<PAGE>
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 September 30, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
COMMISSION FILE NUMBER 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>
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.
<PAGE>
PART 1 - FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
<TABLE>
IDS LIFE ACCOUNT RE
of
IDS LIFE INSURANCE COMPANY
BALANCE SHEETS
September December 31,
30,
1997 1996
(Unaudited)
---------------- ----------------
Assets:
<S> <C> <C>
Cash --
102,737
Investments in securities, at value (Note 1)
(identified cost $6,398,564)
6,398,564 10,254,310
Investments in unconsolidated joint ventures, at fair value (cost of
$36,116,331 and $36,299,366 at September 30, 1997 and December 31, 1996,
respectively)
23,201,570 23,384,605
Other assets --
4,277
---------------- ----------------
Total assets
29,600,134 33,745,929
================ ================
Liabilities:
Payable to IDS Life for:
Operating expenses --
42,340
Contract terminations
51,352 4,793
Accrued mortality and expense risk fee
28,886 32,991
Accrued asset management fee
36,108 41,239
Other liabilities --
200,940
Liabilities related to wholly-owned real estate property:
Accounts payable and other liabilities --
79,090
---------------- ----------------
Total liabilities
317,286 200,453
================ ================
Contract Owners' Equity:
Net assets applicable to Variable Annuity
contracts in accumulation period
29,282,848 33,545,476
================ ================
Accumulation units outstanding
28,458,283 34,144,955
================ ================
Net asset value per accumulation unit
1.03 0.98
================ ================
See accompanying notes to financial statements.
</TABLE>
<PAGE>
IDS LIFE ACCOUNT RE
of
IDS LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS
(unaudited)
<TABLE>
For the three months ended
--------------------------------------
Sept. 30, Sept. 30,
1997 1996
------------------- --------------
Income:
<S> <C> <C>
Interest income $ 104,754 $ 78,584
Account's equity in earnings of
unconsolidated joint ventures 564,537 579,475
Rental income -- 636,645
Unrealized appreciation (depreciation) of participation
in mortgage loan -- (19,763)
Change unrealized appreciation (depreciation) of
investments in wholly-owned real estate property -- 1,339,993
Realized loss on wholly-owned
real estate property -- (2,146,691)
------------------- --------------
Total income 669,291 468,243
------------------- --------------
Expenses:
Asset management fee 106,625 149,557
Mortality and expense risk fee 85,300 119,645
Amortization of deferred organizational
and borrowing costs -- 6,676
Other operating expenses 19,516 17,780
Operating expenses related to wholly-owned
real estate property:
Interest -- 183,315
Utilities -- 21,872
Repairs and maintenance -- 52,150
Property and other taxes -- 48,392
Salaries -- 52,442
Management fees -- 27,874
Other -- 28,234
------------------- --------------
Total expenses 211,441 707,937
------------------- --------------
Net income (loss) $ 457,850 $ (239,694)
=================== ==============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
IDS LIFE ACCOUNT RE
of
IDS LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS
(unaudited)
For the nine months ended
--------------------------------------
Sept. 30, Sept. 30,
1997 1996
---------------- --------------
Income:
<S> <C> <C>
Interest income $ 384,607 $ 211,934
Account's equity in earnings of
unconsolidated joint ventures 1,699,636 1,583,737
Other income 54,134 --
Rental income -- 1,877,789
Unrealized (depreciation) of participation
in mortgage loan -- (147,608)
Net change unrealized appreciation of investment
in wholly-owned real estate property -- 1,339,993
Unrealized appreciation (depreciation) of
investments in unconsolidated joint ventures -- (507,511)
Realized loss on wholly-owned
real estate property -- (2,146,691)
---------------- --------------
Total income 2,138,377 2,211,643
---------------- --------------
Expenses:
Asset management fee 333,884 442,298
Mortality and expense risk fee 267,108 353,838
Amortization of deferred organizational
and borrowing costs -- 19,602
Other operating expenses 46,866 53,849
Operating expenses related to wholly-owned
real estate property:
Interest -- 551,315
Utilities -- 107,363
Repairs and maintenance -- 147,556
Property and other taxes -- 153,790
Salaries -- 146,578
Management fees -- 84,854
Other -- 98,450
---------------- --------------
Total expenses 647,858 2,159,493
---------------- --------------
Net income $ 1,490,519 $ 52,150
================ ==============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
IDS LIFE ACCOUNT RE
of
IDS LIFE INSURANCE COMPANY
STATEMENTS OF CASH FLOWS
(unaudited)
For the nine months ended
------------------------------------
Sept. 30, Sept. 30,
1997 1996
---------------- ----------------
<S> <C> <C>
Cash flows from operating activities:
Net Income $ 1,490,519 $ 52,150
Adjustments to reconcile net income to net cash used in operating activities:
Account's equity in earnings of unconsolidated
joint ventures (1,699,635) (1,583,737)
Change in accrued interest on participation
in mortgage loan -- (5,945)
Amortization of organizational and borrowing costs -- 23,879
Change in unrealized depreciation of investments
in unconsolidated joint ventures -- 507,511
Change in unrealized depreciation (appreciation) of
participation in mortgage loan -- 147,608
Change in realized depreciation in wholly-owned
real estate property -- 806,698
Change in other assets 4,277 43,135
Change in payable to IDS Life for operating expenses (42,340) (32,959)
Change in accrued mortality and expense risk fee (4,105) (1,405)
Change in accrued asset management fee (5,131) (1,756)
Change in other liabilities 200,940 --
Change in payables and other liabilities related
to wholly-owned real estate property (79,090) (65,861)
---------------- ----------------
Total adjustments to net income (1,625,084) (162,832)
---------------- ----------------
Net cash used in operating activities (134,565) (110,682)
---------------- ----------------
Cash flows from investing activities:
Distributions received from joint ventures 1,882,670 1,307,073
Net sales (purchases) of short-term securities 3,855,746 --
Sale of wholly owned property -- 15,488,904
---------------- ----------------
Net cash provided by investing activities 5,738,416 16,795,977
---------------- ----------------
Cash flows from financing activities:
Proceeds from sales of contracts 14,536 2,341,959
Payments for contract terminations (5,721,124) (3,194,642)
Decrease in mortgage payable -- (7,770,339)
---------------- ----------------
Net cash used in financing activities (5,706,588) (8,623,022)
---------------- ----------------
Net increase in cash (102,737) 8,062,273
Balance of cash at beginning of year 102,737 586,729
---------------- ----------------
Balance of cash at end of period $ -- $ 8,649,002
================ ================
Supplemental cash flow disclosure:
Cash paid for mortgage interest & revolving loan $ -- $ 551,315
================ ================
</TABLE>
See accompanying notes to financial statements.
<PAGE>
IDS LIFE ACCOUNT RE
of
IDS LIFE INSURANCE COMPANY
September 30, 1997
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
September 30, 1997 and December 31, 1996; statements of operations for
the three and nine months ended September 30, 1997 and 1996; and the
statements of cash flows for the nine months ended September 30, 1997
and 1996. 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, 1996 and the notes
thereto contained in the Account's prospectus dated April 30, 1997. The
results of operations for the nine months ended September 30, 1997 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 nine months ended September 30, 1997 and
1996 is as follows:
For the nine months ended
September 30
1997 1996
---- ----
Account's share of net
investment income from
unconsolidated joint ventures $ 1,699,636 $ 1,583,737
Total net investment income of
unconsolidated joint ventures $14,426,913 $19,697,394
Total income of unconsolidated
joint ventures $35,277,000 $ 35,526,000
<PAGE>
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Financial Condition and Results of Operations
For the Nine Months Ended September 30, 1997 Compared to the Nine Months Ended
September 30, 1996-
Net assets decreased from $33,545,476 at December 31, 1996 to $29,282,848 at
September 30, 1997. During this same time period, the accumulation unit value
increased from $.98 at December 31, 1996 to $1.03 at September 30, 1997. The
Account experienced net terminations amounting to $5,706,588 for the nine months
ended September 30, 1997 compared to net sales of $2,439,870 for the nine months
ended September 30, 1996. The net terminations for the nine months ended
September 30, 1996 include approximately $2,000,000 for accumulation units
purchased by IDS Life, which has been used to pay for contract surrenders, as
discussed more fully below. In the nine months ended September 30, 1997, IDS
Life had not purchased any accumulation units.
Recorded net income for the nine months ended September 30, 1997 was $1,490,519
compared to $52,150 for the nine months ended September 30, 1996.
Interest income represents income earned in 1997 on the Account's investment in
short-term securities. Interest generated from short-term investments of
$384,607 for the nine months ended September 30, 1997 is due primarily to an
increase in short-term investments compared to the same period in 1996. This
increase was due primarily to cash received as a result of (i) the payoff of the
Riverpoint mortgage loan receivable in December 1996 and (ii) the sale of the
West Springfield apartments in September 1996. Short-term investments decreased
in 1997 due primarily to net Account terminations, as discussed above.
Interest income for the nine months ended September 30, 1996 primarily
represented income earned on the Account's investment in the participation in a
mortgage loan (Riverpoint Shopping Center). For the nine months ended September
30, 1996, the Account recognized net unrealized depreciation of participation in
mortgage loan of $147,608 as a result of lower effective rents achieved upon
releasing the center.
For the nine months ended September 30, 1996, the Account recognized net
unrealized depreciation of investments in unconsolidated joint ventures of
approximately $507,511 primarily due to a decrease in current assets at Monmouth
Associates. A portion of the decrease was a result of a $4,000,000 cash
distribution in which the Accounts share was $278,800, and the payment of
certain capital and tenant improvements.
Distributions from unconsolidated joint ventures increased from $1,882,670 at
the nine months ended September 30, 1997 compared to $1,307,073 for the nine
months ended September 30, 1996. The increase in distributions from
unconsolidated joint ventures is due primarily to increased distributions from
Monmouth Associates in the first quarter of 1997. The increased distributions
was the result of previously undistributed cash flow earned in prior quarters.
The increased distributions were slightly offset by decreased distributions in
1997 from N/S Associates and 1225 Connecticut.
Due to the sale of its wholly-owned real estate investment, West Springfield
Terrace Apartments, in September 1997, the Account had $0 rental income for the
nine months ended September 30, 1997 compared to $1,877,789 for the nine months
ended September 30, 1996. Also, expenses related to the wholly-owned real estate
investment totaled $0 for the nine months ended September 30, 1997 compared to
$1,289,906 for the corresponding period in 1996.
For the nine months ended September 30, 1997, the Account's recorded equity in
earnings of its unconsolidated joint ventures (N/S Associates, Monmouth
Associates and 1225 Connecticut) was $1,699,636 compared to $1,583,737 for the
nine months ended September 30, 1996. The increase is due primarily to an
increase in interest income earned by Monmouth Associates. The increase in
earnings was partially offset by lower rental income achieved at Southridge and
Northridge Malls due to lower effective rents.
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. Occupancy has also been
affected by tenant bankruptcies over the past years. As of September 30, 1997,
occupancy of the mall shops was approximately 66%, including temporary tenants
under short term leases. Occupancy decreased 6 percent from the prior quarter
due primarily to a movie theater tenant, which occupied approximately 8% of the
owned net rentable area at the property, vacating its space upon expiration of
its lease. Northridge is attempting to lease this space to another movie theater
operator, however, there can be no assurance that Northridge will be successful.
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 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.
As of September 30, 1997, the portion of Southridge Mall owned by N/S Associates
was approximately 97% leased and occupied, including temporary tenants under
short-term leases.
The Account paid asset management and mortality expense risk fees of $600,992
and $796,136 for the nine months ended September 30, 1997 and 1996,
respectively.
For the Three Months Ended September 30, 1997 Compared to the Three Months Ended
September 30,1996 -
Recorded net income (loss) for the three months ended September 30, 1997 was
$457,850 compared to $(239,694) for the three months ended September 30, 1996.
The increase in recorded net income for the three months ended September 30,
1997 is due primarily to the recognition in 1996 of a net loss on sale of the
West Springfield Terrace Apartments. This decrease was partially offset by the
net operating income earned at this property for the three month period in 1996.
During the three months ended September 30, 1997, $564,537 of income was
attributable to the Account's recorded equity in earnings of its unconsolidated
joint ventures (N/S Associates, Monmouth Associates, and 1225 Connecticut)
compared to $579,475 for the corresponding three months in 1996. The decrease in
income is primarily due to a lower rental income achieved at Southridge and
Northridge Malls due to lower effective rents. In addition, the decrease is due
to lower occupancy at the Northridge Mall.
Due to the sale of its wholly-owned real estate investment, West Springfield
Terrace Apartments, in September 1996, the Account had $0 rental income for the
three months ended September 30, 1997 compared to $636,645 for the three months
ended September 30, 1996. Also, the expenses related to the wholly-owned real
estate investment totaled $0 for the three months ended September 30, 1997
compared to $414,279 for the corresponding period in 1996.
The Account paid total asset management and mortality expense risk fees for the
three months ended September 30, 1997 of $191,925 compared to $269,202 for the
corresponding period in 1996.
Liquidity and Capital Resources
For the Nine Months Ended September 30, 1997 Compared to the Nine Months Ended
September 30, 1996-
At September 30, 1997, the Account had cash and investments of short-term
securities of approximately $6,398,564 as compared to approximately $10,357,047
at December 31, 1996. The Account had experienced net contract terminations in 5
consecutive 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 the sale of West Springfield Terrace Apartments, the loan repayment from
Riverpoint Center, proceeds from sales of contracts, 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 asset management and
mortality and expense risk fees and payments for contract terminations and
redemption units held by IDS Life.
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 has purchased accumulation units in order to maintain the Account and
its liquidity. IDS Life made these payments so that no contract holder would be
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. As of September 30, 1997, IDS Life had purchased approximately
24,969,872 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. During 1996, the Account liquidated two real estate
related investments. 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.
Through September 30, 1997, Monmouth Associates had funded approximately
$25,905,000 of the renovation loan (which excludes $1.3 million of construction
loan interest) 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 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 approximately
$27,205,000. 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 or expansion of a department store tenant at
Monmouth Mall. However, it is not currently expected that this would occur
during 1997.
The renovation is complete. The occupancy of mall shops and outparcel space at
the shopping center as of September 30, 1997 was approximately 85 percent.
However, the mall shops and outparcel space are approximately 91 percent leased.
Leasing and occupancy at the shopping center have been adversely affected by
tenant bankruptcies occurring over the past several years.
N/S Associates currently expects that it will incur approximately $2,090,000 in
1997 for tenant improvement, asbestos removal and other capital items at
Northridge and Southridge Malls. Actual amounts expended in 1997 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. N/S Associates expended approximately $2,236,000 for tenant
improvements, asbestos removal and other capital projects in 1996.
At September 30, 1997, real property investments (through two unconsolidated
joint ventures, N/S Associates and 1225 Connecticut,) land sale-leaseback
investments (through an unconsolidated joint venture, Monmouth Associates) and
short-term investments represented 50 percent, 29 percent and 21 percent of
total assets, respectively. At September 30, 1996, real property investments,
mortgage loan and land sale-leaseback investments and short-term investments
represented 56 percent, 33 percent and 11 percent of total assets, respectively.
<PAGE>
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.
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.
10.8 Copy of Purchase Agreement for the sale of the West Springfield
Terrace Apartments is hereby incorporated herein by reference to the Accounts
Report on Form 10-Q (File No. 33-13375) for September 30, 1996 dated November
14, 1996.
27.1 Financial Data Schedule of the Account for the period ended
September 30, 1997 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 September 30, 1996.
<PAGE>
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: November 14, 1997 /S/ Melinda Urion
------------------
Melinda S. Urion
Executive Vice President
and Controller
<PAGE>
IDS Life Account RE
File No. 33-13375
EXHIBIT INDEX
Exhibit 27.1: Financial Data Schedule.
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE REGISTRANT'S FORM 10-Q FOR THE THREE MONTHS ENDED SEPTEMBER
30, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS INCLUDED IN
SUCH REPORT.
</LEGEND>
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> SEP-30-1997
<CASH> 0
<SECURITIES> 6398564
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 6398564
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 29600134
<CURRENT-LIABILITIES> 317286
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 29282848
<TOTAL-LIABILITY-AND-EQUITY> 29600134
<SALES> 0
<TOTAL-REVENUES> 2138377
<CGS> 0
<TOTAL-COSTS> 380750
<OTHER-EXPENSES> 267108
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 1490519
<INCOME-TAX> 1490519
<INCOME-CONTINUING> 1490519
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1490519
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
