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
September 30, 1997 Commission file number 0-17699
IDS/JMB BALANCED INCOME GROWTH, LTD.
(Exact name of registrant as specified in its charter)
Illinois 36-3498972
(State of organization) (IRS Employer Identification No.)
900 N. Michigan Ave., Chicago, IL 60611
(Address of principal executive offices) (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. . . . . . . . . . . . . . . 12
PART II OTHER INFORMATION
Item 5. Other Information. . . . . . . . . . . . . . . . . 14
Item 6. Exhibits and Reports on Form 8-K . . . . . . . . . 15
<PAGE>
<TABLE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
IDS/JMB BALANCED INCOME GROWTH, LTD.
(A LIMITED PARTNERSHIP)
BALANCE SHEETS
SEPTEMBER 30, 1997 AND DECEMBER 31, 1996
(UNAUDITED)
ASSETS
------
<CAPTION>
SEPTEMBER 30, DECEMBER 31,
1997 1996
------------- -----------
<S> <C> <C>
Current assets:
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . $ 326,254 847,356
Interest, rents and other receivables . . . . . . . . . . . . . . . . 82,941 131,710
Prepaid expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . 11,291 7,642
----------- -----------
Total current assets. . . . . . . . . . . . . . . . . . . . . 420,486 986,708
----------- -----------
Investment property held for sale or disposition. . . . . . . . . . . . 8,535,850 8,711,748
----------- -----------
Deferred expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . 232,519 198,937
Escrow deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,723,465 1,550,211
----------- -----------
$10,912,320 11,447,604
=========== ===========
<PAGE>
IDS/JMB BALANCED INCOME GROWTH, LTD.
(A LIMITED PARTNERSHIP)
BALANCE SHEETS - CONTINUED
LIABILITIES AND PARTNERS' CAPITAL ACCOUNTS (DEFICITS)
-----------------------------------------------------
SEPTEMBER 30, DECEMBER 31,
1997 1996
------------- -----------
Current liabilities:
Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . $ 54,650 58,780
Accrued interest. . . . . . . . . . . . . . . . . . . . . . . . . . . 26,793 26,508
Unearned rents. . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,800 116,246
Accrued real estate taxes . . . . . . . . . . . . . . . . . . . . . . 487,800 592,656
----------- -----------
Total current liabilities . . . . . . . . . . . . . . . . . . 607,043 794,190
----------- -----------
Tenant security deposits. . . . . . . . . . . . . . . . . . . . . . . . 12,374 12,374
Long-term debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,800,000 6,800,000
----------- -----------
Commitments and contingencies
Total liabilities . . . . . . . . . . . . . . . . . . . . . . 7,419,417 7,606,564
----------- -----------
Partners' capital accounts (deficits):
General partners:
Capital contributions . . . . . . . . . . . . . . . . . . . . . . . 20,000 20,000
Cumulative net earnings (losses). . . . . . . . . . . . . . . . . . (294,372) (259,558)
----------- -----------
(274,372) (239,558)
----------- -----------
Limited partners (47,534 interests):
Capital contributions, net of offering costs. . . . . . . . . . . . 10,284,207 10,284,207
Cumulative net earnings (losses). . . . . . . . . . . . . . . . . . (1,897,218) (1,583,895)
Cumulative cash distributions . . . . . . . . . . . . . . . . . . . (4,619,714) (4,619,714)
----------- -----------
3,767,275 4,080,598
----------- -----------
Total partners' capital accounts. . . . . . . . . . . . . . . 3,492,903 3,841,040
----------- -----------
$10,912,320 11,447,604
=========== ===========
<WP>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
IDS/JMB BALANCED INCOME GROWTH, LTD.
(A LIMITED PARTNERSHIP)
STATEMENTS OF OPERATIONS
THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
(UNAUDITED)
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30 SEPTEMBER 30
-------------------------- --------------------------
1997 1996 1997 1996
----------- ---------- ----------- ----------
<S> <C> <C> <C> <C>
Income:
Rental income. . . . . . . . . . . . . . . . . $ 397,892 357,911 1,167,223 1,129,654
Interest income. . . . . . . . . . . . . . . . 23,048 36,251 60,574 78,315
----------- ---------- ---------- ----------
420,940 394,162 1,227,797 1,207,969
----------- ---------- ---------- ----------
Expenses:
Mortgage and other interest. . . . . . . . . . 98,652 89,982 282,093 273,857
Depreciation . . . . . . . . . . . . . . . . . -- 72,923 -- 217,767
Property operating expenses. . . . . . . . . . 103,401 148,542 529,489 570,951
Professional services. . . . . . . . . . . . . 500 705 33,019 47,708
Amortization of deferred expenses. . . . . . . 8,240 13,792 39,274 41,191
General and administrative . . . . . . . . . . 31,308 30,511 92,059 109,826
Provision for value impairment . . . . . . . . 600,000 -- 600,000 --
----------- ---------- ---------- ----------
842,101 356,455 1,575,934 1,261,300
----------- ---------- ---------- ----------
Operating earnings (loss) . . . . . . . (421,161) 37,707 (348,137) (53,331)
Partnership's share of income from
operations of unconsolidated venture. . . . . . -- -- -- 15,765
----------- ---------- ---------- ----------
Net operating earnings (loss) . . . . . (421,161) 37,707 (348,137) (37,566)
Partnership's share of gain on sale
of unconsolidated venture . . . . . . . . . . . -- -- -- 805,241
----------- ---------- ---------- ----------
Net earnings (loss) . . . . . . . . . . $ (421,161) 37,707 (348,137) 767,675
=========== ========== ========== ==========
<PAGE>
IDS/JMB BALANCED INCOME GROWTH, LTD.
(A LIMITED PARTNERSHIP)
STATEMENTS OF OPERATIONS - CONTINUED
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30 SEPTEMBER 30
-------------------------- --------------------------
1997 1996 1997 1996
----------- ---------- ----------- ----------
Net earnings (loss) per limited
partnership interest:
Net earnings (loss). . . . . . . . . $ (7.97) .71 (6.59) (.71)
Partnership's share of gain
on sale of unconsolidated
venture . . . . . . . . . . . . . . -- -- -- 16.77
----------- ---------- ---------- ----------
Net earnings (loss) . . . . . . . . . . $ (7.97) .71 (6.59) 16.06
=========== ========== ========== ==========
Cash distributions per
limited partnership
interest. . . . . . . . . . . . . . . $ -- 20.00 -- 23.00
=========== ========== ========== ==========
<>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
IDS/JMB BALANCED INCOME GROWTH, LTD.
(A LIMITED PARTNERSHIP)
STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
(UNAUDITED)
<CAPTION>
1997 1996
---------- ---------
<S> <C> <C>
Cash flows from operating activities:
Net earnings (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . $(348,137) 767,675
Items not requiring (providing) cash or cash equivalents:
Depreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -- 217,767
Amortization of deferred expenses . . . . . . . . . . . . . . . . . . . 39,274 41,191
Partnership's share of operations of
unconsolidated venture. . . . . . . . . . . . . . . . . . . . . . . . -- (15,765)
Partnership's share of gain on sale of
unconsolidated venture. . . . . . . . . . . . . . . . . . . . . . . . -- (805,241)
Provision for value impairment. . . . . . . . . . . . . . . . . . . . . 600,000 --
Changes in:
Interest, rents and other receivables. . . . . . . . . . . . . . . . . . 48,769 26,921
Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,649) 23,060
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,130) 20,114
Accrued interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . 285 (5,432)
Accrued real estate taxes. . . . . . . . . . . . . . . . . . . . . . . . (104,856) (148,164)
Unearned rents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (78,446) 4,988
---------- ----------
Net cash provided by (used in)
operating activities. . . . . . . . . . . . . . . . . . . . . . 149,110 127,114
---------- ----------
Cash flows from investing activities:
Cash proceeds from sale of unconsolidated venture,
net of selling expenses . . . . . . . . . . . . . . . . . . . . . . . . -- 1,368,408
Additions to investment property. . . . . . . . . . . . . . . . . . . . . (424,102) --
Partnership's distributions from
unconsolidated venture. . . . . . . . . . . . . . . . . . . . . . . . . -- 58,470
Payment of deferred expenses. . . . . . . . . . . . . . . . . . . . . . . (72,856) (49,406)
Escrow deposits, net of reimbursements. . . . . . . . . . . . . . . . . . (173,254) (305,309)
---------- ----------
Net cash provided by (used in)
investing activities. . . . . . . . . . . . . . . . . . . . . . (670,212) 1,072,163
---------- ----------
<PAGE>
IDS/JMB BALANCED INCOME GROWTH, LTD.
(A LIMITED PARTNERSHIP)
STATEMENTS OF CASH FLOWS - CONTINUED
1997 1996
---------- ---------
Cash flows from financing activities:
Distributions to limited partners . . . . . . . . . . . . . . . . . . . . -- (1,093,282)
---------- ----------
Net cash provided by (used in)
financing activities. . . . . . . . . . . . . . . . . . . . . . -- (1,093,282)
---------- ----------
Net increase (decrease) in cash and cash equivalents. . . . . . . (521,102) 105,995
Cash and cash equivalents, beginning of year. . . . . . . . . . . 847,356 619,423
---------- ----------
Cash and cash equivalents, end of period. . . . . . . . . . . . . $ 326,254 725,418
========== ==========
Supplemental disclosure of cash flow information:
Cash paid for mortgage and other interest . . . . . . . . . . . . . . . . $ 281,808 301,601
========== ==========
Non-cash investing and financing activities . . . . . . . . . . . . . . . $ -- --
========== ==========
<>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
IDS/JMB BALANCED INCOME GROWTH, LTD.
(A LIMITED PARTNERSHIP)
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 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.
Capitalized terms used herein, but not defined, have the same meanings as
used in such Annual 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 ("SFAS 121") "Accounting for the Impairment of Long-Lived Assets
and for Long-Lived Assets to Be Disposed Of" 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 or dispose of such property and active marketing activity has
commenced or is expected to commence in the near term or the Partnership
has concluded that it may dispose of the property by no longer funding
operating deficits or debt service requirements of the property thus
allowing the lender to realize upon its security. 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 committed to a plan to sell
the Fashion Square Shopping Center, its last remaining investment property.
Accordingly, the Partnership has classified this property as held for sale
in the accompanying consolidated financial statements. The net results of
operations for the nine months ended September 30, 1997 and 1996 for
properties classified as held for sale or disposition or sold or disposed
of during the past two years were $376,411 and $103,366, respectively. In
addition, the accompanying consolidated financial statements include $0 and
$15,765, respectively, of the Partnership's share of total property
operations of $0 and $309,476 for unconsolidated properties for the nine
months ended September 30, 1997 and 1996, respectively, which are held for
sale or disposition or have been sold or disposed of during the past two
years.
During the second quarter of 1997, Statements of Financial Accounting
Standards No. 128 ("Earnings per Share") and No. 129 ("Disclosure of
Information about Capital Structure") were issued. As the Partnership's
capital structure only has general and limited partnership interests, the
Partnership does not expect any significant impact on its (consolidated)
financial statements upon adoption of these standards when required at the
end of 1997.
Certain amounts in the 1996 financial statements have been
reclassified to conform with the 1997 presentation.
<PAGE>
TRANSACTIONS WITH AFFILIATES
The Partnership, pursuant to the Partnership Agreement, is permitted
to engage in various transactions involving the Corporate 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 September 30, 1997 and for the nine months ended
September 30, 1997 and 1996 were as follows:
Unpaid at
September 30,
1997 1996 1997
------- ------ -------------
Property management
and leasing fees . . . . . . $32,171 28,449 3,311
Insurance commissions . . . . 2,543 2,583
Reimbursement (at cost)
for out-of-pocket salary
and salary-related
expenses related to
the on-site and other
costs for the Partner-
ship and its investment
property . . . . . . . . . . 16,298 29,165 12,057
------- ------- ------
$51,012 60,197 15,368
======= ======= ======
According to the terms of the Partnership Agreement, the General
Partners have deferred payment of their distributions of net cash flow from
the Partnership. The cumulative amount of such deferred distributions was
$306,330 at September 30, 1997 and are not expected to be paid as the
subordination requirements of the Partnership Agreement are not currently
expected to be satisfied. All amounts deferred or currently payable do not
bear interest.
JMB/MIAMI
As previously reported, in April 1996, the Partnership sold 100% of
its Partnership interest in the Miami International Mall to its
unaffiliated venture partner for $1,368,888.
FASHION SQUARE
The Partnership's current irrevocable direct pay letter of credit in
the amount of $7,140,000 supports the municipal bond mortgage debt on the
property which continues to bear interest at a floating, although favorable
rate. The letter of credit required the Partnership to fund an interest-
bearing cash collateral account with an initial deposit of $840,000 at
closing and requires monthly deposits of $30,000 thereafter until the
December 1, 1999 expiration. On a cumulative basis, $60,000 per annum
(although no more than $120,000 in any calendar year) can be drawn down by
the Partnership under certain circumstances (as defined) from the
collateral account for tenant improvements and leasing costs at the Fashion
Square Shopping Center. Under a recent modification agreement with the
letter of credit holder, the Partnership can continue to draw down from the
cash collateral account reimbursement for actual tenant improvements and
leasing costs incurred at the Fashion Square Shopping Center in excess of
the above-stated $120,000 limit. However, in no event can the balance in
the cash collateral account fall below $1,600,000. The Partnership may be
required to make additional deposits to the cash collateral account should
the property's net operating income (as defined) fall below a stipulated
level for two consecutive quarters. As of September 30, 1997, the
Partnership has not been required to make any additional deposits to the
<PAGE>
cash collateral account other than the initial deposit and monthly deposits
discussed above. Such additional deposits can be drawn down by the
Partnership as reimbursement for certain releasing costs incurred at the
property provided the property's net operating income exceeds the
stipulated level for two consecutive quarters. As of the date of this
report, $189,810 has been drawn from this account. Upon expiration of the
letter of credit on December 1, 1999 or repayment of the letter of credit,
the balance of the cash collateral account plus interest will revert to the
Partnership. Due to the cash collateral funding requirements and fees
associated with the letter of credit, the property is operating at a
deficit.
As previously reported, one of the property's major tenants, Linens 'N
Things, opened a new store in November 1996 one block away from the center
in a newly-developed smaller shopping center. In order to create a better
tenant mix and improve cash flow at the center, the Partnership executed a
termination agreement (which included payment of a termination fee to the
Partnership) with Linens 'N Things which closed its store on April 1, 1997.
The Partnership also executed leases with both an existing and a new
tenant. Designer Shoe Warehouse ("DSW") extended its lease and relocated
its store to the space previously occupied by Linens 'N Things plus two
adjacent vacant spaces. The new DSW store opened in late May 1997 and now
occupies a total of 15,000 square feet. Additionally, the Partnership
executed a new ten-year lease with Cost Plus World Market to open a new
17,519 square foot store at the former DSW location. The Cost Plus store
opened in early September 1997.
Tenant leases representing approximately 5% and 18% of the leasable
square footage at the Fashion Square Shopping Center are scheduled to
expire in 1998 and 1999, respectively, not all of which are expected to be
renewed. As of the date of this report, the property is 83% leased and 79%
occupied.
Based upon local market conditions and uncertainty concerning the
ability to recover the carrying value of the property through future
operations and sale, the Partnership, as a matter of prudent accounting
practice, has recorded a provision for value impairment of $600,000 for
this property at September 30, 1997. Such provision was recorded to
reflect the estimated fair value, less costs to sell as applicable, of the
property.
The Partnership has been actively marketing the property for sale.
The Partnership has reached an agreement in principle with an unaffiliated
third party to sell the Fashion Square Shopping Center, subject to numerous
contingencies including final documentation. There can be no assurance
that a sale will be consummated on these or any other terms. If the sale
is consummated on the proposed terms, the Partnership would not recognize
any significant gain or loss for financial reporting purposes (primarily as
a result of value impairment provisions totaling $4,100,000 recorded by the
Partnership in 1995 and 1997) and would recognize a loss for Federal income
tax reporting purposes. The property was classified as held for sale as of
December 31, 1996 and, therefore, was not subject to continued
depreciation.
ADJUSTMENTS
In the opinion of the Corporate General Partner, all adjustments
(consisting solely of normal recurring adjustments) necessary for a fair
presentation have been made to the accompanying figures as of September 30,
1997 and for the three and nine months ended September 30, 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 financial
statements for additional information concerning certain of the
Partnership's investments.
It currently appears that the Partnership's goal of capital
appreciation will not be achieved. Although some portion of the Limited
Partners' original capital is expected to be received from the sale
proceeds of the Partnership's remaining investment property, Fashion Square
Shopping Center, the Limited Partners are expected to receive significantly
less than their original investment. Due to the significant amount of
tenant improvements and lease commissions budgeted in 1997, and the
original restrictions placed by the lender on the use of the cash
collateral account, the Partnership ceased making operating distributions
to Limited Partners beginning in 1997.
The Partnership continues to conserve its working capital. All
expenditures are carefully analyzed and certain capital projects are
deferred when appropriate. By conserving working capital, the Partnership
will be in a better position to meet the future needs of its property since
the availability of satisfactory outside sources of capital may be limited
given the current debt levels. Due to these factors, the Partnership has
held its remaining investment property longer than originally anticipated
in an effort to maximize the return to the Limited Partners. However,
after reviewing the Fashion Square Shopping Center and the marketplace in
which it operates, the General Partners of the Partnership expect to be
able to conduct an orderly liquidation of its investment portfolio as
quickly as practicable. Therefore, the affairs of the Partnership are
expected to be wound up no later than December 31, 1999, perhaps in the
1997-1998 time frame, barring unforeseen economic developments.
RESULTS OF OPERATIONS
The decrease in cash and cash equivalents at September 30, 1997 and
the corresponding increase in property held for sale or disposition and
escrow deposits as compared to December 31, 1996 is due primarily to the
funding of approximately $410,000 of tenant costs and allowances at the
Fashion Square Shopping Center and the required funding of the cash
collateral account of $270,000 (before reimbursements of approximately
$142,000 for certain leasing costs) associated with the letter of credit
obtained for the Fashion Square Shopping Center. The above additions to
property held for sale or disposition were offset by a $600,000 provision
for value impairment recorded for the Fashion Square Shopping Center at
September 30, 1997.
The decrease in interest, rents and other receivables and in unearned
rents at September 30, 1997 as compared to December 31, 1996 is primarily
due to the timing of rental collections at the Fashion Square Shopping
Center.
The increase in deferred expenses at September 30, 1997 as compared to
December 31, 1996 is due primarily to the payment of the annual letter of
credit fee associated with the letter of credit obtained for the Fashion
Square Shopping Center and to the payment of lease commissions for certain
tenants at the Fashion Square Shopping Center.
The decrease in accrued real estate taxes at September 30, 1997 as
compared to December 31, 1996 and the decrease in property operating
expenses for the three and nine months ended September 30, 1997 as compared
to the same periods in 1996 is attributable primarily to a decrease in real
estate expense recognized in 1997 due to decreases in market value at the
Fashion Square Shopping Center.
<PAGE>
The increase in rental income for the three and nine months ended
September 30, 1997 as compared to the three and nine months ended September
30, 1996 is attributable primarily to the receipt in 1997 of lease
termination fees from certain tenants at the Fashion Square Shopping
Center. Such increase was substantially offset as a result of lower
average occupancy in 1997 at the property.
The decrease in interest income for the three and nine months ended
September 30, 1997 as compared to the year-ago periods is attributable
primarily to lower average balances in the Partnership's interest-bearing
cash and cash equivalents in 1997, as described above.
The decrease in depreciation expense for the three and nine months
ended September 30, 1997 as compared to the three and nine months ended
September 30, 1996 is due to the classification of the Partnership's
investment in the Fashion Square Shopping Center as held for sale or
disposition at December 31, 1996 and the corresponding suspension of
depreciation in 1997.
The Partnership's share of income from operations of unconsolidated
venture for the nine months ended September 30, 1996 is from the operations
of the Miami International Mall, the Partnership's interest in which was
sold in April 1996.
The Partnership's share of gain on sale of unconsolidated venture for
the nine months ended September 30, 1996 is from the sale of the
Partnership's interest in the Miami International Mall in April 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>
Fashion Square
Shopping Center
Skokie, Illinois. . . . . . 78% 79% 79% 82% 77% 55% 79%
</TABLE>
<PAGE>
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
3-A. As filed with the Commission pursuant to Rules 424(b) and
424(c), the Prospectus of the Partnership dated August 6, 1987 as
supplemented 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. 0-
17699) dated March 19, 1993.
3-B. Amended and Restated Agreement of Limited Partnership is
hereby incorporated herein by reference to the Partnership's report for
December 31, 1992 on Form 10-K (File No. 0-17699) dated March 19, 1993.
4-A. Assignment Agreement set forth as Exhibit B to the
Prospectus is hereby incorporated herein by reference to Exhibit 4-A to the
Partnership's report for December 31, 1992 on Form 10-K (File No. 0-17699)
dated March 19, 1993.
4-B. Documents relating to the loan agreement and letter of
credit agreement secured by a non-recourse mortgage on Fashion Square
Shopping Center are incorporated herein by reference to the Partnership's
Registration Statement on Form S-11 dated August 6, 1987 (as amended) (File
No. 33-12561).
4-C. Letter of credit agreement extension document secured by a
non-recourse mortgage in the Fashion Square Shopping Center are hereby
incorporated herein by reference to the Partnership's report on Form 10-K
(File No. 0-17699) for December 31, 1994 dated March 21, 1995.
4-D. Documents relating to the replacement Irrevocable Direct Pay
Letter of Credit and exhibits thereto and the Reimbursement Agreement and
exhibits thereto dated March 30, 1995, are hereby incorporated herein by
reference to the Partnership's report on Form 10-Q (File No. 0-17699) for
March 31, 1995 dated May 11, 1995.
10-A. Acquisition documents relating to the purchase by the
Partnership of the Fashion Square Shopping Center in Skokie, Illinois (a
suburb north of Chicago) are incorporated herein by reference to the
Partnership's Registration Statement on Form S-11 dated August 6, 1987 (as
amended) (File No. 33-12561).
27. Financial Data Schedule.
(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.
IDS/JMB BALANCED INCOME GROWTH, LTD.
BY: Income Growth Managers, Inc.
(Corporate General Partner)
By: GAILEN J. HULL
Gailen J. Hull, Vice President
Date: November 12, 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.
By: GAILEN J. HULL
Gailen J. Hull, Principal Accounting Officer
Date: November 12, 1997
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
REGISTRANT'S FORM 10-Q FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS INCLUDED
IN SUCH REPORT.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> SEP-30-1997
<CASH> 326,254
<SECURITIES> 0
<RECEIVABLES> 94,232
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 420,486
<PP&E> 8,535,850
<DEPRECIATION> 0
<TOTAL-ASSETS> 10,912,320
<CURRENT-LIABILITIES> 607,043
<BONDS> 6,800,000
<COMMON> 0
0
0
<OTHER-SE> 3,492,903
<TOTAL-LIABILITY-AND-EQUITY> 10,912,320
<SALES> 1,167,223
<TOTAL-REVENUES> 1,227,797
<CGS> 0
<TOTAL-COSTS> 568,763
<OTHER-EXPENSES> 125,078
<LOSS-PROVISION> 600,000
<INTEREST-EXPENSE> 282,093
<INCOME-PRETAX> 251,863
<INCOME-TAX> 0
<INCOME-CONTINUING> (348,137)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (348,137)
<EPS-PRIMARY> (6.59)
<EPS-DILUTED> (6.59)
</TABLE>
