UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-QSB
(Mark One)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
For the quarterly period ended June 30, 2002
[] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
For the transition period from _________to _________
Commission file number 0-14283
ANGELES INCOME PROPERTIES, LTD. IV
(Exact name of small business issuer as specified in its charter)
California 95-3974194
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
55 Beattie Place, PO Box 1089
Greenville, South Carolina 29602
(Address of principal executive offices)
(864) 239-1000
(Issuer's telephone number)
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ANGELES INCOME PROPERTIES, LTD. IV
CONSOLIDATED STATEMENT OF NET LIABILITIES IN LIQUIDATION
(Unaudited)
(in thousands)
June 30, 2002
Assets
Cash and cash equivalents $ 746
Receivables and deposits (net of allowance for
uncollectible accounts of $36) 119
Restricted escrows 639
Other assets 5
Investment property 11,840
13,349
Liabilities
Accounts payable 175
Tenant security deposit liabilities 10
Accrued property taxes 51
Other liabilities 590
Mortgage note payable 12,551
Estimated costs during the period of liquidation 98
13,475
Net liabilities in liquidation $ (126)
See Accompanying Notes to Consolidated Financial Statements
ANGELES INCOME PROPERTIES, LTD. IV
CONSOLIDATED STATEMENT OF CHANGES IN NET LIABILITIES IN LIQUIDATION
(Unaudited)
(in thousands)
Six Months ended June 30, 2002
Net liabilities in liquidation at December 31, 2001 $ (130)
Changes in net liabilities in liquidation attributed to:
Increase in cash and cash equivalents 634
Decrease in receivables and deposits (138)
Increase in restricted escrows 32
Decrease in other assets (14)
Increase in accounts payable (88)
Decrease in accrued property taxes 47
Increase in other liabilities (501)
Decrease in mortgage note payable 6
Decrease in estimated costs during the period of
liquidation 26
Net liabilities in liquidation at June 30, 2002 $ (126)
See Accompanying Notes to Consolidated Financial Statements
ANGELES INCOME PROPERTIES, LTD. IV
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except per unit data)
Three Months Ended Six Months Ended
June 30, June 30,
2001 2001
Revenues:
Rental income $ 820 $ 1,527
Other income 11 21
Total revenues 831 1,548
Expenses:
Operating 363 715
General and administrative 71 118
Depreciation 235 470
Interest 367 729
Property taxes 30 61
Bad debt expense, net 51 67
Total expenses 1,117 2,160
Net loss $ (286) $ (612)
Net loss allocated to general partner (2%) $ (6) $ (12)
Net loss allocated to limited partners (98%) (280) (600)
$ (286) $ (612)
Net loss per limited partnership unit $ (2.13) $ (4.56)
See Accompanying Notes to Consolidated Financial Statements
ANGELES INCOME PROPERTIES, LTD. IV
CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' DEFICIT
(Unaudited)
(in thousands, except unit data)
Limited
Partnership General Limited
Units Partner Partners Total
Original capital contributions 131,800 $ 1 $65,900 $65,901
Partners' deficit at
December 31, 2000 131,585 $ (138) $(5,938) $(6,076)
Net loss for the six months
ended June 30, 2001 -- (12) (600) (612)
Partners' deficit at
June 30, 2001 131,585 $ (150) $(6,538) $(6,688)
See Accompanying Notes to Consolidated Financial Statements
ANGELES INCOME PROPERTIES, LTD. IV
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
(in thousands)
Six Months Ended
June 30,
2001
Cash flows from operating activities:
Net loss $ (612)
Adjustments to reconcile net loss to net cash used in
operating activities:
Depreciation 470
Amortization of loan costs and leasing commissions 37
Bad debt expense, net 67
Change in accounts:
Receivables and deposits 113
Other assets (21)
Accounts payable (85)
Accrued property taxes (60)
Other liabilities 22
Net cash used in operating activities (69)
Cash flows from investing activities:
Property improvements and replacements (11)
Net deposits to restricted escrows (96)
Net cash used in investing activities (107)
Cash flows from financing activities:
Payments on mortgage note payable (111)
Distributions to partners (89)
Net cash used in financing activities (200)
Net decrease in cash and cash equivalents (376)
Cash and cash equivalents at beginning of period 625
Cash and cash equivalents at end of period $ 249
Supplemental disclosure of cash flow information:
Cash paid for interest $ 712
A distribution of approximately $89,000 was declared and accrued at December 31,
2000. This distribution was paid during the six months ended June 30, 2001.
See Accompanying Notes to Consolidated Financial Statements
ANGELES INCOME PROPERTIES, LTD. IV
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note A - Basis of Presentation
As of August 22, 2001, Angeles Income Properties, Ltd. IV (the "Partnership" or
"Registrant") adopted the liquidation basis of accounting due to the sale of its
joint venture interest in its sole investment property. Upon passing the
one-year right of rescission under the sale of the Partnership's joint venture
interest entered into on August 22, 2001, the Partnership plans to terminate.
The Partnership and Angeles Realty Corporation II ("ARC II") have entered into a
contract with an unrelated third party to sell their ownership in the joint
venture that indirectly owns Factory Merchants Mall. The contract closed on
August 22, 2001. The Partnership received $49,750 for its 99.5% ownership and
ARC II received $250 for its 0.5% ownership of the joint venture. For a period
of one year after the transaction, should the lender declare a default under the
mortgage debt encumbering the Factory Merchants Mall property as a result of
this transfer or prior act or omission of the lower tier partnership which owns
the Factory Merchants Mall property, the purchaser has the right to transfer the
ownership interest back to the Partnership and ARC II with the cash being paid
back to the purchaser. Assuming that the aforementioned rescission right does
not occur, the Partnership will then be terminated.
This sale transaction will be complete upon the elapse of the right of
rescission. Until that time, the purchaser can transfer the ownership interest
back to the Partnership and ARC II. Therefore, the consolidated statement of net
liabilities in liquidation will include the operations of the joint venture
property. The funds received by the Partnership for its joint venture interest
are currently being considered a deposit from the purchaser in advance of the
sales transaction being completed and are included in other liabilities on the
accompanying statement of net liabilities in liquidation.
As a result of the decision to liquidate the Partnership, the Partnership
changed its basis of accounting for its consolidated financial statements at
August 22, 2001, to the liquidation basis of accounting. Consequently, assets
have been valued at estimated net realizable value and liabilities are presented
at their estimated settlement amounts, including estimated costs associated with
carrying out the liquidation of the Partnership and estimated operations of the
joint venture property. The valuation of assets and liabilities necessarily
requires many estimates and assumptions and there are substantial uncertainties
in carrying out the liquidation. The actual realization of assets and settlement
of liabilities could be higher or lower than amounts indicated and is based upon
estimates of ARC II (or the "General Partner") as of the date of the
consolidated financial statements.
Included in liabilities in the statement of net liabilities in liquidation as of
June 30, 2002 is approximately $98,000 of cost that the General Partner
estimates will be incurred during the period of liquidation based on the
assumption that the liquidation process will be completed by September 30, 2002.
Note B - Transactions with Affiliated Parties
The Partnership has no employees and is dependent on the General Partner and its
affiliates for the management and administration of all Partnership activities.
The Partnership Agreement provides for certain payments to affiliates for
services and reimbursement of certain expenses incurred by affiliates on behalf
of the Partnership.
An affiliate of the General Partner received reimbursement of accountable
administrative expenses amounting to approximately $1,000, net of a refund for
prior year payments, and $47,000 for the six months ended June 30, 2002 and
2001, respectively, which is included in general and administrative expense in
2001.
During 2001, the Partnership insured its property up to certain limits through
coverage provided by AIMCO which is generally self-insured for a portion of
losses and liabilities related to workers compensation, property casualty and
vehicle liability. The Partnership insures its property above the AIMCO limits
through insurance policies obtained by AIMCO from insurers unaffiliated with the
General Partner. During the six months ended June 30, 2001, the Partnership was
charged by AIMCO and its affiliates approximately $21,000 for insurance coverage
and fees associated with policy claims administration. There were no such fees
for the six months ended June 30, 2002.
Note C - Legal Proceedings
In March 1998, several putative unit holders of limited partnership units of the
Partnership commenced an action entitled Rosalie Nuanes, et al. v. Insignia
Financial Group, Inc., et al. (the "Nuanes action") in the Superior Court of the
State of California for the County of San Mateo. The plaintiffs named as
defendants, among others, the Partnership, its General Partner and several of
their affiliated partnerships and corporate entities. The action purports to
assert claims on behalf of a class of limited partners and derivatively on
behalf of a number of limited partnerships (including the Partnership) which are
named as nominal defendants, challenging, among other things, the acquisition of
interests in certain General Partner entities by Insignia Financial Group, Inc.
("Insignia") and entities which were, at one time, affiliates of Insignia; past
tender offers by the Insignia affiliates to acquire limited partnership units;
management of the partnerships by the Insignia affiliates; and the series of
transactions which closed on October 1, 1998 and February 26, 1999 whereby
Insignia and Insignia Properties Trust, respectively, were merged into AIMCO.
The plaintiffs seek monetary damages and equitable relief, including judicial
dissolution of the Partnership. On June 25, 1998, the General Partner filed a
motion seeking dismissal of the action. In lieu of responding to the motion, the
plaintiffs filed an amended complaint. The General Partner filed demurrers to
the amended complaint which were heard February 1999.
Pending the ruling on such demurrers, settlement negotiations commenced. On
November 2, 1999, the parties executed and filed a Stipulation of Settlement,
settling claims, subject to court approval, on behalf of the Partnership and all
limited partners who owned units as of November 3, 1999. Preliminary approval of
the settlement was obtained on November 3, 1999 from the Court, at which time
the Court set a final approval hearing for December 10, 1999. Prior to the
December 10, 1999 hearing, the Court received various objections to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement. On
December 14, 1999, the General Partner and its affiliates terminated the
proposed settlement. In February 2000, counsel for some of the named plaintiffs
filed a motion to disqualify plaintiff's lead and liaison counsel who negotiated
the settlement. On June 27, 2000, the Court entered an order disqualifying them
from the case and an appeal was taken from the order on October 5, 2000. On
December 4, 2000, the Court appointed the law firm of Lieff Cabraser Heimann &
Bernstein LLP as new lead counsel for plaintiffs and the putative class.
Plaintiffs filed a third amended complaint on January 19, 2001. On March 2,
2001, the General Partner and its affiliates filed a demurrer to the third
amended complaint. On May 14, 2001, the Court heard the demurrer to the third
amended complaint. On July 10, 2001, the Court issued an order sustaining
defendants' demurrer on certain grounds. On July 20, 2001, Plaintiffs filed a
motion for reconsideration of the Court's July 10, 2001 order granting in part
and denying in part defendants' demurrer. On September 7, 2001, Plaintiffs filed
a fourth amended class and derivative action complaint. On September 12, 2001,
the Court denied Plaintiffs' motion for reconsideration. On October 5, 2001, the
General Partner and affiliated defendants filed a demurrer to the fourth amended
complaint, which was heard on December 11, 2001. On February 2, 2002, the Court
served its order granting in part the demurrer. The Court has dismissed without
leave to amend certain of the plaintiffs' claims. On February 11, 2002,
plaintiffs filed a motion seeking to certify a putative class comprised of all
non-affiliated persons who own or have owned units in the partnerships. The
General Partner and affiliated defendants oppose the motion. On April 29, 2002,
the Court held a hearing on plaintiffs' motion for class certification and took
the matter under submission after further briefing, as order by the court, was
submitted by the parties. On July 10, 2002, the Court entered an order vacating
the current trial date of January 13, 2003 (as well as the pre-trial and
discovery cut-off dates) and stayed the case in its entirety through November 7,
2002 so that the parties can have an opportunity to discuss settlement.
During the third quarter of 2001, a complaint (the "Heller action") was filed
against the same defendants that are named in the Nuanes action, captioned
Heller v. Insignia Financial Group. On or about August 6, 2001, plaintiffs filed
a first amended complaint. The first amended complaint in the Heller action is
brought as a purported derivative action, and asserts claims for among other
things breach of fiduciary duty; unfair competition; conversion, unjust
enrichment; and judicial dissolution. Plaintiffs in the Nuanes action filed a
motion to consolidate the Heller action with the Nuanes action and stated that
the Heller action was filed in order to preserve the derivative claims that were
dismissed without leave to amend in the Nuanes action by the Court order dated
July 10, 2001. On October 5, 2001, the General Partner and affiliated defendants
moved to strike the first amended complaint in its entirety for violating the
Court's July 10, 2001 order granting in part and denying in part defendants'
demurrer in the Nuanes action, or alternatively, to strike certain portions of
the complaint based on the statute of limitations. Other defendants in the
action demurred to the fourth amended complaint, and, alternatively, moved to
strike the complaint. On December 11, 2001, the court heard argument on the
motions and took the matters under submission. On February 4, 2002, the Court
served notice of its order granting defendants' motion to strike the Heller
complaint as a violation of its July 10, 2001 order in the Nuanes action. On
March 27, 2002, the plaintiffs filed a notice appealing the order striking the
complaint. The parties are currently in the midst of briefing that appeal.
The General Partner does not anticipate that any costs, whether legal or
settlement costs, associated with these cases will be material to the
Partnership's overall operations.
The Partnership is unaware of any other pending or outstanding litigation that
is not of a routine nature arising in the ordinary course of business.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
The matters discussed in this Form 10-QSB contain certain forward-looking
statements and involve risks and uncertainties (including changing market
conditions, competitive and regulatory matters, etc.) detailed in the
disclosures contained in this Form 10-QSB and the other filings with the
Securities and Exchange Commission made by the Registrant from time to time. The
discussions of the Registrant's business and results of operations, including
forward-looking statements pertaining to such matters, does not take into
account the effects of any changes to the Registrant's business and results of
operation. Accordingly, actual results could differ materially from those
projected in the forward-looking statements as a result of a number of factors,
including those identified herein.
The Partnership's investment property consists of one commercial property. The
following table sets forth the average occupancy of the property for the six
months ended June 30, 2002 and 2001:
Average Occupancy
Property 2002 2001
Factory Merchants Mall 86% 90%
Pigeon Forge, Tennessee
The Partnership attributes the decrease in occupancy at Factory Merchants Mall
to a loss of several tenants due to bankruptcy.
Results from Operations
As of August 22, 2001, Angeles Income Properties, Ltd. IV (the "Partnership" or
"Registrant") adopted the liquidation basis of accounting due to the sale of its
joint venture interest in its sole investment property. Upon passing the
one-year right of rescission under the sale of the Partnership's joint venture
interest entered into on August 22, 2001, the Partnership plans to terminate.
The Partnership and Angeles Realty Corporation II ("ARC II") have entered into a
contract with an unrelated third party to sell their ownership in the joint
venture that indirectly owns Factory Merchants Mall. The contract closed on
August 22, 2001. The Partnership received $49,750 for its 99.5% ownership and
ARC II received $250 for its 0.5% ownership of the joint venture. For a period
of one year after the transaction, should the lender declare a default under the
mortgage debt encumbering the Factory Merchants Mall property as a result of
this transfer or prior act or omission of the lower tier partnership which owns
the Factory Merchants Mall property, the purchaser has the right to transfer the
ownership interest back to the Partnership and ARC II with the cash being paid
back to the purchaser. Assuming that the aforementioned rescission right does
not occur, the Partnership will then be terminated.
This sale transaction will be complete upon the elapse of the right of
rescission. Until that time, the purchaser can transfer the ownership interest
back to the Partnership and ARC II. Therefore, the consolidated statement of net
liabilities in liquidation will include the operations of the joint venture
property. The funds received by the Partnership for its joint venture interest
are currently being considered a deposit from the purchaser in advance of the
sales transaction being completed and are included in other liabilities on the
accompanying statement of net liabilities in liquidation.
As a result of the decision to liquidate the Partnership, the Partnership
changed its basis of accounting for its consolidated financial statements at
August 22, 2001, to the liquidation basis of accounting. Consequently, assets
have been valued at estimated net realizable value and liabilities are presented
at their estimated settlement amounts, including estimated costs associated with
carrying out the liquidation of the Partnership and estimated operations of the
joint venture property. The valuation of assets and liabilities necessarily
requires many estimates and assumptions and there are substantial uncertainties
in carrying out the liquidation. The actual realization of assets and settlement
of liabilities could be higher or lower than amounts indicated and is based upon
estimates of ARC II (or the "General Partner") as of the date of the
consolidated financial statements.
During the six months ended June 30, 2002, net liabilities in liquidation
decreased by approximately $4,000 from the year ended December 31, 2001. This
decrease is primarily due to an increase in other liabilities and accounts
payable and a decrease in receivables and deposits which was partially offset by
an increase in cash and cash equivalents and restricted escrows.
Included in liabilities in the statement of net liabilities in liquidation as of
June 30, 2002 is approximately $98,000 of cost that the General Partner
estimates will be incurred during the period of liquidation based on the
assumption that the liquidation process will be completed by September 30, 2002.
Factory Merchants Mall
During the three months ended June 30, 2002, the investment property completed
approximately $40,000 of capital improvements consisting of tenant improvements.
These improvements were funded from the property's operating cash flow.
The Partnership declared no distributions during the six months ended June 30,
2002 and 2001.
Other
In addition to its indirect ownership of the general partner interest in the
Partnership, AIMCO and its affiliates owned 28,945 limited partnership units in
the Partnership representing 22.01% of the outstanding units at June 30, 2002. A
number of these units were acquired pursuant to tender offers made by AIMCO or
its affiliates. Under the Partnership Agreement, unitholders holding a majority
of the Units are entitled to take action with respect to a variety of matters,
which would include voting on certain amendments to the Partnership Agreement
and voting to remove the General Partner. As a result, the duties of the General
Partner, as general partner, to the Partnerships and its limited partners may
come into conflict with the duties of the General Partner to AIMCO, as it sole
stockholder.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
In March 1998, several putative unit holders of limited partnership units of the
Partnership commenced an action entitled Rosalie Nuanes, et al. v. Insignia
Financial Group, Inc., et al. (the "Nuanes action") in the Superior Court of the
State of California for the County of San Mateo. The plaintiffs named as
defendants, among others, the Partnership, its General Partner and several of
their affiliated partnerships and corporate entities. The action purports to
assert claims on behalf of a class of limited partners and derivatively on
behalf of a number of limited partnerships (including the Partnership) which are
named as nominal defendants, challenging, among other things, the acquisition of
interests in certain General Partner entities by Insignia Financial Group, Inc.
("Insignia") and entities which were, at one time, affiliates of Insignia; past
tender offers by the Insignia affiliates to acquire limited partnership units;
management of the partnerships by the Insignia affiliates; and the series of
transactions which closed on October 1, 1998 and February 26, 1999 whereby
Insignia and Insignia Properties Trust, respectively, were merged into AIMCO.
The plaintiffs seek monetary damages and equitable relief, including judicial
dissolution of the Partnership. On June 25, 1998, the General Partner filed a
motion seeking dismissal of the action. In lieu of responding to the motion, the
plaintiffs filed an amended complaint. The General Partner filed demurrers to
the amended complaint which were heard February 1999.
Pending the ruling on such demurrers, settlement negotiations commenced. On
November 2, 1999, the parties executed and filed a Stipulation of Settlement,
settling claims, subject to court approval, on behalf of the Partnership and all
limited partners who owned units as of November 3, 1999. Preliminary approval of
the settlement was obtained on November 3, 1999 from the Court, at which time
the Court set a final approval hearing for December 10, 1999. Prior to the
December 10, 1999 hearing, the Court received various objections to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement. On
December 14, 1999, the General Partner and its affiliates terminated the
proposed settlement. In February 2000, counsel for some of the named plaintiffs
filed a motion to disqualify plaintiff's lead and liaison counsel who negotiated
the settlement. On June 27, 2000, the Court entered an order disqualifying them
from the case and an appeal was taken from the order on October 5, 2000. On
December 4, 2000, the Court appointed the law firm of Lieff Cabraser Heimann &
Bernstein LLP as new lead counsel for plaintiffs and the putative class.
Plaintiffs filed a third amended complaint on January 19, 2001. On March 2,
2001, the General Partner and its affiliates filed a demurrer to the third
amended complaint. On May 14, 2001, the Court heard the demurrer to the third
amended complaint. On July 10, 2001, the Court issued an order sustaining
defendants' demurrer on certain grounds. On July 20, 2001, Plaintiffs filed a
motion for reconsideration of the Court's July 10, 2001 order granting in part
and denying in part defendants' demurrer. On September 7, 2001, Plaintiffs filed
a fourth amended class and derivative action complaint. On September 12, 2001,
the Court denied Plaintiffs' motion for reconsideration. On October 5, 2001, the
General Partner and affiliated defendants filed a demurrer to the fourth amended
complaint, which was heard on December 11, 2001. On February 2, 2002, the Court
served its order granting in part the demurrer. The Court has dismissed without
leave to amend certain of the plaintiffs' claims. On February 11, 2002,
plaintiffs filed a motion seeking to certify a putative class comprised of all
non-affiliated persons who own or have owned units in the partnerships. The
General Partner and affiliated defendants oppose the motion. On April 29, 2002,
the Court held a hearing on plaintiffs' motion for class certification and took
the matter under submission after further briefing, as order by the court, was
submitted by the parties. On July 10, 2002, the Court entered an order vacating
the current trial date of January 13, 2003 (as well as the pre-trial and
discovery cut-off dates) and stayed the case in its entirety through November 7,
2002 so that the parties can have an opportunity to discuss settlement.
During the third quarter of 2001, a complaint (the "Heller action") was filed
against the same defendants that are named in the Nuanes action, captioned
Heller v. Insignia Financial Group. On or about August 6, 2001, plaintiffs filed
a first amended complaint. The first amended complaint in the Heller action is
brought as a purported derivative action, and asserts claims for among other
things breach of fiduciary duty; unfair competition; conversion, unjust
enrichment; and judicial dissolution. Plaintiffs in the Nuanes action filed a
motion to consolidate the Heller action with the Nuanes action and stated that
the Heller action was filed in order to preserve the derivative claims that were
dismissed without leave to amend in the Nuanes action by the Court order dated
July 10, 2001. On October 5, 2001, the General Partner and affiliated defendants
moved to strike the first amended complaint in its entirety for violating the
Court's July 10, 2001 order granting in part and denying in part defendants'
demurrer in the Nuanes action, or alternatively, to strike certain portions of
the complaint based on the statute of limitations. Other defendants in the
action demurred to the fourth amended complaint, and, alternatively, moved to
strike the complaint. On December 11, 2001, the court heard argument on the
motions and took the matters under submission. On February 4, 2002, the Court
served notice of its order granting defendants' motion to strike the Heller
complaint as a violation of its July 10, 2001 order in the Nuanes action. On
March 27, 2002, the plaintiffs filed a notice appealing the order striking the
complaint. The parties are currently in the midst of briefing that appeal.
The General Partner does not anticipate that any costs, whether legal or
settlement costs, associated with these cases will be material to the
Partnership's overall operations.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
a) Exhibits:
3.1 Amended Certificate and Agreement of the Limited Partnership
filed in Amendment Number 2 to Form S-11 dated April 25, 1985
which is incorporated herein by reference.
99 Certification of the Chief Executive Officer and Chief
Financial Officer.
b) Reports on Form 8-K:
None filed during the quarter ended June 30, 2002.
SIGNATURES
In accordance with the requirements of the Exchange Act, the Registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
ANGELES INCOME PROPERTIES, LTD. IV
By: Angeles Realty Corporation II
General Partner
By: /s/Patrick J. Foye
Patrick J. Foye
Executive Vice President
By: /s/Thomas C. Novosel
Thomas C. Novosel
Senior Vice President
and Chief Accounting Officer
Date: August 14, 2002
Exhibit 99
Certification of CEO and CFO
Pursuant to 18 U.S.C. Section 1350,
As Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
In connection with the Quarterly Report on Form 10-QSB of Angeles Income
Properties, Ltd. IV (the "Partnership"), for the quarterly period ended June 30,
2002 as filed with the Securities and Exchange Commission on the date hereof
(the "Report"), Patrick J. Foye, as the equivalent of the Chief Executive
Officer of the Partnership, and Paul J. McAuliffe, as the equivalent of the
Chief Financial Officer of the Partnership, each hereby certifies, pursuant to
18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that, to the best of his knowledge:
(1) The Report fully complies with the requirements of Section 13(a) or
15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all
material respects, the financial condition and results of operations
of the Partnership.
/s/Patrick J. Foye
Name: Patrick J. Foye
Date: August 14, 2002
/s/Paul J. McAuliffe
Name: Paul J. McAuliffe
Date: August 14, 2002
This certification accompanies the Report pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the
Sarbanes-Oxley Act of 2002, be deemed filed by the Partnership for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended.