-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DZ0YY8kYRfGflU2OPxDV9DPH7EwkifUDAsfx5Zjc1BrOceJXN5rp4BiAeJFMwdp5 EtJlzuBlTCEpsqFs31Gs4w== 0000276779-96-000002.txt : 19960813 0000276779-96-000002.hdr.sgml : 19960813 ACCESSION NUMBER: 0000276779-96-000002 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960812 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: ANGELES PARTNERS VIII CENTRAL INDEX KEY: 0000276779 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF NONRESIDENTIAL BUILDINGS [6512] IRS NUMBER: 953264317 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 000-09136 FILM NUMBER: 96607784 BUSINESS ADDRESS: STREET 1: ONE INSIGNIA FINANCIAL PLZ STREET 2: PO BOX 1089 CITY: GREENVILLE STATE: SC ZIP: 29602 BUSINESS PHONE: 8032391000 MAIL ADDRESS: STREET 1: ONE INSIGNIA FINANCIAL PLAZA STREET 2: P.O. BOX 1089 CITY: GREENVILLE STATE: SC ZIP: 29602 10QSB 1 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 June 30, 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 0-9136 ANGELES PARTNERS VIII (Exact name of small business issuer as specified in its charter) California 95-3264317 (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 PARTNERS VIII CONSOLIDATED BALANCE SHEET (Unaudited) (in thousands, except unit data) June 30, 1996 Assets Cash: Unrestricted $ 165 Restricted--tenant security deposits 60 Accounts receivable 5 Escrows for taxes 161 Restricted escrows 183 Other assets 252 Investment properties: Land $ 543 Buildings and related personal property 14,096 14,639 Less accumulated depreciation (9,463) 5,176 $ 6,002 Liabilities and Partners' Deficit Liabilities Accounts payable $ 28 Tenant security deposits 59 Accrued taxes 467 Accrued interest 1,124 Other liabilities 164 Note payable to affiliate 371 Mortgage notes payable 16,834 Partners' Deficit General partner $ (165) Limited partners (11,985 units issued and outstanding) (12,880) (13,045) $ 6,002 See Accompanying Notes to Consolidated Financial Statements b) ANGELES PARTNERS VIII CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in thousands, except unit data)
Three Months Ended Six Months Ended June 30, June 30, 1996 1995 1996 1995 Revenues: Rental income $ 860 $ 885 $ 1,706 $ 1,769 Other income 42 57 89 108 Total revenues 902 942 1,795 1,877 Expenses: Operating 266 300 537 578 General and administrative 52 28 80 55 Maintenance 102 103 190 177 Depreciation 149 147 296 294 Interest 443 467 889 935 Property taxes 199 90 300 232 Total expenses 1,211 1,135 2,292 2,271 Net loss $ (309) $ (193) $ (497) $ (394) Net loss allocated to general partner (1%) $ (3) $ (2) $ (5) $ (4) Net loss allocated to limited partners (99%) (306) (191) (492) (390) $ (309) $ (193) $ (497) $ (394) Net loss per limited partnership unit $(25.53) $(15.90) $(41.05) $(32.55) See Accompanying Notes to Consolidated Financial Statements
c) ANGELES PARTNERS VIII CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' DEFICIT (Unaudited) For the Six Months Ended June 30, 1996 (in thousands, except unit data)
Limited Partnership General Limited Units Partner Partners Total Original capital contributions 12,000 $ 121 $ 12,000 $ 12,121 Partners' deficit at December 31, 1995 11,985 $ (160) $ (12,388) $(12,548) Net loss for the six months ended June 30, 1996 -- (5) (492) (497) Partners' deficit at June 30, 1996 11,985 $ (165) $ (12,880) $(13,045) See Accompanying Notes to Consolidated Financial Statements
d) ANGELES PARTNERS VIII CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands, except unit data)
Six Months Ended June 30, 1996 1995 Cash flows from operating activities: Net loss $ (497) $ (394) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation 296 294 Amortization of loan costs 24 41 Change in accounts: Restricted cash (5) (1) Accounts receivable 6 2 Escrows for taxes (99) (77) Other assets (7) -- Accounts payable (12) (87) Tenant security deposit liabilities 5 -- Accrued taxes 132 87 Accrued interest 278 255 Other liabilities 35 (69) Net cash provided by operating activities 156 51 Cash flows from investing activities: Deposits to restricted escrows (404) (98) Receipts from restricted escrows 417 -- Property improvements and replacements (570) (57) Net cash used in investing activities (557) (155) Cash flows from financing activities: Payments on mortgage notes payable (22) (68) Repayment of mortgage notes payable (9,368) -- Proceeds from long-term borrowings 9,800 -- Loan costs paid (174) (103) Net cash provided by (used in) financing activities 236 (171) Net decrease in cash (165) (275) Cash at beginning of period 330 421 Cash at end of period $ 165 $ 146 Supplemental disclosure of cash flow information: Cash paid for interest $ 587 $ 639 See Accompanying Notes to Consolidated Financial Statements
ANGELES PARTNERS VIII NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) June 30, 1996 Note A - Going Concern The accompanying financial statements have been prepared assuming Angeles Partners VIII, (the "Partnership" or "Registrant") will continue as a going concern. The Partnership has incurred recurring operating losses, is in default on a portion of its mortgage notes payable and does not generate sufficient cash flows to fund capital expenditures and scheduled debt services. The second mortgage to Angeles Mortgage Investment Trust ("AMIT") in the amount of $1,350,000 secured by Bercado Shores Apartments, is in default due to nonpayment of interest. Since the default in March of 1993, the lender has not indicated its intent to pursue its available remedies under the mortgage agreement, however, the Partnership's properties remain subject to foreclosure under the terms of the second mortgage agreement. The Partnership's second mortgage to AMIT of $1,570,000, secured by Brittany Point Apartments, had been in default due to nonpayment of interest. This default also created a default in the Brittany Point first mortgage due to certain cross-default provisions in the first mortgage which matured in June 1995. This first mortgage was refinanced on January 18, 1996, with the existing lender lowering the interest rate from 10.125% to 7.875%. A workout proposal with AMIT on Brittany Point was finalized during the first quarter of 1996, thereby curing the Brittany Point default. This workout extended the maturity date from June 1995 to December 2000. The Partnership's first mortgage of $4,114,000 secured by Bercado Shores Apartments was previously in default due to delinquent 1993 property taxes; however, during 1995 these taxes were paid and the first mortgage of Bercado Shores is no longer in default. 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 consolidated 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 Angeles Realty Corporation (the "General Partner"), all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six month period ended June 30, 1996, are not necessarily indicative of the results that may be expected for the year ended 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 year ended December 31, 1995. Certain reclassifications have been made to the 1995 information to conform to the 1996 presentation. Consolidation In order to facilitate the refinancing of the first mortgage indebtedness secured by Brittany Point in January 1996, the property was transferred to a lower-tier partnership known as Brittany Point AP VIII, L.P. in which the Partnership is the 99% limited partner. The results of the lower-tier partnership's operations are included in the Partnership's financial statements with all intercompany transactions being eliminated. 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 of the general partner for services and for reimbursement of certain expenses incurred by affiliates on behalf of the Partnership. Property management fees of $89,000 and $93,000 were paid to affiliates of the General Partner for the six months ended June 30, 1996 and 1995, respectively. These fees are included in operating expenses. Reimbursements for services of affiliates of $56,000 and $32,000 were earned by the General Partner and affiliates for the six months ended June 30, 1996 and 1995, respectively. At June 30, 1996, approximately $56,000 of the 1996 reimbursements were unpaid and are included in other liabilities. In addition, $15,000 of expense reimbursements related to construction oversight costs incurred in conjunction with the exterior rehabilitation of the Partnership's properties were paid to affiliates of the General Partner during 1996. 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 payments 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 obligation is not significant. In November 1992, Angeles Acceptance Pool, L.P. ("AAP"), a Delaware limited partnership which now controls the working capital loan previously provided by Angeles Capital Investment, Inc. ("ACII"), was organized. 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 .5% limited partner interest in AAP. An affiliate of Angeles now serves as the general partner of AAP. This working capital loan funded the Partnership's operating deficits in prior years. Total indebtedness, which is included in the accompanying consolidated balance sheet as a note payable to affiliate, was $371,000 at June 30, 1996, and June 30, 1995, with monthly interest only payments at prime plus 0.75% (9.00% at June 30, 1996). 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 $17,000 and $18,000 at June 30, 1996 and 1995, respectively. Interest of $108,000 and $72,000 on this loan was accrued at June 30, 1996 and 1995, respectively. AMIT currently provides secondary financing on the Partnership's investment properties. Total indebtedness was $2,920,000 at June 30, 1996, of which $1,350,000 was in default at June 30, 1996. Total interest expense related to this debt was $262,000 and $237,000 at June 30, 1996, and June 30, 1995, respectively. Accrued interest related to this debt was $984,000 and $828,000 at June 30, 1996 and June 30, 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 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 certain 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, resulting in MAE GP being 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 those 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. Note D - Tax Recovery The Partnership's ongoing property tax appeal of Bercado Shores' 1990, 1991 and 1992 property taxes was successfully completed in 1995 with the Partnership recognizing $802,000 of tax recovery income in 1995. The Partnership had paid property taxes for the 1990, 1991 and 1992 tax years, but withheld payment of the 1993 taxes during the appeal. Upon completion of the appeal in 1995, the tax authority reimbursed the property for overpayments of the 1990, 1991 and 1992 taxes totalling $545,000, of which the tax authority applied $321,000 of the refund to pay the 1993 taxes. In addition, property tax accruals were reduced by $256,000 in the fourth quarter of 1995 to reflect the newly assessed property values. The first mortgage was previously in default due to the nonpayment of the 1993 taxes. Since the property taxes are now current, the first mortgage is no longer in default. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION The Partnership's investment properties consist of two apartment complexes. The following table sets forth the average occupancy of the properties for the six months ended June 30, 1996 and 1995: Average Occupancy 1996 1995 Bercado Shores Apartments Mishawka, Indiana 93% 95% Brittany Point Apartments Huntsville, Alabama 86% 91% Occupancy at Brittany Point decreased due to fewer new jobs and continued layoffs in the Huntsville area. The area economy has remained stagnant due to military spending cuts. However, the current occupancy is beginning to increase due in part to improvements made at the property. The Partnership realized a net loss of $309,000 for the three months ended June 30, 1996, and $497,000 for the six months ended June 30, 1996, compared to a net loss of $193,000 for the three months ended June 30, 1995, and $394,000 for the six months ended June 30, 1995. For the three and six months ended June 30, 1996, the increased net loss was due primarily to a decrease in other income and an increase in general and administrative and property tax expenses as discussed below. Other income decreased due primarily to a lower tenant turnover rate which resulted in lower lease cancellation and cleaning and damage fees in 1996. General and administrative expenses increased due primarily to increases in General Partner reimbursements resulting from higher administrative costs. Maintenance expense increased for the six months ended June 30, 1996, compared to the six months ended June 30, 1995, due to overall increases in repairs at the properties in efforts to increase the properties' curb appeal. Interest expense decreased due to Brittany Point refinancing its debt at a lower interest rate partially offset by an increase in the adjustable interest rate on the first mortgage debt and an increase in default interest on the second mortgage debt at Bercado Shores. Property tax expense increased due to increased tax assessments, which are currently under appeal, at Bercado Shores in 1996 and the reduction of the tax assessments in 1995 as discussed in "Note D" in the Notes to Consolidated Financial Statements in "Item 1". 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. The Partnership's primary source of cash has been from property operations with such cash being utilized for the paydown of existing debt on the investment properties, capital expenditures and daily operational expenses. It is the Partnership's policy to commit capital resources for the continuing improvement and maintenance of its properties. The Partnership held unrestricted cash of $165,000 at June 30, 1996, compared to unrestricted cash of $146,000 at June 30, 1995. Net cash provided by operating activities increased for the six months ended June 30, 1996, primarily due to decreased interest payments on the Brittany Point first mortgage, as discussed below, and due to the accrual during 1996 of General Partner reimbursements which were paid in 1995. Net cash used in investing activities increased primarily due to the increased capital expenditure activity largely due to an exterior rehabilitation project at Brittany Point, including vinyl siding and roof repairs. Net cash provided by financing activities increased due to the refinancing of the Brittany Point first mortgage. No distributions were made by the Partnership during the first six months of 1996 or 1995. Since 1992, the nominal cash generated by the properties has been insufficient to pay the capital expenditures and scheduled debt service. The Partnership has incurred recurring operating losses and is in default on a portion of its mortgage notes payable. The Partnership's first mortgage in the amount of $4,114,000 secured by Bercado Shores Apartments was previously in default due to nonpayment of 1993 property taxes. The property is now current on payment of property taxes and the first mortgage is no longer in default. However, the second mortgage to AMIT in the amount of $1,350,000, secured by the Bercado Shores Apartments, has been in default since March 1993 due to nonpayment of interest. Since the default in March of 1993, the lender has not indicated its intent to pursue its available remedies under the mortgage agreement, however, the Partnership's properties remain subject to foreclosure under the terms of the second mortgage agreement. Should the lender initiate foreclosure proceedings, the General Partner will attempt to negotiate refinancing. The first mortgage indebtedness of $9,368,000 secured by Brittany Point matured in June 1995. This first mortgage was refinanced on January 18, 1996, with the existing lender for a principal amount of $9,800,000, a stated interest rate of 7.875% and a maturity date of February 1, 2001. To facilitate the refinancing, the property was transferred to a lower-tier partnership known as Brittany Point AP VIII, L.P. in which the Partnership is the 99% limited partner. Although legal ownership of this asset was transferred to a new entity, the Partnership retained control and substantially all economic benefits of the property. Also, a workout proposal with AMIT on the second mortgage of Brittany Point was finalized during the first quarter of 1996 so that the second mortgage is no longer in default. The workout proposal with AMIT provides for the accrual of interest through January 31, 1997, after which cash flow payments will be made through June 30, 1997. Commencing July 1, 1997, interest payments will be made at the accrual rate of interest through the maturity of the note on December 31, 2000. In November 1992, Angeles Acceptance Pool, L.P. ("AAP"), a Delaware limited partnership which now controls the working capital loan previously provided by Angeles Capital Investment, Inc. ("ACII"), was organized. 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 .5% limited partner interest in AAP. An affiliate of Angeles now serves as the general partner of AAP. This working capital loan funded the Partnership's operating deficits in prior years. Total indebtedness, which is included as a note payable, was $371,000 at June 30, 1996, and June 30, 1995, with monthly interest only payments at prime plus 0.75% (9.00% for June 30, 1996). 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 $17,000 and $18,000 at June 30, 1996 and 1995, respectively. Interest of $108,000 and $72,000 on this loan was accrued at June 30, 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 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. 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, resulting in MAE GP being 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 those 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. PART II - OTHER INFORMATION 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. 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 PARTNERS VIII LIMITED PARTNERSHIP By: Angeles Realty Corporation 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: August 12, 1996 EX-27 2
5 This schedule contains summary financial information extracted from Angeles Partners VIII 1996 Second Quarter 10-QSB and is qualified in its entirety by reference to such 10-QSB filing. 0000276779 ANGELES PARTNERS VIII 1,000 6-MOS DEC-31-1996 JUN-30-1996 165 0 5 0 0 0 14,639 9,463 6,002 0 17,205 0 0 0 (13,045) 6,002 0 1,795 0 2,292 0 0 889 0 0 0 0 0 0 (497) (41.05) 0 The Registrant has an unclassified balance sheet. Multiplier is 1.
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