<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, 1996.
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,
1996 1995
(unaudited)
<S> <C> <C>
Assets:
Cash $ 698,827 $ 586,729
Receivable from IDS Life for contracts sold 11,853 300,000
Investments in unconsolidated joint ventures,
at fair value (cost of $36,035,340 and
$35,858,482 at March 31, 1996
and December 31, 1995, respectively) 24,327,330 24,150,472
Participation in mortgage loan, at fair
value (cost of $3,047,188 at March 31, 1996
and December 31, 1995) 2,838,363 2,966,207
Accrued interest on participation in mortgage loan (4,282) (5,401)
Investment in wholly-owned real estate
property:
Building, at fair value (cost of $14,193,796
and $14,174,329 at March 31, 1996 and
December 31, 1995, respectively) 12,399,806 12,380,339
Land, at fair value (cost of $3,915,263
at March 31, 1996 and December 31, 1995) 3,915,263 3,915,263
Deferred borrowing costs, net of accumulated
amortization of $164,040 and $157,577 at
March 31, 1996 and December 31, 1995, respectively 17,416 23,879
Other assets 41,120 43,135
Total assets $44,245,696 $44,360,623
Liabilities:
Payable to IDS Life for:
Operating expenses $ 104,397 $ 76,619
Contract terminations -- 271,318
Accrued mortality and expense risk fee 37,292 40,420
Accrued asset management fee 46,615 50,525
Liabilities related to wholly-owned
real estate property:
Accounts payable and other liabilities 142,703 244,937
Accrued real estate taxes 49,553 --
Mortgage payable 7,748,613 7,770,339
Total liabilities 8,129,173 8,454,158
Contract Owners' Equity:
Net assets applicable to Variable Annuity
contracts in accumulation period $36,116,523 $35,906,465
Accumulation units outstanding 36,220,547 36,353,929
Net asset value per accumulation unit $ 1.00 $ 0.99
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,
1996 1995
Income:
Interest income $ 67,380 $ 66,322
Account's equity in earnings of
unconsolidated joint ventures 506,771 540,547
Rental income 641,538 574,678
Unrealized (depreciation) of participation
in mortgage loan (127,844) (5,231)
Unrealized appreciation of investment in wholly-owned
real estate property -- 44,889
Total income 1,087,845 1,221,205
Expenses:
Asset management fee 146,235 144,635
Mortality and expense risk fee 116,988 115,708
Amortization of deferred organizational
and borrowing costs 6,463 6,463
Revolving loan interest -- 43,195
Other operating expenses 32,651 18,893
Operating expenses related to wholly-owned
real estate property:
Interest 184,203 186,179
Utilities 47,264 74,782
Repairs and maintenance 40,745 41,512
Property and other taxes 55,846 49,530
Salaries 48,378 36,706
Management fees 28,073 29,092
Other 37,852 45,376
Total expenses 744,698 792,071
Net income $ 343,147 $ 429,134
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,
1996 1995
Cash flows from operating activities:
Net Income $ 343,147 $ 429,134
Adjustments to reconcile net income to net cash
used in operating activities:
Account's equity in earnings of unconsolidated
joint ventures (506,771) (540,547)
Change in accrued interest on participation
in mortgage loan (1,119) (729)
Amortization of organizational and borrowing costs 6,463 6,462
Change in unrealized depreciation of participation
in mortgage loan 127,844 5,231
Change in unrealized appreciation of investment
in wholly-owned real estate property -- (44,889)
Change in other assets 2,015 5,201
Change in payable to IDS Life for operating expenses 27,778 (2,972)
Change in accrued mortality and expense risk fee (3,128) (1,126)
Change in accrued asset management fee (3,910) (1,408)
Change in payables and other liabilities related
to wholly-owned real estate property (52,681) 92,223
Total adjustments to net income (403,509) (482,554)
Net cash used in operating activities (60,362) (53,420)
Cash flows from investing activities:
Capital improvements to wholly-owned real estate property (19,467) (4,767)
Distributions received from joint ventures 329,913 420,543
Net cash provided by investing activities 310,446 415,776
Cash flows from financing activities:
Proceeds from sales of contracts 1,401,464 171,498
Payments for contract terminations (1,517,724) (1,735,122)
Decrease in mortgage payable (21,726) (19,764)
Change in payable to IDS Life for revolving loan -- 1,600,000
Change in payable to IDS Life for revolving loan interest -- 8,027
Payment on Monmouth renovation loan (joint venture) -- (233,495)
Net cash used in financing activities (137,986) (208,856)
Net increase in cash 112,098 153,500
Balance of cash at beginning of year 586,729 204,859
Balance of cash at end of period $ 698,827 $ 358,359
Supplemental cash flow disclosure:
Cash paid for mortgage interest & revolving loan $ 184,203 $ 229,374
See accompanying notes to financial statements.
</TABLE> <PAGE>
PAGE 6
IDS LIFE ACCOUNT RE
of
IDS LIFE INSURANCE COMPANY
March 31, 1996
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, 1996 and
December 31, 1995; statements of operations for the three
months ended March 31, 1996 and 1995; and the statements of
cash flows for the three months ended March 31, 1996 and
1995. 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, 1995 and the notes
thereto contained in the Account's prospectus dated April 30,
1996. The results of operations for the three months ended
March 31, 1996 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, 1996 and 1995 is as follows:
For the three months ended
March 31
1996 1995
Account's share of net
investment income from
unconsolidated joint ventures $ 506,771 $ 540,547
Total net investment income of
unconsolidated joint ventures $ 6,653,028 $ 7,175,644
Total income of unconsolidated
joint ventures $11,391,000 $11,426,000
<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, 1996 Compared to the Three
Months Ended March 31, 1995 -
Net assets increased from $35,906,465 at December 31, 1995 to
$36,116,523 at March 31, 1996. During this same time period, the
accumulation unit value increased from $.99 to $1.00. The Account
experienced net terminations amounting to $116,260 for the three
months ended March 31, 1996 compared to net terminations of
$1,563,624 for the three months ended March 31, 1995. The net
terminations for the three months ended March 31, 1996 include
approximately $1,100,000 for accumulation units purchased by IDS
Life, which has been used to pay for contract surrenders, as
discussed more fully below.
Recorded net income for the three months ended March 31, 1996 was
$343,147 compared to $429,134 for the three months ended March 31,
1995.
Interest income for the three months ended March 31, 1996 primarily
represents income earned on the Account's investment in the
participation in a mortgage loan (Riverpoint Shopping Center).
Income generated from participation in the mortgage loan remained
relatively unchanged compared to the corresponding period in 1995.
The Silo Electronic store (12,100 sq. ft.) at Riverpoint Shopping
Center vacated its space in the third quarter 1995, and the
borrower is pursuing its legal remedies regarding such unpaid
amounts. The borrower re-leased the space to a book store for
three months at a substantially lower rent. The borrower
subsequently leased the space, at a substantially lower rent, for
five years with rent commencing on July 1, 1996. As a result of
this vacancy, the borrower has notified the lenders that it is
experiencing financial difficulties and has approached the lenders
regarding a loan modification. The lenders and borrower have
reached an agreement in principle to defer payment of debt service
for a certain period of time. However, there can be no assurance
that such agreement will be finalized under these terms or any
others. As of the date of this report, certain escrow payments and
participation interest are due to the lenders; however, the
borrower is current in its monthly debt service payments. For the
three months ended March 31, 1996, the Account recognized net
unrealized depreciation of participation in mortgage loan of
$127,844 as a result of lower effective rents achieved upon
releasing, as discussed above.
For the three months ended March 31, 1996, the Account's recorded
equity in earnings of its unconsolidated joint ventures (N/S
Associates, Monmouth Associates and 1225 Connecticut) was $506,771,
compared to $540,547 for the three months ended March 31, 1995.
However, after eliminating the effect of the recognition in the
first quarter of 1995 of income attributable to certain lease<PAGE>
PAGE 8
termination fees received by N/S Associates, the equity in earnings
of unconsolidated joint ventures showed an increase for the three
months of 1996 of approximately 3.3 percent compared to the
recorded equity in earnings for the three months of 1995. The
increase is due primarily to (i) an increase in interest earned
from Monmouth Associates, (ii) an increase in rental income at 1225
Connecticut due to the property being 100 percent leased, and (iii)
lower interest expense from N/S Associates in 1996 as a result of
prepayment charges incurred in the first quarter of 1995 in
connection with the repayment and refinancing of the mortgage loans
on Northridge and Southridge Malls. The increase in earnings was
partially offset by the result of N/S Associates' reduced earnings
as a result of lower rental income achieved at Southridge and
Northridge Malls due to lower occupancy.
In addition, the Account recorded rental income of $641,538 for the
three months ended March 31, 1996 from its wholly-owned real estate
investment, West Springfield Terrace Apartments, compared to
$574,678 for the three months ended March 31, 1995, primarily due
to modest increases in effective rental rates over the course of
1995. Expenses related to the wholly-owned real estate investment
totaled $442,361 for the three months ended March 31, 1996 compared
to $463,177 for the corresponding period in 1995.
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 a three-year period.
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, 1994 and 1995. As of March 31, 1996, occupancy of the mall
shops was approximately 82%, 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. Certain recent positive sales trends appear to
indicate a modest improvement; 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,
approached N/S Associates regarding an expansion of its tenant
space and a reduction in its overall leasing costs. During the
third quarter of 1995, N/S Associates and Kohl's entered into an
amendment of its lease. Pursuant to the lease amendment, the term
of Kohl's lease has been extended from 2001 until 2015 and the<PAGE>
PAGE 9
tenant space has been increased by approximately 19,000 square feet
to approximately 85,000 square feet, exclusive of storage space.
Kohl's is required to pay annual base rent of $9.25 per square
foot, as well as one-half of its pro rata share for real estate
taxes and a fixed amount for common area maintenance expense.
Kohl's is also obligated to pay as additional rent a percentage of
its gross receipts in excess of a minimum amount of annual sales to
be determined after the tenant has occupancy of the entire leased
space. N/S Associates is responsible for paying the costs of
asbestos removal for the tenant space, which is estimated to be
approximately $1,250,000. Kohl's is obligated to pay other costs
associated with the leased space, including tenant improvements and
lease buy-out and relocation costs, if any, of other tenants (one
of whose lease continues until 2001) that currently occupy a
portion of the expansion space. The lease amendment also contains
an operating covenant pursuant to which Kohl's is obligated to
operate its retail store at Southridge Mall until 2005, subject to
earlier termination under certain circumstances. Although the
lease amendment reduces Kohl's overall rent, the expansion of its
space and the extension of its lease term is expected to help
stabilize the shopping center on a long-term basis by ensuring
Kohl's continued occupancy and contribution to customer traffic.
As of March 31, 1996, occupancy of Southridge Mall which is owned
by N/S Associates was approximately 92%, including temporary
tenants under short-term leases.
The Account paid asset management and mortality expense risk fees
of $263,223 and $260,343 for the three months ended March 31, 1996
and 1995, respectively.
Liquidity and Capital Resources
For the Three Months Ended March 31, 1996 Compared to the Three
Months Ended March 31, 1995 -
At March 31, 1996, the Account had cash of approximately $699,000
as compared to approximately $587,000 at December 31, 1995. The
Account financed a portion of the contract terminations during the
quarter through additional investments made by IDS Life Insurance
Company (IDS Life). The Account had experienced net contract
terminations in 14 consecutive quarters with net sales (including
accumulation units purchased by IDS Life) in three of the last four
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 and purchases of
accumulation units by 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 and
payments for contract terminations.<PAGE>
PAGE 10
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. In June 1995, the revolving
credit loan balance of $9,500,000 and accrued interest were repaid
as discussed below.
Effective May 1, 1995, new contract sales of the Account were
discontinued. Additional purchase payments 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 also continue to
be serviced and surrender requests will be honored.
IDS Life continues to purchase accumulation units in order to
maintain the Account and its liquidity. IDS Life makes 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 made into the Account were used to
pay off the amount that the Account had borrowed under its
revolving line of credit. IDS Life expects to continue to 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 contract terminations.
As of March 31, 1996, IDS Life had purchased approximately
24,067,904 accumulation units.
By purchasing accumulation units, IDS Life has an ownership
interest in the Account. Since IDS Life does not purchase a
contract, it is not subject to surrender charges. However, IDS
Life, as holder of accumulation units, participates 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.<PAGE>
PAGE 11
Through March 31, 1996, Monmouth Associates had funded
approximately $23,100,000 of the renovation loan for Monmouth Mall.
Fundings of principal on the loan have been made from cash reserves
held by Monmouth Associates, cash flow from interest and ground
rent payments received from the borrower/lessee and capital
contributions made to Monmouth Associates by its partners pro rata
based upon their respective interests. The aggregate amount of
capital contributions to finance the loan, including one made in
July 1995, is approximately $9,830,000. The Account's share of
these capital contributions is approximately $685,000. The
aggregate amount of the renovation loan, including accrued and
deferred interest of approximately $1,300,000, is currently
expected to be approximately $28,500,000. Remaining fundings for
the renovation loan are expected to be made from cash flow and
funds currently held by Monmouth Associates. 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 or
expansion of a department store tenant at Monmouth Mall. However,
it is not currently expected that this would occur during 1996.
The renovation is nearing completion with tenant improvement work
for one of the larger tenants and retainage work remaining. The
occupancy of mall shops and outparcel space at the shopping center
as of March 31, 1996 was approximately 84 percent. However, the
mall shops and outparcel space are approximately 72 percent leased,
including a lease for a tenant whose term will commence after
renovation of its tenant space permits occupancy. Leasing and
occupancy at the shopping center have been adversely affected by
tenant bankruptcies occurring in 1995.
The Account has a loan outstanding in the principal amount of
approximately $7,749,000 as of March 31, 1996, 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. The current budget for capital
expenditures during 1996 is approximately $261,600 for painting,
carpet replacement and other capital costs. The Account expects to
market the property for sale during 1996. If the Account is unable
to sell the property, prior to the maturity date, the Account would
then seek to either obtain a loan extension or seek replacement
financing. However, there can be no assurance the Account will be
able to either sell the property or obtain alternative financing.
In February 1995, N/S Associates obtained a new mortgage loan
secured by Southridge Mall in the principal amount of $35,000,000.
The new mortgage 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. A portion of the proceeds from the new
mortgage loan was used to repay the two mortgage loans secured by
Northridge Mall as well as the mortgage loan previously secured by
Southridge Mall. Remaining net proceeds from the refinancing have<PAGE>
PAGE 12
been and will be used to pay tenant improvement and other capital
costs at Northridge and Southridge Malls.
N/S Associates currently expects that it will incur approximately
$4,369,000 in 1996 for tenant improvement, asbestos removal and
other capital items at Northridge and Southridge Malls. Actual
amounts expended in 1996 may vary depending on a number of factors,
including actual leasing activity, results of property operations,
liquidity considerations and market conditions over the course of
the year. 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 tenant improvements, asbestos removal and other capital items
generally will be provided out of cash flows from the properties.
In this regard, N/S Associates reduced the amount of distributions
to its partners in order to retain funds to pay capital items
expected to be incurred in 1996. N/S Associates expended
approximately $1,967,000 for tenant improvements, asbestos removal
and other capital projects in 1995.
At March 31, 1996, 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 70.8 percent, 27.5 percent and 1.7 percent
of total assets, respectively. At March 31, 1995, real property
investments, mortgage loan and land sale-leaseback investments and
short-term investments represented 71 percent, 28 percent and 1
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, 1996 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, 1996.
<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 13, 1996 /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, 1996 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-31-1996
<PERIOD-START>
<PERIOD-END> MAR-31-1996
<PERIOD-TYPE> 3-MOS
<EXCHANGE-RATE>
<CASH> 698827
<SECURITIES> 0
<RECEIVABLES> 11853
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 698827
<PP&E> 0
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0
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