<PAGE>1
THE PURPOSE OF THIS AMENDMENT IS TO CORRECT THE MODULE NAME FOR
EXHIBIT 19 (QUARTERLY REPORT TO SECURITY-HOLDERS) FOR THE QUARTER
ENDED MARCH 31, 1996
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 - AMENDMENT NO. 1
For the quarterly period ended March 31, 1996
Commission File Number 0-17636
Exact Name of Registrant as Specified in Its Charter: T. ROWE
PRICE REALTY INCOME FUND IV, AMERICA'S SALES-COMMISSION-FREE REAL
ESTATE LIMITED PARTNERSHIP
State or Other Jurisdiction of Incorporation or Organization:
Delaware
I.R.S. Employer Identification No.: 95-4147931
Address and zip code of Principal Executive offices: 100 East
Pratt Street, Baltimore, Maryland 21202
Registrant's telephone number, including area code: 1-800-638-
5660
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>2
PART I - FINANCIAL INFORMATION
Item 1.Financial Statements
The financial statements of T. Rowe Price Realty Income Fund
IV, America's Sales-Commission-Free Real Estate Limited
Partnership ("Partnership") are set forth in Exhibit 19 hereto,
which statements are incorporated by reference herein.
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations.
Liquidity and Capital Resources and Results of Operations
The Partnership's liquidity and capital resources and its
results of operations are discussed in the Chairman's letter to
partners on pages 1-2 of Exhibit 19 hereto, the Partnership's
Quarterly Report to Security-Holders, which letter is hereby
incorporated by reference herein.
Reinvestment and Redemption Plans
The public offering of Units was terminated on September
30, 1988, and additional Units will be sold only in connection
with the Partnership's reinvestment plan. As of March 31, 1996
additional capital in the amount of $6,676,580 has been raised
from cash distributions reinvested and 159,175 additional Units
were issued in connection therewith. Of this amount $2,861,152
has been used to redeem 79,752 Units. The amount of additional
capital to be raised from this source in the future will depend
on the size of the Partnership's cash distributions per Unit, as
well as the number of Units held by investors who elect to
participate in the plan.
PART II - OTHER INFORMATION
Item 6.Exhibits and Reports on Form 8-K:
(a) Exhibits.
19 - Quarterly Report Furnished to Security-Holders,
including Financial Statements of the Partnership
27 - Financial Data Schedule
All other items are omitted because they are not
applicable or the answers are none.
<PAGE>3
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.
T. ROWE PRICE REALTY INCOME FUND
IV,
AMERICA'S SALES-COMMISSION-FREE
REAL ESTATE LIMITED PARTNERSHIP
By: T. Rowe Price Realty Income
Fund IV Management, Inc.,
General Partner
Date: May 15, 1996 By: /s/Kenneth J. Rutherford
Kenneth J. Rutherford
Assistant Vice President
Date: May 15, 1996 By: /s/Joseph P. Croteau
Joseph P. Croteau
Principal Financial
Officer and Controller of
the Partnership
The Quarterly Report to Limited Partners for the Quarter ended
March 31, 1996 should be inserted here.
QUARTERLY REPORT FOR THE PERIOD ENDED MARCH 31, 1996
FELLOW PARTNERS:
We have changed the format of our reports in an effort to improve the
information given to you and reduce the complexity of the message. A major
addition is the table below where you will find the period-end as well as the
average leased status and the contribution to net income from each property in
the portfolio. The leased status will probably fluctuate during any given
period, so we feel the average number will be a better performance indicator.
By showing the contribution to net income by property along with the total
square footage and average leased status, we also believe you will gain a
better perspective on the relationship among the holdings.
Going forward, any properties earmarked for sale will be broken out so
that you have an idea of the effect the absence of these properties may have
on future income. In addition, we will show the effect on net income of
properties which have been sold in the periods under review.
Results of Operations
Net income was down at all properties except Tierrasanta relative to the first
quarter of 1995. As the table below indicates, the most pronounced declines
were at Goshen Plaza and Westbrook Commons. The lower average leased status
hurt the revenue comparison at Goshen Plaza, while snow removal costs at this
Gaithersburg, Maryland, retail center skyrocketed during the Blizzard of '96.
Rental income at Westbrook Commons, the retail center in Westchester,
Illinois, was flat compared to last year's first quarter, but its property
operating expenses were generally higher across the board. The departure of
financially troubled tenants was the main cause of the drop in average leased
status at both properties. The markets where these retail centers operate are
strong, so we hope our aggressive leasing efforts will be rewarded.
Real Estate Investments (Dollars in thousands)
_______________________________________________________________________________
Average Contribution
Leased Status Leased Status to Net Income
________________________________________________
Gross Three Months Three Months
Property Leasable March 31, Ended March 31, Ended March 31,
Name Area (Sq. Ft.) 1996 1995 1996 1995 1996
________________ ____________ ______ _____ _____ _____ _____
Tierrasanta 104,200 100% 77% 100% $ 31 $ 43
Goshen Plaza 45,500 71 91 75 76 11
Westbrook Commons 121,600 93 98 94 119 67
Burnham Building 71,200 100 100 100 45 42
Kent Sea Park 138,200 100 98 99 106 79
Fairchild 104,800 70 84 70 20 0
___________ _______ _______ _______ _______ _______
585,500 91 91 91 397 242
Fund Expenses
Less Interest
Income - - - - (55) (41)
___________ _______ _______ _______ _______ _______
Total 585,500 91% 91% 91% $342 $201
There were noteworthy events at other properties during the quarter.
First, 100% of Kent Sea Park, the Fund's largest holding in terms of square
footage, is now leased. While the average space leased at Fairchild Corporate
Center showed a sharp drop from last year, interest in the submarket and at
the property is positive, and we have just recently had several unsolicited
offers to buy Fairchild.
On a less optimistic note, we were unsuccessful in our effort to renew
the tenant who occupies 38% of Tierrasanta and are now actively marketing this
space. Your Fund owns 40% of this property, with Realty Income Funds II and
III each holding 30%.
Cash Distribution
The $0.40 per-unit quarterly distribution from operations will be paid to you
on May 15. While we hope to maintain this rate throughout the year, we will
evaluate it in each subsequent quarter based on operations, the cash needs of
the Fund, and/or any dispositions.
Please see the additional information beginning on page 8 which is being
provided in connection with the continuation of the Fund's reinvestment plan.
Outlook
Most of the markets where your properties compete are improving, with the most
notable changes in California where new and expanding industries continue to
replace the downsizing in the defense area. Whenever a market is nearing its
peak in terms of rising occupancy and rental rates, particularly as evidenced
by new construction, property sales may be warranted. In this regard, we are
looking carefully at events involving two industrial holdings in the
portfolio, Burnham and Kent Sea Park, and, as mentioned earlier, have had
offers on Fairchild. We will keep you up-to-date on developments in future
reports.
Sincerely,
James S. Riepe
Chairman
May 13, 1996
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited
(In thousands)
March 31, December 31,
1996 1995
___________ ____________
Assets
Real Estate Property Investments
Land . . . . . . . . . . . . . . $ 8,502 $ 8,502
Buildings and Improvements . . . 18,401 18,295
________ ________
26,903 26,797
Less: Accumulated Depreciation
and Amortization. . . . . . . . (4,037) (3,848)
________ ________
22,866 22,949
Cash and Cash Equivalents. . . . . 1,845 1,733
Accounts Receivable
(less allowances of $304 and $367) 522 623
Other Assets . . . . . . . . . . . 212 280
________ ________
$ 25,445 $ 25,585
________ ________
________ ________
Liabilities and Partners' Capital
Security Deposits and Prepaid Rents $ 194 $ 200
Accrued Real Estate Taxes. . . . . 314 353
Accounts Payable and
Other Accrued Expenses. . . . . . 289 234
Minority Interest. . . . . . . . . 688 688
________ ________
Total Liabilities. . . . . . . . . 1,485 1,475
Partners' Capital. . . . . . . . . 23,960 24,110
________ ________
$ 25,445 $ 25,585
________ ________
________ ________
See the accompanying notes to condensed consolidated financial statements.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
(In thousands except per-unit amounts)
Three Months Ended
March 31,
1996 1995
________ _________
Revenues
Rental Income. . . . . . . . . . . $ 862 $ 907
Interest Income. . . . . . . . . . 25 17
________ ________
887 924
________ ________
Expenses
Property Operating Expenses. . . . 214 163
Real Estate Taxes. . . . . . . . . 147 140
Depreciation and Amortization. . . 189 175
Management Fee to General Partner. 72 36
Partnership Management Expenses. . 64 68
________ ________
686 582
________ ________
Net Income . . . . . . . . . . . . 201 342
________ ________
________ ________
Activity per Limited Partnership Unit
Net Income . . . . . . . . . . . . $ 0.26 $ 0.45
________ ________
________ ________
Cash Distributions Declared. . . . $ 0.40 $ 0.47
________ ________
________ ________
Weighted Average Number of
Units Outstanding . . . . . . . . 772,056 758,342
________ ________
________ ________
See the accompanying notes to condensed consolidated financial statements.
CONDENSED CONSOLIDATED STATEMENT OF PARTNERS' CAPITAL
Unaudited
(In thousands)
General Limited
Partner Partners Total
________ ________ ________
Balance,
December 31, 1995 . . . . . . $ (72) $24,182 $24,110
Net Income . . . . . . . . . . 2 199 201
Reinvestments in Units . . . . - 151 151
Redemptions of Units . . . . . - (141) (141)
Cash (Distributions)
Contributions . . . . . . . . 2 (363) (361)
_______ _______ _______
Balance, March 31, 1996. . . . $ (68) $24,028 $23,960
_______ _______ _______
_______ _______ _______
See the accompanying notes to condensed consolidated financial statements.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited
(In thousands)
Three Months Ended
March 31,
1996 1995
___________ ___________
Cash Flows from Operating Activities
Net Income . . . . . . . . . . . . $ 201 $ 342
Adjustments to Reconcile Net Income to
Net Cash Provided by Operating Activities
Depreciation and Amortization. . 189 175
Other Changes in Assets
and Liabilities . . . . . . . . 179 (158)
________ ________
Net Cash Provided by
Operating Activities. . . . . . . 569 359
________ ________
Cash Flows Used in Investing Activities
Investments in Real Estate . . . . (106) (54)
________ ________
Cash Flows from Financing Activities
Cash Distributions . . . . . . . . (361) (1,213)
Reinvestments in Units . . . . . . 151 522
Redemptions of Units . . . . . . . (141) (42)
_ _______ ________
Net Cash Used in Financing Activities (351) (733)
________ ________
Cash and Cash Equivalents
Net Increase (Decrease) during Period 112 (428)
At Beginning of Year . . . . . . . 1,733 2,327
________ ________
At End of Period . . . . . . . . . $ 1,845 $ 1,899
________ ________
________ ________
See the accompanying notes to condensed consolidated financial statements.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Unaudited
The unaudited interim condensed consolidated financial statements reflect all
adjustments which are, in the opinion of management, necessary for a fair
statement of the results for the interim periods presented. All such
adjustments are of a normal, recurring nature.
The unaudited interim financial information contained in the
accompanying condensed consolidated financial statements should be read in
conjunction with the consolidated financial statements contained in the 1995
Annual Report to Partners.
NOTE 1 - TRANSACTIONS WITH RELATED PARTIES AND OTHER
As compensation for services rendered in managing the affairs of the
Partnership, the General Partner earns a partnership management fee equal to
9% of net operating proceeds. The General Partner earned a partnership
management fee of $72,000 during the first three months of 1996.
In accordance with the partnership agreement, certain operating expenses
are reimbursable to the General Partner. The General Partner's reimbursement
of such expenses totaled $15,000 for communications and administrative
services performed on behalf of the Partnership during the first three months
of 1996.
An affiliate of the General Partner earned a normal and customary fee of
$1,000 from the money market mutual funds in which the Partnership made its
interim cash investments during the first three months of 1996.
LaSalle Advisors Limited Partnership ("LaSalle") is the Partnership's
advisor and is compensated for its advisory services directly by the General
Partner. LaSalle is reimbursed by the Partnership for certain operating
expenses pursuant to its contract with the Partnership to provide real estate
advisory, accounting and other related services to the Partnership. LaSalle's
reimbursement for such expenses during the first three months of 1996 totaled
$20,000.
An affiliate of LaSalle earned $24,000 in the first quarter of 1996 as
property manager for several of the Partnership's properties.
NOTE 2 - SUBSEQUENT EVENT
The Partnership declared a quarterly cash distribution of $.40 per unit to
Limited Partners of the Partnership as of the close of business on March 31,
1996. The Limited Partners will receive $309,000, and the General Partner will
receive $3,000.
The following information is provided in order to enable the Fund to register
additional Units in order to continue the Reinvestment Plan.
DIRECTORS AND EXECUTIVE OFFICERS OF THE FUND
The General Partner of the Fund is T. Rowe Price Realty Income Fund IV
Management, Inc. ("Fund IV Management"), 100 East Pratt Street, Baltimore,
Maryland 21202. The General Partner has the primary responsibility for
overseeing the selection, evaluation, structuring, negotiation, management,
and liquidation of the Fund's investments as well as the cash management of
the Fund's liquid assets and the administration of investor services of the
Fund, including general communications, periodic reports and distributions to
Limited Partners, and filings with the Securities and Exchange Commission. RIF
IV Management is a wholly-owned subsidiary of T. Rowe Price Real Estate Group,
Inc. ("Real Estate Group"), which is, in turn, a wholly-owned subsidiary of T.
Rowe Price Associates, Inc. ("Associates"). Affiliates of the General Partner,
T. Rowe Price Realty Income Fund I Management, Inc., T. Rowe Price Realty
Income Fund II Management, Inc., and T. Rowe Price Realty Income Fund III
Management, Inc. are the General Partners of other real estate limited
partnerships sponsored by Associates. Real Estate Group is investment manager
to T. Rowe Price Renaissance Fund, Ltd., A Sales-Commission-Free Real Estate
Investment ("Renaissance Fund"), a real investment trust sponsored by
Associates. Associates was founded in 1937 and as of March 31, 1996 managed
over $82 billion in assets.
The directors and executive officers of Fund IV Management are as
follows:
Name and Year of Birth
James S. Riepe (1943)
Position With Fund IV Management
Chairman of the Board and President, also Principal Executive Officer for the
Fund
Other Business Experience in Past Five Years
Managing Director and Director, T. Rowe Price Associates, Inc. ("Associates")
and Director of its Investment Services Division; President and Chairman of
Real Estate Group, and each of the general partners (the "RIF General
Partners") of T. Rowe Price Realty Income Fund I, A No-Load Limited
Partnership, T. Rowe Price Realty Income Fund II, America's
Sales-Commission-Free Real Estate Limited Partnership, and T. Rowe Price
Realty Income Fund III, America's Sales-Commission-Free Real Estate Limited
Partnership (the "Realty Income Funds"); Chairman of four of the 41 mutual
funds sponsored by Associates on which he serves as a director or trustee;
Chairman of New Age Media Fund; Director, Rhone-Poulenc Rorer, Inc., a
pharmaceuticals company.
Name and Year of Birth
Douglas O. Hickman (1949)
Position With Fund IV Management
Vice President and Director
Other Business Experience in Past Five Years
President of T. Rowe Price Threshold Fund Associates, Inc. and a Vice
President of Associates. Also Vice President and Director of each of the RIF
General Partners and serves as a member of the investment committees for the
T. Rowe Price Threshold Funds.
Name and Year of Birth
Henry H. Hopkins (1942)
Position With Fund IV Management
Vice President and Director
Other Business Experience in Past Five Years
Managing Director, Director, and Legal Counsel of Associates. In addition, Mr.
Hopkins is Vice President and Director of each of the RIF General Partners. He
is also a Vice President of certain mutual funds managed by Associates.
Name and Year of Birth
Mark E. Rayford (1951)
Position With Fund IV Management
Vice President
Other Business Experience in Past Five Years
Managing Director of Associates and Manager of Retail Operations. In addition,
Mr. Rayford is President of T. Rowe Price Services, Inc., and Vice President
of each of the RIF General Partners.
Name and Year of Birth
Lucy B. Robins (1952)
Position With Fund IV Management
Vice President and Secretary
Other Business Experience in Past Five Years
Vice President and Associate Legal Counsel of Associates and Vice President of
Real Estate Group, Renaissance Fund, and each of the RIF General Partners.
Name and Year of Birth
Mark B. Ruhe (1954)
Position With Fund IV Management
Vice President
Other Business Experience in Past Five Years
Asset Manager for Real Estate Group, and Vice President of Renaissance Fund
and each of the RIF General Partners.
Name and Year of Birth
Alvin M. Younger, Jr. (1949)
Position With Fund IV Management
Treasurer and Director
Other Business Experience in Past Five Years
Treasurer and Director of each of the RIF General Partners and a Managing
Director, Secretary and Treasurer of Associates, and Secretary and Treasurer
of Real Estate Group.
Name and Year of Birth
Kenneth J. Rutherford (1963)
Position With Fund IV Management
Vice President
Other Business Experience in Past Five Years
Assistant to the Director of Associates' Investment Services Division, Vice
President of Renaissance Fund, and Assistant Vice President of each of the RIF
General Partners.
Name and Year of Birth
Joseph P. Croteau (1954)
Position With Fund IV Management
Vice President, Controller, and Director, also Principal Financial Officer for
the Partnership
Other Business Experience in Past Five Years
Vice President and Controller of Associates, Vice President of Renaissance
Fund, and Director, Vice President and Controller of each of the RIF General
Partners.
Mr. Riepe was first elected President in 1991. Mr. Ruhe was first
elected Vice President in 1988. Mr. Croteau was first elected as Vice
President and a director in 1996, Controller in 1988, and designated as
Principal Financial Officer in 1992. Mr. Rutherford was first elected
Assistant Vice President in 1994. In all other cases these individuals have
served in these capacities since the inception of Fund IV Management in
November, 1987. All of the foregoing individuals have been employed by
Associates for the past five years, except Mr. Rutherford, who joined
Associates in 1992. From 1990 to 1992 he was a student at the Stanford
Graduate School of Business. There is no family relationship among the
foregoing directors or officers.
SELECTED FINANCIAL DATA
The following sets forth a summary of the selected financial data for
the Fund:
YEARS ENDED DECEMBER 31,
1995 1994 1993 1992 1991
______________ ______________ _______
Total assets $25,585 $26,206$32,652 $33,129 $34,073
Total revenues $3,706 $4,112 $4,230 $3,959 $3,525
Net income (loss) $1,044 $1,095 $1,358 $725 $(405)
Net income (loss) per Unit$1.35$1.45 $1.80 $0.97 $(0.54)
Cash distributions paid to:
Limited Partners $2,285 $7,700 $2,092 $1,944 $2,100
General Partner $24 $19 $21 $20 $21
Cash distributions
declared per Unit $1.88 $11.25 $2.57 $2.79 $2.65
Notes:
1. The above financial data should be read in conjunction with the
financial statements and the related notes appearing in the Fund's Annual
Report to Limited Partners for the year ended December 31, 1995.
2. The figures above for Assets at year end and Net income (loss) include a
permanent value impairment of $733 in 1994 and valuation allowances
(recoveries) of $(3) in 1994, $75 in 1993 and $510 in 1992, and a $1,737
provision for loan loss in 1991. Also includes gain from the sale of the
Metropolitan Industrial property of $577 in 1994.
3. The figures above for Net income (loss) per Limited Partner Unit include
a permanent value impairment of $0.97 per Unit in 1994, and valuation
allowances (recoveries) of $(.01) per Unit in 1994, $0.10 per Unit in 1993 and
$0.68 per Unit in 1992, and a provision for loan loss of $2.33 per Unit in
1991. Also includes gain from sale of the Metropolitan Industrial Building of
$0.77 per Unit in 1994.
The Fund is engaged solely in the business of real estate investment,
therefore, presentation of information about industry segments is not
applicable. In 1995, three of the Fund's investments produced 15% or more of
the Fund's revenue: (32%), Kent Sea Park (21%), and Goshen Plaza (19%). In
1994, three of the Fund's investments produced 15% or more of the
Partnership's revenue: Westbrook Commons (27%), Goshen Plaza (22%), and Kent
Sea Park (16%). In 1993, four of the Fund's investments produced 15% or more
of the Partnership's revenue: Westbrook Commons (22%), Metropolitan Industrial
(19%), Goshen Plaza (18%), and Kent Sea Park (16%). In none of these periods
did any tenant produce more than 10% of the Fund's revenues from real estate
operations.
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURE
None.
EXECUTIVE COMPENSATION AND CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
The directors and executive officers of the General Partner receive no
current or proposed remuneration from the Fund.
As compensation for services rendered in the managing the affairs of the
Fund, the General Partner earns a partnership management fee equal to 9% of
net operating proceeds. In accordance with provisions of the Fund's
partnership agreement, income from operations is allocated and related cash
distributions are generally paid to the General and Limited Partners at the
rates of 1% and 99%, respectively. Sale or refinancing proceeds are generally
allocated first to the Limited Partners in an amount equal to their capital
contributions, next to the Limited Partners to provide specified returns on
their adjusted capital contributions, next 3% to the General Partner, with any
remaining proceeds allocated 85% to the Limited Partners and 15% to the
General Partner. Gain on property sold is generally allocated first between
the General Partner and Limited Partners in an amount equal to the
depreciation previously allocated from the property and then in the same ratio
as the distribution of sale proceeds. In accordance with the partnership
agreement, certain operating expenses are reimbursable to the General Partner.
In 1995, the General Partner was reimbursed for expenses incurred by it
in the administration of the Fund and the operation of the Fund's investments
in the amount of $58,000. The General Partner's management fee in 1995 was
$85,000 and its share of cash distributions totaled $15,000. An affiliate of
the General Partner received a fee of $6,000 from the money market mutual
funds in which the Fund made its interim cash investments. The General Partner
earned a partnership management fee of $72,000 during the first three months
of 1996. The General Partner's reimbursement of expenses totaled $15,000 for
communications and administrative services performed on behalf of the Fund
during the first three months of 1996. An affiliate of the General Partner
earned a normal and customary fee of $1,000 from the money market mutual funds
in which the Fund made its interim cash investments during the first three
months of 1996.
In addition to the foregoing, certain officers and directors of the
General Partner receive compensation from Associates and/or its affiliates
(but not from the Fund) for services performed for various affiliated
entities, which may include services performed for the Fund. Such compensation
may be based, in part, on the performance of the Fund. Any portion of such
compensation which may be attributable to such performance is not material.
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The Fund is a limited partnership which issues units of limited
partnership interest. No limited partner is known by the Fund to own
beneficially more than 5% of the outstanding interests of the Fund.
The percentage of outstanding interests of the Fund held by all
directors and officers of the General Partner is less than 1%. Certain
officers and/or directors of the General Partner presently own securities in
Associates. As of May 1, 1996, the directors and officers of the General
Partner, as a group, beneficially owned 5.7% of the common stock of
Associates, including options to purchase 638,000 shares exercisable within 60
days of May 1, 1996, and shares as to which voting power is shared with
others. Of this amount, Mr. Riepe owned 2.3% of such stock (1,364,000 shares,
including 85,000 shares which may be acquired by Mr. Riepe upon the exercise
of stock options, 140,000 shares held in trusts for members of Mr. Riepe's
family and 40,000 shares held by a member of Riepe's family, as to which Mr.
Riepe disclaims beneficial ownership, and 82,000 shares held in a charitable
foundation of which Mr. Riepe is a trustee and as to which Mr. Riepe has
shared voting and disposition power). Mr. Hopkins owned 1.1% (635,000 shares,
including 108,000 shares which may be acquired by Mr. Hopkins upon the
exercise of stock options). No other director or officer owns 1% or more of
the common stock of Associates.
There exists no arrangement, known to the Fund, the operation of which
may at any subsequent date result in a change in control of the Fund.
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted
from the
unaudited condensed consolidated financial statements of T. Rowe
Price Realty
Income Fund IV, America's Sales-Commission-Free Real Estate
Limited Partnership
included the accompanying Form 10-Q for the period ended March
31, 1996 and is
qualified in its entirety by reference to such financial
statements.
</LEGEND>
<CIK> 0000826315
<NAME> T. ROWE PRICE REALTY INCOME FUND IV, AMERICA'S
SALES-COMMISS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<CASH> 1,845,000
<SECURITIES> 0
<RECEIVABLES> 826,000
<ALLOWANCES> 304,000
<INVENTORY> 0
<CURRENT-ASSETS> 0<F1>
<PP&E> 26,903,000
<DEPRECIATION> 4,037,000
<TOTAL-ASSETS> 25,445,000
<CURRENT-LIABILITIES> 0<F1>
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 23,960,000<F2>
<TOTAL-LIABILITY-AND-EQUITY> 25,449,000
<SALES> 0
<TOTAL-REVENUES> 887,000
<CGS> 0
<TOTAL-COSTS> 686,000
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0<F3>
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 201,000
<INCOME-TAX> 0
<INCOME-CONTINUING> 201,000
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 201,000
<EPS-PRIMARY> 0<F4>
<EPS-DILUTED> 0
<FN>
<F1>Not contained in registrant's unclassified balance sheet.
<F2>Partners' Capital.
<F3>Not reported at interim.
<F4>Not applicable. Net income per limited partnership unit is
$0.26.
</FN>
