FORM 10-QSB.--QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Quarterly or Transitional Report
(As last amended by 34-32231, eff. 6/3/93.)
U.S. Securities and Exchange Commission
Washington, D.C. 20549
Form 10-QSB
[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
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period.........to.........
Commission file number 0-15547
ANGELES INCOME PROPERTIES, LTD. V
(Exact name of small business issuer as specified in its charter)
California 95-4049903
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
One Insignia Financial Plaza, P.O. Box 1089
Greenville, South Carolina 29602
(Address of principal executive offices) (Zip Code)
Issuer's telephone number (864) 239-1000
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 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
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
a) ANGELES INCOME PROPERTIES, LTD. V
BALANCE SHEET
(Unaudited)
(in thousands, except unit data)
March 31, 1996
Assets
Cash and cash equivalents:
Unrestricted $ 281
Restricted--tenant security deposits 56
Accounts receivable 8
Escrow for taxes 92
Other assets 91
Investment properties:
Land $ 1,008
Buildings and related personal
property 8,821
9,829
Less accumulated depreciation (2,582) 7,247
$ 7,775
Liabilities and Partners' Deficit
Liabilities
Accounts payable $ 26
Tenant security deposits 70
Accrued taxes 146
Accrued interest 2,410
Due to affiliates 924
Other liabilities 97
Notes payable, including
$4,570 in default 10,218
Partners' Deficit
General partner $ (451)
Limited partners (45,021 units issued
and outstanding) (5,665) (6,116)
$ 7,775
See Accompanying Notes to Financial Statements
b) ANGELES INCOME PROPERTIES, LTD. V
STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except unit data)
Three Months Ended
March 31,
1996 1995
Revenues:
Rental income $ 368 $ 528
Other income 50 16
Total revenues 418 544
Expenses:
Operating 199 256
General and administrative 57 66
Maintenance 35 59
Depreciation 67 95
Interest 341 702
Property taxes 49 114
Total expenses 748 1,292
Loss before equity in income
of joint ventures (330) (748)
Equity in income of
joint ventures -- 188
Net loss $ (330) $ (560)
Net loss allocated to
general partner (1%) $ (3) $ (6)
Net loss allocated to
limited partners (99%) (327) (554)
Net loss $ (330) $ (560)
Per limited partnership unit:
Net loss $ (7.26) $ (12.31)
See Accompanying Notes to Financial Statements
c) ANGELES INCOME PROPERTIES, LTD. V
STATEMENT OF CHANGES IN PARTNERS' DEFICIT
(Unaudited)
(in thousands, except unit data)
Limited
Partnership General Limited
Units Partner Partners Total
Original capital contributions 45,450 $ 1 $45,450 $ 45,451
Partners' deficit at
December 31, 1995 45,021 $ (448) $(5,338) $ (5,786)
Net loss for the three
months ended March 31, 1996 (3) (327) (330)
Partners' deficit at
March 31, 1996 45,021 $ (451) $(5,665) $ (6,116)
<FN>
See Accompanying Notes to Financial Statements
d) ANGELES INCOME PROPERTIES, LTD. V
STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
Three Months Ended
March 31,
1996 1995
Cash flows from operating activities:
Net loss $ (330) $ (560)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Equity in income of joint ventures -- (188)
Depreciation 67 95
Amortization of loan costs 6 36
Change in accounts:
Restricted cash 11 (4)
Accounts receivable 9 40
Escrows for taxes 7 (3)
Other assets -- (32)
Accounts payable (8) (16)
Tenant security deposit liabilities -- (3)
Accrued taxes 14 78
Accrued interest 203 512
Due to affiliates 42 55
Other liabilities (2) 55
Net cash provided by operating activities 19 65
Cash flows used in investing activities:
Property improvements and replacements (11) (2)
Cash flows used in financing activities:
Payments on notes payable (20) (18)
Net (decrease) increase in cash (12) 45
Cash at beginning of period 293 300
Cash at end of period $ 281 $ 345
Supplemental disclosure of cash flow information
Cash paid for interest $ 132 $ 160
<FN>
See Accompanying Notes to Financial Statements
e) ANGELES INCOME PROPERTIES, LTD. V
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
Note A - Going Concern
The accompanying financial statements have been prepared assuming Angeles Income
Properties, Ltd. V (the "Partnership") will continue as a going concern. The
Partnership has incurred recurring operating losses and continues to suffer from
inadequate liquidity. It is also in default on $4,570,000 of certain of its
mortgages and other notes payable and does not generate sufficient cash flows to
meet current operating requirements. In addition, there are limited identified
capital resources available to the Partnership.
The Partnership had a recourse first mortgage note payable to Angeles Mortgage
Investment Trust ("AMIT"), a lending trust sponsored by an affiliate of the
General Partner, in the amount of $1,800,000 plus accrued interest on University
Park Center - Phase IV that was in default due to nonpayment of interest. In May
1995, AMIT initiated foreclosure proceedings and acquired the property in a
sheriff's sale, subject to Minnesota law of one year right of redemption,
leaving a deficiency judgment. In November 1995, the Partnership granted to
AMIT Deeds in Lieu of Foreclosure on University Park Center - Phases I and II
and agreed to waive the right of redemption on Phase IV (See "Note C" for
further discussion). The Partnership's mortgage of $850,000 secured by
University Park Center - Phase III is in default due to nonpayment of interest.
The lender has initiated foreclosure proceedings on Phase III, and the
Partnership expects to lose this property in 1996.
The Partnership has second mortgages totalling $3,720,000 and secured by
Southgate Village Apartments and Springdale Lake Estates Mobile Home Park. This
indebtedness is in default due to nonpayment upon maturity and is recourse to
the Partnership. On February 29, 1996, a formal demand for payment of the
unpaid principal balance and accrued interest was received from AMIT for the
debt secured by Southgate Village Apartments. Subsequent to March 31, 1996, a
formal demand for payment of the unpaid principal balance and accrued interest
was received from AMIT for the debt secured by Springdale Lake Estates Mobile
Home Park. The Partnership intends to initiate negotiations with AMIT regarding
this indebtedness.
The Partnership is presently paying non-debt related expenses of the properties
and is current on two first mortgage notes payable. The General Partner does
not have any other plans to remedy the liquidity problems the Partnership is
currently experiencing; however, it intends to continue to operate the
Partnership as a going concern. The financial statements do not include any
adjustments to reflect the possible future effects on the recoverability and
classification of assets or amounts and classification of liabilities that may
result from this uncertainty.
Note B - Basis of Presentation
The accompanying unaudited financial statements have been prepared in accordance
with generally accepted accounting principles for interim financial information
and with the instructions to Form 10-QSB and Item 310(b) of Regulation S-B.
Accordingly, they do not include all of the information and footnotes required
by generally accepted accounting principles for complete financial statements.
In the opinion of the General Partner, all adjustments (consisting of normal
recurring accruals) considered necessary for a fair presentation have been
included. Operating results for the three month period ended March 31, 1996,
are not necessarily indicative of the results that may be expected for the
fiscal year ending December 31, 1996. For further information, refer to the
financial statements and footnotes thereto included in the Partnership's annual
report on Form 10-KSB for the fiscal year ended December 31, 1995.
Certain reclassifications have been made to the 1995 information to conform to
the 1996 presentation.
Note C - 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 payments to affiliates for services and
as reimbursement of certain expenses incurred by affiliates on behalf of the
Partnership.
The following expenses were paid or accrued to the General Partner and
affiliates during the three months ended March 31, 1996 and 1995:
1996 1995
(in thousands)
Property management fees $21 $24
Reimbursement for services of
affiliates 35 55
The Partnership insures its properties under a master policy through an agency
and insurer unaffiliated with the General Partner. An affiliate of the General
Partner acquired, in the acquisition of a business, certain financial
obligations from an insurance agency which was later acquired by the agent who
placed the current year's master policy. The current agent assumed the
financial obligations to the affiliate of the General Partner who receives
payment on these obligations from the agent. The amount of the Partnership's
insurance premiums accruing to the benefit of the affiliate of the General
Partner by virtue of the agent's obligations is not significant.
Note C - Transactions with Affiliated Parties (continued)
In November 1992, Angeles Acceptance Pool, L.P. ("AAP"), a Delaware limited
partnership was organized to acquire and hold the obligations evidencing the
working capital loan previously provided to the Partnership by Angeles Capital
Investments, Inc. ("ACII"). Angeles Corporation ("Angeles") is the 99% limited
partner of AAP and Angeles Acceptance Directives, Inc.("AAD"), an affiliate of
the General Partner, was until April 14, 1995, the 1% general partner of AAP.
On April 14, 1995, as part of a settlement of claims between affiliates of the
General Partner and Angeles, AAD resigned as general partner of AAP and
simultaneously received a 1/2% limited partner interest in AAP.
This working capital loan funded the Partnership's operating deficits in prior
years. Total indebtedness, which is included as a note payable, was $198,000 at
March 31, 1996 and March 31, 1995, with monthly interest only payments at prime
plus 2%. Principal is to be paid the earlier of i) the availability of funds,
ii) the sale of one or more properties owned by the Partnership, or iii)
November 25, 1997. Total interest expense for this loan was $5,000 for the
three months ended March 31, 1996 and 1995.
AMIT currently provides financing to the Partnership in the total principal
amount of $3,720,000 secured by Southgate Apartments and Springdale Lake Estates
Mobile Home Park. All of this debt is in default at March 31, 1996. Total
interest expense on this financing was $164,000 and $261,000 for the three
months ended March 31, 1996 and 1995, respectively.
MAE GP Corporation ("MAE GP"), an affiliate of the General Partner, owns
1,675,113 Class B Shares of AMIT. MAE GP has the option to convert these Class
B Shares, in whole or in part, into Class A Shares on the basis of 1 Class A
Share for every 49 Class B Shares. These Class B Shares entitle MAE GP to
receive 1.2% of the distributions of net cash distributed by AMIT. These Class
B Shares also entitle MAE GP to vote on the same basis as Class A Shares which
allows MAE GP to vote approximately 37% of the total shares (unless and until
converted to Class A Shares at which time the percentage of the vote controlled
represented by the shares held by MAE GP would approximate 1.2% of the vote).
Between the date of acquisition of these shares (November 24, 1992) and March
31, 1995, MAE GP had declined to vote these shares. Since that date, MAE GP
voted its shares at the 1995 annual meeting in connection with the election of
trustees and other matters. MAE GP has not exerted, and continues to decline to
exert, any management control over or participate in the management of AMIT.
MAE GP may choose to vote these shares as it deems appropriate in the future.
In addition, Liquidity Assistance, LLC, ("LAC"), an affiliate of the General
Partner and an affiliate of Insignia Financial Group, Inc., which provides
property management and partnership administration services to the Partnership,
owns 63,200 Class A Shares of AMIT. These Class A Shares entitle LAC to vote
approximately 1.5% of the total shares.
Note C - Transactions with Affiliated Parties (continued)
As part of a settlement of certain disputes with AMIT, MAE GP granted to AMIT an
option to acquire the Class B Shares. This option can be exercised at the end
of 10 years or when all loans made by AMIT to partnerships affiliated with MAE
GP as of November 9, 1994, (which is the date of execution of a definitive
Settlement Agreement), have been paid in full, but in no event prior to November
9, 1997. AMIT delivered to MAE GP cash in the sum of $250,000 at closing, which
occurred April 14, 1995, as payment for the option. Upon exercise of the
option, AMIT would remit to MAE GP an additional $94,000.
Simultaneously with the execution of the option, MAE GP executed an irrevocable
proxy in favor of AMIT the result of which is MAE GP will be able to vote the
Class B Shares on all matters except those involving transactions between AMIT
and MAE GP affiliated borrowers or the election of any MAE GP affiliate as an
officer or trustee of AMIT. On these matters, MAE GP granted to the AMIT
trustees, in their capacity as trustees of AMIT, proxies with regard to the
Class B Shares instructing such trustees to vote said Class B Shares in
accordance with the vote of the majority of the Class A Shares voting to be
determined without consideration of the votes of "Excess Class A Shares" as
defined in Section 6.13 of the Declaration of Trust of AMIT.
The Partnership also had a note payable to Mesa Dunes, Wakonda and Town &
Country Partners ("Mesa Dunes") of $5,000,000, secured by its 50% interest in
Mesa Dunes, in default due to non-payment of interest and, in February 1995,
Mesa Dunes notified the Partnership that it intended to foreclose on its
collateral. On April 1, 1995, Mesa Dunes foreclosed on its collateral and the
Partnership lost its 50% interest in Mesa Dunes.
Note D - Other Items
The Partnership had a 57% interest in Angeles Fort Worth Option Joint Venture
("Fort Worth"). Fort Worth's remaining asset was sold on March 22, 1995, and
all remaining cash was used to pay Partnership liabilities. As a result, Fort
Worth was dissolved effective December 31, 1995, and, therefore, the Partnership
lost its 57% interest in Fort Worth.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS AND PLAN OF OPERATION
The Partnership's investment properties consist of one apartment complex, one
mobile home park and one commercial property. The following table sets forth
the average occupancy of the properties for the three months ended March 31,
1996 and 1995:
Average
Occupancy
Property 1996 1995
Southgate Village Apartments
Bedford Heights, Ohio 94% 92%
Springdale Lake Estates Mobile Home Park
Belton, Missouri 74% 78%
University Park Center - Phase III
Spring Lake Park, Minnesota 60% 83%
The Partnership realized a net loss of $330,000 for the three months ended March
31, 1996, as compared to a net loss of $560,000 for the three months ended March
31, 1995. The decrease in net loss can be primarily attributed to a decrease in
expenses which was only partially offset by a decrease in revenues.
Rental income decreased as a result of continued decreases in occupancy at
Springdale Lake Estates Mobile Home Park. This property is experiencing
decreases in occupancy as a result of new low-income housing construction in the
area and due to dealers purchasing homes and moving them to other parks.
University Park Center Phase-III has experienced consistently low occupancy due
to the loss of two large tenants in 1995. The court-appointed receiver for
University Park Center Phase III has not been successful in re-leasing this
space.
Operating, maintenance, depreciation, interest and property tax expenses have
decreased as a result of the loss of University Park Center Phases I, II and IV.
While the majority of expenditure decreases can be attributed to this loss,
there were also other decreases in expenses. Interest expense decreased due to
the reduction in principal of the AMIT debt secured by the Springdale Lake
Estates Mobile Home Park (see discussion below). In addition, as mentioned
previously, the Partnership's debt to Mesa Dunes was forgiven as a result of the
Partnership's loss of ownership in that joint venture. This forgiveness of
debt, which was effective subsequent to March 31, 1995, caused a decrease in
interest expense for the three months ended March 31, 1996. Property taxes have
decreased due to a decrease in the assessed value of Springdale Lake Estates
Mobile Home Park in 1995.
The Partnership had a 50% investment in Mesa Dunes and a 57% investment in Fort
Worth. As mentioned previously, the Partnership lost its 50% interest in Mesa
Dunes on April 1, 1995, as Mesa Dunes foreclosed on its collateral for the note
in default. Fort Worth's general partners decided to terminate the joint
venture in 1995 after the W.T. Waggoner Building, Fort Worth's remaining
property, was sold on March 22, 1995. All remaining cash was used to pay Fort
Worth's liabilities in January 1996. Due to the loss of ownership interest in
Mesa Dunes and the dissolution of Fort Worth, the Partnership had no equity
earnings in joint ventures for the three months ended March 31, 1996, versus
$188,000 equity in income of the joint ventures for the three months ended March
31, 1995.
As part of the ongoing business plan of the Partnership, the General Partner
monitors the rental market environment of each of its investment properties to
assess the feasibility of increasing rents, maintaining or increasing occupancy
levels and protecting the Partnership from increases in expenses. As part of
this plan, the General Partner attempts to protect the Partnership from the
burden of inflation-related increases in expenses by increasing rents and
maintaining a high overall occupancy level. However, due to changing market
conditions, which can result in the use of rental concessions and rental
reductions to offset softening market conditions, there is no guarantee that the
General Partner will be able to sustain such a plan.
At March 31, 1996, the Partnership had unrestricted cash of $281,000 versus
$345,000 at March 31, 1995. Net cash provided by operating activities decreased
primarily due to the decreased net loss. The decreased net loss was partially
offset by a lesser increase in accrued interest. The increase in cash flows
used in investing activities is due to increased property improvements and
replacements in 1996. The increase in cash used in financing activities is due
to increased payments on the notes payable in 1996.
The accompanying financial statements have been prepared assuming the
Partnership will continue as a going concern. The Partnership has incurred
recurring operating losses and continues to suffer from inadequate liquidity.
It is also in default on $4,570,000 of certain of its mortgages and other notes
payable and does not generate sufficient cash flows to meet current operating
requirements. In addition, there are limited identified capital resources
available to the Partnership.
The Partnership had a recourse first mortgage note payable to AMIT in the amount
of $1,800,000 plus accrued interest on University Park Center - Phase IV that
was in default due to nonpayment of interest. In May 1995, AMIT initiated
foreclosure proceedings and acquired the property in a sheriff's sale, subject
to Minnesota law of one year right of redemption, leaving a deficiency judgment
of $451,000. In November 1995, the Partnership granted to AMIT Deeds in Lieu of
Foreclosure on University Park Center - Phases I and II and agreed to waive the
right of redemption on Phase IV. These Deeds in Lieu of Foreclosure were used
to satisfy the $451,000 deficiency. AMIT also granted a reduction of $880,000
of its second mortgage on Springdale Lake Estates Mobile Home Park. The
Partnership's mortgage of $850,000 secured by University Park Center - Phase III
is in default due to nonpayment of interest. The lender has initiated
foreclosure proceedings on Phase III, and the Partnership expects to lose this
property in 1996.
The Partnership has second mortgages totalling $3,720,000 and secured by
Southgate Village Apartments and Springdale Lake Estates Mobile Home Park. This
indebtedness is in default due to nonpayment upon maturity and is recourse to
the Partnership. On February 29, 1996, a formal demand for payment of the
unpaid principal balance and accrued interest was received from AMIT for the
debt secured by Southgate Village Apartments. Subsequent to March 31, 1996, a
formal demand for payment of the unpaid principal balance and accrued interest
was received from AMIT for the debt secured by Springdale Lake Estates Mobile
Home Park. The Partnership intends to initiate negotiations with AMIT regarding
this indebtedness.
The Partnership is presently paying non-debt related expenses of the properties
and is current on two first mortgage notes payable. The General Partner does
not have any other plans to remedy the liquidity problems the Partnership is
currently experiencing; however, it intends to continue to operate the
Partnership as a going concern. The financial statements do not include any
adjustments to reflect the possible future effects on the recoverability and
classification of assets or amounts and classification of liabilities that may
result from this uncertainty.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
In July 1993, AMIT initiated litigation against Fort Worth and other
partnerships which loaned money to AMIT seeking to avoid repayment of such
obligations. The Partnership subsequently filed a counterclaim against AMIT
seeking to enforce the obligation, the principal amount of which is $2,240,000
plus accrued interest from March 1993 ("AMIT obligation").
On November 9, 1994, Fort Worth executed a definitive Settlement Agreement to
settle the dispute with respect to the AMIT Obligation. The actual closing of
the Settlement occurred April 14, 1995. The Partnership's claim was satisfied
by a cash payment to Fort Worth by AMIT totalling $1,932,975 (the "Settlement
Amount") plus interest at closing.
MAE GP Corporation ("MAE GP"), an affiliate of the General Partner, owns
1,675,113 Class B Shares of AMIT. MAE GP has the option to convert these Class
B Shares, in whole or in part, into Class A Shares on the basis of 1 Class A
Share for every 49 Class B Shares. These Class B Shares entitle MAE GP to
receive 1.2% of the distributions of net cash distributed by AMIT. These Class
B Shares also entitle MAE GP to vote on the same basis as Class A Shares which
allows MAE GP to vote approximately 37% of the total shares (unless and until
converted to Class A Shares at which time the percentage of the vote controlled
represented by the shares held by MAE GP would approximate 1.2% of the vote).
Between the date of acquisition of these shares (November 24, 1992) and March
31, 1995, MAE GP declined to vote these shares. Since that date, MAE GP voted
its shares at the 1995 annual meeting in connection with the election of
trustees and other matters. MAE GP has not exerted, and continues to decline to
exert, any management control over or participate in the management of AMIT.
MAE GP may choose to vote these shares as it deems appropriate in the future.
In addition, Liquidity Assistance, LLC, ("LAC"), an affiliate of the General
Partner and an affiliate of Insignia Financial Group, Inc., which provides
property management and partnership administration services to the Partnership,
owns 63,200 Class Shares of AMIT. These Class A Shares entitle LAC to vote
approximately 1.5% of the total shares.
As part of the settlement, MAE GP granted to AMIT an option to acquire the Class
B Shares. This option can be exercised at the end of 10 years or when all loans
made by AMIT to partnerships affiliated with MAE GP as of November 9, 1994,
(which is the date of execution of a definitive Settlement Agreement), have been
paid in full, but in no event prior to November 9, 1997. AMIT delivered to MAE
GP cash in the sum of $250,000 at closing, which occurred on April 14, 1995, as
payment for the option. Upon exercise of the option, AMIT would remit to MAE GP
an additional $94,000.
Simultaneously with the execution of the option, MAE GP executed an irrevocable
proxy in favor of AMIT the result of which is MAE GP will be able to vote the
Class B Shares on all matters except those involving transactions between AMIT
and MAE GP affiliated borrowers or the election of any MAE GP affiliate as an
officer or trustee of AMIT. On these matters, MAE GP granted to the AMIT
trustees, in their capacity as trustees of AMIT, proxies with regard to the
Class B Shares instructing such trustees to vote said Class B Shares in
accordance with the vote of the majority of the Class A Shares voting to be
determined without consideration of the votes of "Excess Class A Shares" as
defined in Section 6.13 of the Declaration of Trust of AMIT.
In addition, Angeles, either directly or through an affiliate, maintained a
central disbursement account (the "Account") for the properties and partnerships
managed by Angeles and its affiliates, including the Registrant. Angeles
caused the Partnership to make deposits to the Account ostensibly to fund the
payment of certain obligations of the Partnership. Angeles further caused
checks on such Account to be written to or on behalf of certain other
partnerships. At least $2,286 deposited by or on behalf of the Partnership was
used for purposes other than satisfying the liabilities of the Partnership.
However, subsequently the General Partner of the Partnership has determined that
the cost involved to pursue such claim would likely exceed any amount received,
if in fact such claim were to be resolved in favor of the Partnership.
Therefore, the Partnership withdrew this claim on August 9, 1995.
Finally, the Partnership has filed a Proof of Claim in the bankruptcy proceeding
of Angeles concerning the Partnership's indebtedness to AAP. The Proof of Claim
alleges that instead of causing the Partnership to pay AAP on account of such
debt in the amount of $605,000, Angeles either itself or through an affiliate,
caused the Partnership to make payment to another Angeles affiliate. To the
extent that such action results in the Partnership not receiving credit for the
payments so made, the Partnership would have been damaged in an amount equal to
the misappropriated payments. On August 9, 1995, AAP acknowledged constructive
receipt of such payment and, therefore, the General Partner withdrew this claim.
The Registrant is unaware of any other pending or outstanding litigation that is
not of a routine nature. The General Partner of the Registrant believes that
all such pending or outstanding litigation will be resolved without a material
adverse effect upon the business, financial condition or operations of the
Partnership.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits:
Exhibit 27, Financial Data Schedule, is filed as an exhibit to this
report.
(b) Reports on Form 8-K:
None filed for the three months ended March 31, 1996.
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. V
By: Angeles Realty Corporation II
General Partner
By: /s/Carroll D. Vinson
Carroll D. Vinson
President
By: /s/Robert D. Long, Jr.
Robert D. Long, Jr.
Vice President/CAO
Date: May 13, 1996