<PAGE>
PAGE 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(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, 1995.
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 33-13375
IDS LIFE ACCOUNT RE
OF
IDS LIFE INSURANCE COMPANY
(Exact name of registrant as specified in its charter)
MINNESOTA 41-0823832
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
IDS TOWER 10, MINNEAPOLIS, MINNESOTA 55440-0010
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (612) 671-3309
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 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>
PAGE 2
The Registrant is a separate account of IDS Life Insurance Company
(IDS Life) established pursuant to the insurance laws of the State
of Minnesota for the purposes of funding real estate variable
annuity contracts. Unless otherwise specifically noted, the
information set forth herein only relates to the operations of the
Registrant (the "Account") and not to the operations of IDS Life.
PART 1 - FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
<PAGE>
PAGE 3
IDS LIFE ACCOUNT RE
of
IDS LIFE INSURANCE COMPANY
BALANCE SHEETS
<TABLE>
<CAPTION>
March 31, December 31,
1995 1994
(unaudited)
<S> <C> <C>
Assets:
Cash $ 358,359 $ 204,859
Receivable from IDS Life for contracts sold 625 5,225
Investments in unconsolidated joint ventures,
at fair value (cost of $35,109,603 and
$34,753,104 at Mar. 31, 1995 and
December 31, 1994, respectively) 27,398,375 27,044,876
Participation in mortgage loan, at fair
value (cost of $3,047,188 at Mar. 31, 1995
and December 31, 1994) 2,988,792 2,994,023
Accrued interest on participation in mortgage loan 729 --
Investment in wholly-owned real estate
property:
Building, at fair value (cost of $14,021,215
and $14,010,548 at Mar. 31, 1995 and
December 31, 1994, respectively) 12,127,450 12,077,794
Land, at fair value (cost of $3,915,263
at Mar. 31, 1995 and December 31, 1994) 3,915,263 3,915,263
Deferred borrowing costs, net of accumulated
amortization of $138,189 and $131,726 at
Mar. 31, 1995 and December 31, 1994, respectively 43,268 49,730
Other assets 29,306 34,507
Total assets $46,862,167 $46,326,277
Liabilities:
Payable to IDS Life for:
Operating expenses $ 55,428 $ 58,400
Contract terminations 63,911 10,139
Revolving loan-principal 3,700,000 2,100,000
Revolving loan-interest 17,251 9,224
Accrued mortality and expense risk fee 39,010 40,136
Accrued asset management fee 48,763 50,171
Liabilities related to wholly-owned
real estate property:
Accounts payable and other liabilities 254,890 212,197
Accrued real estate taxes 49,530 --
Mortgage payable 7,832,515 7,852,279
Total liabilities 12,061,298 10,332,546
Contract Owners' Equity:
Net assets applicable to Variable Annuity
contracts in accumulation period $34,800,869 $35,993,731
Accumulation units outstanding 32,763,460 34,238,180
Net asset value per accumulation unit $ 1.06 $ 1.05
See accompanying notes to financial statements.
<PAGE>
PAGE 4
IDS LIFE ACCOUNT RE
of
IDS LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS
(unaudited)
For the three months ended
March 31, March 31,
1995 1994
Income:
Interest income $ 66,322 $ 80,817
Account's equity in earnings of
unconsolidated joint ventures 540,547 470,052
Rental income 574,678 563,870
Unrealized (depreciation) appreciation of
participation in mortgage loan (5,231) 892
Unrealized appreciation of investment in
wholly-owned real estate property 44,889 --
Total income 1,221,205 1,115,631
Expenses:
Asset management fee 144,635 160,067
Mortality and expense risk fee 115,708 128,054
Amortization of deferred organizational
and borrowing costs 6,463 6,392
Revolving loan interest 43,195 --
Other operating expenses 18,893 28,849
Operating expenses related to wholly-owned
real estate property:
Interest 186,179 187,978
Utilities 74,782 73,069
Repairs and maintenance 41,512 28,591
Property and other taxes 49,530 49,531
Salaries 36,706 51,146
Management fees 29,092 27,971
Other 45,376 54,708
Total expenses 792,071 796,356
Net income $ 429,134 $ 319,275
See accompanying notes to financial statements.
<PAGE>
PAGE 5
IDS LIFE ACCOUNT RE
of
IDS LIFE INSURANCE COMPANY
STATEMENTS OF CASH FLOWS
(unaudited)
For the three months ended
March 31, March 31,
1995 1994
Cash flows from operating activities:
Net Income $ 429,134 $ 319,275
Adjustments to reconcile net income to net cash
used in operating activities:
Account's equity in earnings of unconsolidated
joint ventures (540,547) (470,052)
Change in accrued interest on participation
in mortgage loan (729) --
Amortization of organizational and borrowing cost 6,462 6,392
Change in unrealized depreciation (appreciation) of
participation in mortgage loan 5,231 (892)
Change in unrealized (appreciation) of investment
in wholly-owned real estate property (44,889) --
Change in other assets 5,201 7,779
Change in payable to IDS Life for operating expenses (2,972) 24,753
Change in accrued mortality and expense risk fee (1,126) (752)
Change in accrued asset management fee (1,408) (940)
Change in payables and other liabilities related
to wholly-owned real estate property 92,223 41,651
Total adjustments to net income (482,554) (392,061)
Net cash provided by (used in) operating activities (53,420) (72,786)
Cash flows from investing activities:
Net sales of short-term securities -- 1,401,276
Capital improvements to wholly-owned real estate property (4,767) --
Distributions received from joint ventures 420,543 442,710
Net cash provided by investing activities 415,776 1,843,986
Cash flows from financing activities:
Proceeds from sales of contracts 171,498 587,099
Payments for contract terminations (1,735,122) (2,152,242)
Decrease in mortgage payable (19,764) (17,979)
Change in payable to IDS Life for revolving loan 1,600,000 --
Change in payable to IDS Life for revolving loan interest 8,027 --
Contributions to Monmouth renovation-joint venture (233,495) --
Net cash used in financing activities (208,856) (1,583,122)
Net increase in cash 153,500 188,078
Balance of cash at beginning of year 204,859 171,242
Balance of cash at end of period $ 358,359 $ 359,320
Supplemental cash flow disclosure:
Cash paid for mortgage interest &
revolving loan interest $ 299,374 $ 187,978
See accompanying notes to financial statements.
</TABLE> <PAGE>
PAGE 6
IDS LIFE ACCOUNT RE
of
IDS LIFE INSURANCE COMPANY
March 31, 1995
NOTES TO FINANCIAL STATEMENTS
(unaudited)
1. GENERAL
In the opinion of the management of IDS Life, the
accompanying unaudited financial statements for IDS Life
Account RE (the "Account") contain all adjustments
(consisting of only normal recurring adjustments) necessary
to present fairly its balance sheets as of March 31, 1995 and
December 31, 1993; statements of operations for the three
months ended March 31, 1995 and 1994; and the statement of
cash flows for the three months ended March 31, 1995 and
1994. These statements are condensed and therefore do not
include all of the information and footnotes required by
generally accepted accounting principles for complete
financial statement disclosure. The statements should be read
in conjunction with the Account's financial statements as of
and for the year ended December 31, 1994 and the notes
thereto contained in the Account's prospectus dated April 28,
1995. The results of operations for the three months ended
March 31, 1995 are not necessarily indicative of the results
expected for the full year.
2. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES
Unconsolidated Joint Ventures - Summary Information
Summary information for the Account of its investments in
unconsolidated joint ventures for the three months ended
March 31, 1995 and 1994 is as follows:
For the three months ended
March 31
1995 1994
Account's share of net
investment income from
unconsolidated joint ventures $ 540,547 $ 470,052
Total net investment income of
unconsolidated joint ventures $ 7,175,644 $ 5,845,767
Total income of unconsolidated
joint ventures $11,426,000 $11,116,205
<PAGE>
PAGE 7
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Financial Condition and Results of Operations
For the Three Months Ended March 31, 1995 Compared to the Three
Months Ended March 31, 1994 -
Net assets decreased from $35,993,731 at December 31, 1994 to
$34,800,869 at March 31, 1995. During this same time period, the
accumulation unit value increased from $1.05 to $1.06. The Account
experienced net terminations amounting to $1,563,624 for the three
months ended March 31, 1995 compared to $1,565,143 for the three
months ended March 31, 1994.
Net income for the three months ended March 31, 1995 was $429,134
compared to $319,275 for the three months ended March 31, 1994.
The increase was primarily due to higher recorded equity in
earnings of unconsolidated joint ventures, unrealized appreciation
of investment in wholly-owned real property and lower asset
management fees, partially offset by revolving loan interest, as
more fully discussed below.
Interest income for the three months ended March 31, 1995
represents income earned on the Account's investment in the
participation in a mortgage loan. Income generated from
participation in the mortgage loan remained relatively unchanged
compared to the corresponding period in 1994. Interest income for
the three months ended March 31, 1994 also includes interest earned
on short-term investments of approximately $1,092,373.
For the three months ended March 31, 1995, the Account's equity in
earnings of its unconsolidated joint ventures (N/S Associates,
Monmouth Associates and 1225 Connecticut) was $540,547, which was
an increase from $470,052 for the three months ended March 31,
1994. The difference is primarily due to the timing of certain
adjustments in the income and expense of the unconsolidated joint
ventures, including the recognition in the first quarter of 1995 of
income attributable to certain lease termination fees received by
N/S Associates in the prior quarter. The amounts attributable to
these adjustments more than offset the decline in the Account's
equity in earnings of 1225 Connecticut attributable to the rent
credit allowed Ernst & Young for its fourth floor space commencing
at the beginning of this year for a twenty-one month period.
In addition, the Account generated rental income of $574,678 for
the three months ended March 31, 1995 from it's wholly-owned real
estate investment, West Springfield Terrace Apartments, compared to
$563,870 for the three months ended March 31, 1994. Expenses
related to the wholly-owned real estate investment totaled $463,177
for the three months ended March 31, 1995 compared to $472,994 for
the corresponding period in 1994.
For the three months ended March 31, 1995, the Account recognized
net unrealized depreciation of participation in mortgage loan of<PAGE>
PAGE 8
$5,231 and net unrealized appreciation on its investment in
wholly-owned real estate property of $44,889 due to a reduction in
estimated capital expenditures to be required in future years at
the property.
The Abraham & Straus store at Monmouth Mall has been converted to a
Stern's store. Monmouth Associates may provide additional
financing to the borrower/lessee to pay future costs necessary for
a long-term solution for a replacement department store tenant at
Monmouth Mall.
Northridge Mall continues to be adversely affected by the
perception that it is an unsafe place to shop. This perception has
resulted in declining sales and occupancy over the past three
years. Compounding the problem of declining sales are the high
operating costs for tenants at the mall due to high real estate
taxes. Occupancy has also been affected by tenant bankruptcies
during 1993 and 1994. As of March 31, 1995, occupancy of the mall
shops was approximately 77%, including temporary tenants under
short term leases.
To counter the negative perception of Northridge Mall, N/S
Associates has implemented certain capital improvements and
operational programs to improve the shopping center's safety and
appearance, as well as instituted certain marketing efforts to
enhance its image. However, elimination of the negative perception
is expected to take some time. In addition, N/S Associates is
seeking to increase occupancy at the shopping center by
aggressively marketing space for new and renewal tenants through
leasing incentives, as well as continuing to cooperate with
existing tenants who need short-term rent reductions in order to
retain occupancy of their space. Part of the leasing strategy
includes targeting certain well-recognized retailers as a group
that would become tenants at the shopping center. It is expected
that the draw of this group of tenants would help the shopping
center gain leasing momentum and aid in future leasing efforts.
Kohl's Department Store, a successful tenant occupying
approximately 66,000 square feet of space at Southridge Mall, has
approached N/S Associates regarding an expansion of its tenant
space and a reduction in its overall leasing costs. Although the
current lease for Kohl's Department Store does not expire until
2001, N/S Associates believes that Kohl's continued occupancy on a
long-term basis is important for the shopping center. It is
expected that the proposed lease amendment with Kohl's Department
Store, if executed, would cause a decline in the current value of
Southridge Mall due to the loss of rental income but should help to
stabilize the shopping center on a long-term basis by ensuring the
occupancy of Kohl's Department Store and therefore its continued
contribution to customer traffic. As of March 31, 1995, occupancy
of the portion of Southridge Mall owned by N/S Associates was
approximately 91 percent.
The Account paid asset management and mortality expense risk fees
of $260,343 and $288,121 for the three months ended March 31, 1995
and 1994, respectively. The decrease in fees reflects a decrease
in the assets of the Account.<PAGE>
PAGE 9
Liquidity and Capital Resources
For the Three Months Ended March 31, 1995 Compared to the Three
Months Ended March 31, 1994 -
At March 31, 1995, the Account had cash of approximately $358,000
as compared to approximately $205,000 at December 31, 1994. The
Account financed a portion of the net contract terminations during
the first quarter of 1995 through borrowings under its line of
credit from IDS Life, discussed below. The Account has experienced
net contract terminations in each of the last 14 quarters.
The liquidity requirements of the Account have generally been met
by funds provided from the Account's short-term investments, cash
distributions from unconsolidated joint ventures, operating cash
flow, interest income, proceeds from sales of contracts, and
borrowings under the line of credit from IDS Life discussed below.
The primary uses of funds currently are expected to be for property
operating expenses, asset management and mortality and expense risk
fees, payments for contract terminations and contributions to pay
the Account's share of the financing of the Monmouth Mall
renovation discussed below.
In March 1994, the Account obtained a revolving line of credit for
up to $10 million from IDS Life to pay for contract surrenders and
other obligations under the contracts. The line of credit is for a
one-year term and is automatically renewed at each anniversary for
an additional one-year term subject to termination by one party
giving 30 days' prior written notice of termination to the other
party. Borrowings under the line of credit must be made in
increments (or multiples) of $100,000. Outstanding borrowings
under the line of credit bear interest at a floating rate equal to
the 30-day London Interbank Offered Rate (LIBOR), adjusted on a
monthly basis. The line of credit requires monthly payments of
interest only until the earlier of maturity or termination of the
line of credit, when the entire outstanding principal plus any
accrued and unpaid interest on the line of credit will be due and
payable. Outstanding principal may be repaid in whole or in part
in increments (or multiples) of $100,000, together with any accrued
and unpaid interest thereon, at any time without premium or
penalty. Borrowings under the line of credit are generally
unsecured, although IDS Life will have a right to set off against
any deposits or credits of the Account held by IDS Life for
outstanding borrowings. As of May 3, 1995, $4,600,000 was
outstanding under the line of credit. The proceeds of these
borrowings were used to pay contract terminations.
Effective May 1, 1995, new contract sales of the Account were
discontinued. Additional purchase payments will continue to be
accepted for existing contracts in amounts specified in the
Account's prospectus, whether by means of the previously
established bank authorizations or otherwise. Existing contracts
will also continue to be serviced and surrender requests will be
honored.
IDS Life Insurance Company (IDS Life) will purchase accumulation
units in order to maintain the Account and to increase its<PAGE>
PAGE 10
liquidity. IDS Life will make these payments so that no contract
holder is disadvantaged because sales of new contracts have been
discontinued. The initial payments for accumulation units that IDS
Life makes into the Account will be used to pay off the amount that
the Account has borrowed under its revolving line of credit.
Thereafter, IDS Life will make additional payments into the Account
for accumulation units as needed in order to fund all of the
Account's obligations under the contracts such as paying death
benefits and surrenders.
By purchasing accumulation units, IDS Life will have an ownership
interest in the Account. Since IDS Life will not actually purchase
a contract, it will not be subject to surrender charges. However,
IDS Life, as holder of accumulation units, will participate in the
increase or decrease in the value of the Account's investments just
as other owners of accumulation units do. IDS Life may realize a
gain or loss on its accumulation units when redeemed.
IDS Life currently expects to hold the accumulation units it
purchases until the surrender of all outstanding contracts or until
the Account's liquidity improves (through, for example, one or more
sales of real estate related investments) thereby permitting the
Account to satisfy its anticipated contract obligations. Because
IDS Life may purchase a significant amount of accumulation units,
IDS Life may be subject to certain conflicts of interest it would
not otherwise have if it had not purchased such accumulation units,
including, among other things, a conflict in approving periodic
valuations of real estate investments made by the Investment
Adviser.
Since the Account has experienced substantial net contract
terminations over the past several years, the Account does not
intend to acquire additional real estate related investments.
Further, the Account intends to liquidate the real estate related
investments that it currently holds when it becomes advantageous or
necessary to do so. To the extent funds of the Account are not
used to pay obligations of the Account, including those under
existing contracts, or the redemption of accumulation units
purchased by IDS Life, such funds will be invested in short-term
debt instruments and possibly intermediate-term bonds with
maturities of up to five years.
Distributions received from joint ventures decreased by $22,167 for
the three months ended March 31, 1995 as compared to 1994. The
decrease was primarily due to the reduction in distributions from
Monmouth Associates, which has used its cash reserves and cash flow
to provide funds for the initial draw downs under its renovation
loan, as discussed below. It is expected that Monmouth Associates
will continue to use its cash flow, to the extent available, to
fund amounts which are drawn down under the renovation loan, which
closed in May 1994.
The estimated cost of the renovation of Monmouth Mall is
$28,500,000, including any accrued interest on the renovation loan
added to principal. Through March 31, 1995, Monmouth Associates
had funded approximately $12 million, and these fundings were made
from cash reserves held by Monmouth Associates, cash flow from<PAGE>
PAGE 11
interest and ground rent payments received from the borrower/lessee
and capital contributions made to Monmouth Associates by its
partners in January 1995. Some of the remaining draw downs under
the renovation loan are to be funded by additional capital
contributions. Based upon Monmouth Associates' current estimated
cash flow and its anticipated fundings of other loans discussed
below, the aggregate amount of these capital contributions is
expected to be up to approximately $10,430,000, made to Monmouth
Associates by its joint venture partners pro rata based upon their
respective interests, including approximately $5,100,000 made
through April 1995. Based upon its 6.97% interest in Monmouth
Associates, the Account's share of the additional capital
contributions is expected to be up to approximately $727,000.
Monmouth Associates may also be required to make certain additional
loans to pay a portion of the costs of certain tenant improvements
or other ordinary capital expenditures. In addition, Monmouth
Associates may provide additional financing to the borrower/lessee
in order to pay costs to be incurred in connection with the
replacement of a department store tenant at Monmouth Mall.
However, it is not currently expected that this would occur during
1995.
Until the Monmouth renovation is finished, currently anticipated to
be in the fourth quarter of 1995, it is expected that there will be
lower than normal occupancy at the shopping center. The occupancy
of mall shops and outparcel space at the shopping center as of
March 31, 1994 was approximately 64 percent. However, the mall
shops and outparcel space are approximately 82 percent leased,
including leases whose terms will commence after renovation of the
tenant space permits occupancy.
The Account has a loan outstanding in the principal amount of
approximately $7,833,000 as of March 31, 1995, secured by its
wholly-owned real estate investment, West Springfield Terrace
Apartments. The loan has an original term of seven years and bears
interest at a rate of 9.5 percent per annum. The loan requires
monthly payments of principal and interest aggregating $824,000 per
annum until November of 1996 when the remaining principal balance
of approximately $7,704,000 and any accrued and unpaid interest
will be due and payable. For 1995, approximately $119,000 has been
budgeted for painting, carpet replacement and other capital costs
at the apartment complex.
N/S Associates undertakes asbestos removal from time to time at
portions of the Northridge and Southridge Malls as tenant spaces
are vacated and prior to occupancy by new tenants. The cost of
such asbestos removal generally will be provided out of cash flows
from the properties.
It is currently anticipated that capital expenditures for
Northridge and Southridge Malls in 1995, including tenant
improvements, asbestos abatement and completion of the partial roof
replacement at Northridge Mall will be approximately $3,700,000, a
decrease of approximately $200,000 from the amount previously
budgeted. The decrease is due to an estimated reduction in
asbestos abatement costs for 1995 as a result of new tenants
occupying already abated space or taking space "as is" without
abatement.<PAGE>
PAGE 12
In February 1995, N/S Associates obtained a loan from an
institutional lender in the principal amount of $35 million to
refinance the previous mortgage loan secured by Southridge Mall.
Proceeds from the new loan were also used to repay the two mortgage
loans secured by Northridge Mall. The remaining net refinancing
proceeds are expected to be used to pay approximately $2.9 million
of the tenant improvement and other capital costs currently
expected to be incurred for Northridge and Southridge Malls during
1995. The new loan has a term of seven years, bears interest at
8.35 percent per annum and requires monthly payments of interest
only prior to maturity. The new loan is expected to result in a
cash flow savings since the current constants on the previous
mortgage loans averaged approximately 12 percent.
Carson Pirie Scott & Co., which owns a Boston Store at each of
Northridge and Southridge Malls, has made a bid to acquire
Younkers, which also has department stores at those shopping
centers. If it were to acquire Younkers, Carson Pirie Scott & Co.
would have two department stores at both Northridge and Southridge
Malls and could seek to sell or otherwise cease to operate some of
those stores. However, Younkers is subject to operating covenants
at each of the shopping centers that generally require a store to
be operated through January 1999. N/S Associates expects to review
the possible alternatives in the event that Younkers is acquired.
At March 31, 1995, real property investments (through two
unconsolidated joint ventures, N/S Associates and 1225 Connecticut
and a wholly-owned property, West Springfield Terrace Apartments),
mortgage loan and land sale-leaseback investments (through an
unconsolidated joint venture, Monmouth Associates, and a
participation in the loan for Riverpoint Center) and short-term
investments represented 71 percent, 28 percent and 1 percent of
total assets, respectively. The Account seeks to maintain an asset
mix of 50 percent to 70 percent in real property investments, 15
percent to 40 percent in mortgage loans or sale-leaseback
investments, and the remaining portion in short-term or
intermediate-term liquid debt securities. At March 31, 1994, real
property investments, mortgage loan and land sale-leaseback
investments and short-term investments represented 71 percent, 26
percent and 3 percent of total assets, respectively.
<PAGE>
PAGE 13
PART II. OTHER INFORMATION
---------------------------
Item 1. LEGAL PROCEEDINGS
There are no material current or pending legal proceedings
which the Registrant is a party to, or to which the
Registrant's assets are subject.
Item 2. CHANGES IN SECURITIES
Not applicable
Item 3. DEFAULTS UPON SENIOR SECURITIES
Not applicable
Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Not applicable
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(A) Exhibits
4.1 Form of Deferred Variable Annuity Contract is
hereby incorporated herein by reference to Exhibit
4 to the Account's Form S-1 (as amended), File
Number 33-13375, filed July 17, 1987.
4.2 Copy of mortgage loan documents relating to West
Springfield Terrace Apartments is hereby
incorporated herein by reference to Exhibit 4.2 to
the Account's Form S-1 (as amended), File Number
33-13375, filed April 12, 1990.
4.3 Copy of the line of credit agreement, dated
March 30, 1994 between IDS Life and the Account
(including a copy of the executed promissory note,
dated March 30, 1994) is hereby incorporated by
reference to Exhibit 4.3 to the Account's Form 10-K
Report for the year ended December 31, 1993, File
Number 33-13375, filed April 5, 1994.
10.1 Copy of Investment Advisory Agreement between IDS
Life and JMB Annuity Advisors is hereby
incorporated herein by reference to Exhibit 10.1 to
the Account's Form S-1 (as amended), File Number
33-13375, filed April 29, 1988.
10.2 Copy of N/S Associates Joint Venture Agreement
together with certain documents relating to the
purchase of an interest in Northridge Mall is
hereby incorporated herein by reference to Exhibit
10.2 to the Account's Form S-1 (as amended), File
Number 33-13375, filed April 29, 1988.
<PAGE>
PAGE 14
10.2.1 Copy of Second Amended and Restated Articles of
Partnership of N/S Associates hereby incorporated
herein by reference to Exhibit 10.2.1 to the
Account's Form S-1 (as amended), File Number
33-13375, filed April 20, 1989.
10.3 Copy of N/S Associates Joint Venture Agreement
together with certain documents relating to the
purchase of an interest in Southridge Mall is
hereby incorporated herein by reference to
Exhibit 10.3 to Form S-1 (as amended), File
Number 33-13375, filed April 29, 1988.
10.4 Copy of Commitment Letter relating to the funding
of a participating mortgage loan secured by
Riverpoint Center is hereby incorporated herein by
reference to Exhibit 10.4 to Form S-1 (as amended),
File Number 33-13375, filed October 11, 1988.
10.5 Copy of Amended and Restated Articles of
Partnership of Monmouth Associates are hereby
incorporated herein by reference to Exhibit 10.5 to
the Account's Form S-1 (as amended), File Number
33-13375, filed April 12, 1990.
10.6 Copy of Agreement together with certain other
documents relating to the purchase of West
Springfield Terrace Apartments is hereby
incorporated herein by reference to Exhibit 10.6 to
Form S-1 (as amended), File Number 33-13375, filed
October 16, 1989.
10.7 Copy of Agreement together with certain documents
relating to the purchase of an interest in 1225
Connecticut Avenue is hereby incorporated herein by
reference to the Account's Form S-1 (as amended),
File Number 33-13375, filed June 29, 1990.
27.1 Financial Data Schedule of the Account for the
period ended March 31, 1995 is filed herewith.
(B) Report on Form 8-K
No reports on Form 8-K were required to be filed by the
Registrant for the three months ended March 31,
1995.
<PAGE>
PAGE 15
SIGNATURES
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.
IDS LIFE ACCOUNT RE
of
IDS LIFE INSURANCE COMPANY
(Registrant)
Date: May 15, 1995 /S/ Melinda Urion
Melinda S. Urion
Executive Vice President
and Controller
<PAGE>
<PAGE>
PAGE 1
IDS Life Account RE
File No. 33-13375
EXHIBIT INDEX
Exhibit 27.1: Financial Data Schedule.
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
PAGE 1
<ARTICLE> 5
<LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL
INFORMATION EXTRACTED FROM THE REGISTRANT'S FORM 10-Q FOR THE
THREE MONTHS ENDED MARCH 31, 1995 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS INCLUDED IN
SUCH REPORT.
<RESTATED>
<CIK>
<NAME>
<MULTIPLIER>
<CURRENCY>
<FISCAL-YEAR-END> DEC-31-1995
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0
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