
method.
Summary financial information for the joint venture as of
June 30, 1997 and for the three months and six months ended
June 30, 1997 and 1996 follows:
<TABLE>
<CAPTION>
ASSETS
June 30,
1997 December 31,
(Unaudited) 1996
<S> <C> <C>
Cash $ 279,875 416,888
Property, net 23,897,335 24,288,391
Account receivable 61,381 27,115
Other assets 4,692 4,663
$ 24,243,283 24,737,057
LIABILITIES AND EQUITY
Liabilities:
Mortgage payable $ 15,202,386 15,287,583
Accounts payable 179,937 167,247
15,382,323 15,454,830
Equity:
USAA Income Properties IV
Limited Partnership 4,948,221 5,183,456
Co-venturer-affiliate 3,912,739 4,098,771
Total equity 8,860,960 9,282,227
$ 24,243,283 24,737,057
3
<PAGE>
<CAPTION>
OPERATIONS
Three Months Three Months
Ended Ended
June 30, June 30,
1997 1996
<S> <C> <C>
OPERATIONS:
Revenues $ 508,434 706,425
Operating expenses (9,834) (14,289)
Other expenses (15,698) (1,030)
Depreciation (254,019) (227,944)
Interest expense (347,462) (351,205)
Net income (loss) $ (118,579) 111,957
EQUITY IN NET INCOME (LOSS):
USAA Income Properties IV
Limited Partnership $ (66,215) 62,517
Co-venturer-affiliate (52,364) 49,440
$ (118,579) 111,957
CASH DISTRIBUTIONS:
USAA Income Properties IV
Limited Partnership $ 50,256 167,520
Co-venturer-affiliate 39,744 132,480
$ 90,000 300,000
<CAPTION>
Six Months Six Months
Ended Ended
June 30, June 30,
1997 1996
<S> <C> <C>
OPERATIONS:
Revenues $ 1,020,006 1,406,866
Operating expenses (23,453) (31,040)
Other expenses (36,287) (6,979)
Depreciation (505,642) (455,888)
Interest expense (695,891) (703,294)
Net income (loss) $ (241,267) 209,665
EQUITY IN NET INCOME (LOSS):
USAA Income Properties IV
Limited Partnership $ (134,724) 117,077
Co-venturer-affiliate (106,543) 92,588
$ (241,267) 209,665
CASH DISTRIBUTIONS:
USAA Income Properties IV
Limited Partnership $ 100,512 167,520
Co-venturer-affiliate 79,488 132,480
$ 180,000 300,000
</TABLE>
4
<PAGE>
FORM 10-Q/A
SIGNATURES
USAA INCOME PROPERTIES IV LIMITED PARTNERSHIP
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly
authorized.
USAA INCOME PROPERTIES IV
LIMITED PARTNERSHIP (Registrant)
BY: USAA PROPERTIES IV, INC.,
General Partner
November 12, 1997 By: /s/Edward B. Kelley
Edward B. Kelley
Chairman, President and
Chief Executive Officer
November 12, 1997 BY: /s/Martha J. Barrow
Martha J. Barrow
Vice President -
Administration
and Finance/Treasurer
5
