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 March 31, 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
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<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 March 31, 1997 and for the three months ended March
31, 1997 and 1996 follows:
<TABLE>
<CAPTION>
ASSETS
March 31,
1997 December 31,
(Unaudited) 1996
<S> <C> <C>
Cash $ 331,805 416,888
Property, net 24,118,015 24,288,391
Account receivable 34,066 27,115
Other assets 5,398 4,663
$ 24,489,284 24,737,057
LIABILITIES AND EQUITY
Liabilities:
Mortgage payable $ 15,245,468 15,287,583
Accounts payable 174,278 167,247
15,419,746 15,454,830
Equity:
USAA Income Properties IV
Limited Partnership 5,064,691 5,183,456
Co-venturer-affiliate 4,004,847 4,098,771
Total equity 9,069,538 9,282,227
$ 24,489,284 24,737,057
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<PAGE>
<CAPTION>
OPERATIONS
Three months ended March 31, 1997 and 1996
1997 1996
<S> <C> <C>
OPERATIONS:
Revenues $ 511,572 700,441
Operating expenses (13,619) (16,751)
Other expenses (20,589) (5,949)
Depreciation (251,623) (227,944)
Interest expense (348,429) (352,089)
Net income (loss) $ (122,688) 97,708
EQUITY IN NET INCOME(LOSS):
USAA Income Properties IV
Limited Partnership $ (68,509) 54,560
Co-venturer-affiliate (54,179) 43,148
$ (122,688) 97,708
CASH DISTRIBUTIONS:
USAA Income Properties IV
Limited Partnership $ 50,256 --
Co-venturer-affiliate 39,744 --
$ 90,000 --
</TABLE>
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<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
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