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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC. 20549

FORM 10-Q

(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2003
----------------------------------

or

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to _______________

Commission file number 33-11907
-----------------------------------------

DIVERSIFIED HISTORIC INVESTORS IV
- -----------------------------------------------------------------
(Exact name of registrant as specified in its charter)

Pennsylvania 23-2440837
- -------------- -----------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)

1521 Locust Street, Philadelphia, PA 19102
- -----------------------------------------------------------------
(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code (215) 557-9800
--------------

N/A
- -----------------------------------------------------------------
(Former name, former address and former fiscal year, if changed
since last report)

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
------ ------



PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

Consolidated Balance Sheets - March 31, 2003 (unaudited) and
December 31, 2002
Consolidated Statements of Operations - Three Months Ended
March 31, 2003 and 2002 (unaudited)
Consolidated Statements of Cash Flows - Three Months Ended
March 31, 2003 and 2002 (unaudited)
Notes to Consolidated Financial Statements (unaudited)

Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations.

(1) Liquidity

As of March 31, 2003, Registrant had cash of $306,991.
The Registrant expects that those funds plus the cash generated from
operations at each property will be sufficient to fund the operating
expenses of the properties. The Registrant is not aware of any
additional sources of liquidity.

As of March 31, 2003, Registrant had restricted cash of
$20,617 consisting primarily of funds held as security deposits and
escrows for taxes and insurance. As a consequence of the restrictions
as to use, Registrant does not deem these funds to be a source of
liquidity.

(2) Capital Resources

Any capital expenditures needed are generally replacement
items and are funded out of cash from operations. The Registrant is
not aware of any factors which would cause historical capital
expenditure levels not to be indicative of capital requirements in the
future and accordingly, does not believe that it will have to commit
material resources to capital investment for the foreseeable future.

(3) Results of Operations

During the first quarter of 2003, Registrant incurred a
loss of $58,544 ($7.00 per limited partnership unit) compared to a
loss of $35,675 ($4.26 per limited partnership unit) for the same
period in 2002.

Rental income increased $2,684 from $50,049 in the first
quarter of 2002 to $52,733 in the same period in 2003. The increase in
rental income from the first quarter of 2002, compared to the same
period in 2003, is due to an increase in average occupancy at Brass
Works (88% to 91%), partially offset by a decrease in average
occupancy at the Locke Mill Plaza (94% to 71%).

Interest income decreased $510 from $1,456 in the first
quarter of 2002 to $946 in the same period in 2003. The decrease in
interest income from the first quarter of 2002, compared to the same
period in 2003 is due to a decrease in the money market cash balances.

Rental operations expense increased $24,201 from
$46,046 in the first quarter of 2002 to $70,247 in the same period in
2003. The increase in rental operations expense from the first quarter
of 2002, compared to the same period in 2003, is due to an increase in
maintenance expense, leasing commissions and utilities expense at
Brass Works and an increase in condominium fees and utilities expense
at Locke Mill Plaza. The increase in maintenance expense is due to an
increase in snow removal, non-contracted cleaning service and
apartment preparation expense. The increase in leasing commissions is
due to an increase in the turnover of apartment units. The increase
in condominium fees are due to an increase in budgeted operating
expenses at Locke Mill. The increase in the utilities expense at
Brass Works is due to an increase in water and electricity charges.
The increase in utilities expense at Locke Mill is due to an increase
in electricity charges.

Losses incurred during the first quarter of 2003 at the
Registrant's two properties amounted to approximately $22,000,
compared to losses of approximately $15,000 for the same period in
2002.

In the first quarter of 2003, Registrant incurred a net
loss of $19,000 at the Brass Works, including $13,000 of depreciation
expense, compared to a net loss of $11,000 including $12,000 of
depreciation expense in the first quarter of 2002. The increase in
loss from the first quarter of 2002, compared to the same period in
2003, is due to an increase in maintenance expense, utilities expense
and leasing commissions, partially offset by an increase in rental
income. The increase in maintenance expense is due to an increase in
snow removal, non-contracted cleaning service, and apartment
preparations. The increase in utilities expense is due to an increase
in water and electricity charges. The increase in leasing commissions
is due to an increase in the turnover of apartment units. The increase
in rental income due to an increase in average occupancy (88% to 91%)

In the first quarter of 2003, the Registrant incurred a
net loss of $3,000 at Locke Mill Plaza, including $7,000 of
depreciation expense, compared to a net loss of $4,000 including
$7,000 of depreciation expense during the first quarter of 2002. The
decrease in net loss from the first quarter of 2002, compared to the
same period in 2003, is due to a decrease in rental income and a
decrease in insurance expense partially offset by an increase in
utilities expense and condominium fees. Rental income decreased due
to a decrease in average occupancy (94% to 71%). The increase in
utilities expense is due to an increase in electricity charges. The
increase in condominium fees is due to an increase in budgeted
operating expenses.


Item 4. Controls and Procedures

We maintain disclosure controls and procedures that are
designed to ensure that information required to be disclosed in our
Securities Exchange Act of 1934 reports is recorded, processed,
summarized and reported within the time periods specified in the SEC's
rules and forms, and that such information is accumulated and
communicated to our management, including our managing partner's
principal executive officer and principal financial officer, as
appropriate, to allow timely decisions regarding required disclosure.
In designing and evaluating the disclosure controls and procedures,
our management recognized that any controls and procedures, no matter
how well designed and operated, can provide only reasonable assurance
of achieving the desired control objectives, and our management
necessarily was required to apply its judgment in evaluating the cost-
benefit relationship of possible controls and procedures.

Under the supervision of our managing partner's principal
executive officer and principal financial officer we have carried out
an evaluation of the effectiveness of our adopted disclosure controls
and procedures as of the end of the period covered by this report.
Based upon that evaluation, our managing partner's president and
treasurer concluded that our disclosure controls and procedures are
effective.

There have been no significant changes in our internal
controls over financial reporting that has materially affected, or is
reasonably likely to materially affect, our internal control over
financial reporting during our most recent fiscal quarter.



DIVERSIFIED HISTORIC INVESTORS IV
(a Pennsylvania limited partnership)

CONSOLIDATED BALANCE SHEETS
---------------------------

Assets

March 31, 2003 December 31, 2002
-------------- -----------------
(Unaudited)
Rental properties, at cost:
Land $ 74,324 $ 74,324
Buildings and improvements 2,246,555 2,246,555
Furniture and fixtures 54,251 54,251
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2,375,130 2,375,130
Less - accumulated depreciation (1,346,673) (1,322,696)
---------- ----------
1,028,457 1,052,434
Cash and cash equivalents 306,991 307,657
Restricted cash 20,617 27,890
Other assets 20,349 23,070
---------- ----------
Total $1,376,414 $1,411,051
========== ==========

Liabilities and Partners' Equity

Liabilities:
Accounts payable-trade $ 43,276 $ 18,826
Other liabilities 29,321 30,749
Tenant security deposits 15,505 14,620
---------- ----------
Total liabilities 88,102 64,195
Partners' equity 1,288,312 1,346,856
---------- ----------
Total $1,376,414 $1,411,051
========== ==========

The accompanying notes are an integral part of these financial statements.




DIVERSIFIED HISTORIC INVESTORS IV
(a Pennsylvania limited partnership)

CONSOLIDATED STATEMENTS OF OPERATIONS
-------------------------------------
(Unaudited)


Three months ended
March 31,
2003 2002
---- ----
Revenues:
Rental income $ 52,733 $50,049
Interest income 946 1,456
-------- -------
Total revenues 53,679 51,505
-------- -------
Costs and expenses:
Rental operations 70,247 46,045
General and administrative 18,000 18,000
Depreciation and amortization 23,976 23,135
-------- -------
Total costs and expenses 112,223 87,180
-------- -------
Net loss ($ 58,544) ($35,675)
======== =======

Net loss per limited partnership
unit ($ 7.00) ($ 4.26)
======== =======

The accompanying notes are an integral part of these financial statements.





DIVERSIFIED HISTORIC INVESTORS IV
(a Pennsylvania limited partnership)

CONSOLIDATED STATEMENTS OF CASH FLOWS
-------------------------------------
(Unaudited)

Three months ended
March 31,
2003 2002
---- ----
Cash flows from operating activities:
Net loss ($ 58,544) ($ 35,675)
Adjustments to reconcile net loss
to net cash used in operating
activities:
Depreciation and amortization 23,976 23,135
Changes in assets and liabilities:
Decrease in restricted cash 7,273 6,594
Decrease (increase) in other assets 2,722 (26)
Increase in accounts payable -trade 24,450 819
(Decrease) increase in other
liabilities (1,429) 24
Increase in tenant security
deposits 885 1,600
-------- --------
Net cash used in operating activities (667) (3,529)
-------- --------
Decrease in cash and cash equivalents (667) (3,529)
Cash and cash equivalents at
beginning of period 307,658 336,033
-------- --------
Cash and cash equivalents at end of
period $306,991 $332,504
======== ========

The accompanying notes are an integral part of these financial statements.





DIVERSIFIED HISTORIC INVESTORS IV
(a Pennsylvania limited partnership)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)


NOTE 1 - BASIS OF PRESENTATION

The unaudited consolidated financial statements of Diversified
Historic Investors IV (the "Registrant") and related notes have been
prepared pursuant to the rules and regulations of the Securities and
Exchange Commission. Accordingly, certain information and footnote
disclosures normally included in financial statements prepared in
accordance with generally accepted accounting principles have been
omitted pursuant to such rules and regulations. The accompanying
consolidated financial statements and related notes should be read in
conjunction with the audited financial statements in Form 10-K of the
Registrant, and notes thereto, for the year ended December 31, 2002.

The information furnished reflects, in the opinion of management, all
adjustments, consisting of normal recurring accruals, necessary for a
fair presentation of the results of the interim periods presented.




PART II - OTHER INFORMATION


Item 1. Legal Proceedings

To the best of its knowledge, Registrant is not a party
to, nor is any of its property the subject of, any pending material
legal proceedings.


Item 4. Submission of Matters to a Vote of Security Holders

No matter was submitted during the quarter covered by
this report to a vote of security holders.


Item 6. Exhibits and Reports on Form 8-K

(a) Exhibit Number Document
-------------- --------
3 Registrant's Amended and
Restated Certificate of Limited
Partnership and Agreement of
Limited Partnership, previously
filed as part of Amendment No.
2 of Registrant's Registration
Statement on Form S-11, are
incorporated herein by
reference.

21 Subsidiaries of the Registrant
are listed in Item 2.
Properties on Form 10-K,
previously filed and
incorporated herein by
reference.

(b) Reports on Form 8-K:

No reports were filed on Form 8-K during the quarter
ended March 31, 2003.



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act
of 1934, Registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.

Date: January 14, 2004 DIVERSIFIED HISTORIC INVESTORS IV
----------------
By: Dover Historic Advisors III, General
Partner

By: EPK, Inc., General Partner

By: /s/ Spencer Wertheimer
----------------------
SPENCER WERTHEIMER
President



Exhibit 31

CERTIFICATION

I, Spencer Wertheimer, certify that:

1. I have reviewed this quarterly report on Form 10-Q for the
quarterly period ended March 31, 2003 of Diversified Historic
Investors IV;

2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect
to the period covered by this report;

3. Based on my knowledge, the financial statements, and other
financial information included in this report, fairly present in all
material respects the financial condition, results of operations and
cash flows of the registrant as of, and for, the periods presented
in this report;

4. I am responsible for establishing and maintaining disclosure
controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) [Omission in accordance with SEC Release Nos. 33-
8238, 34-47986 and IC-26068 (June 5, 2003)] for the registrant and
have:

(a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under my
supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made
known to me by others within those entities, particularly during
the period in which this report is being prepared;

(b) [Omitted in accordance with SEC Release Nos. 33-8238, 34-
47986 and IC-26068 (June 5, 2003)];

(c) Evaluated the effectiveness of the registrant's disclosure
controls and procedures and presented in this report my
conclusions about the effectiveness of the disclosure controls
and procedures, as of the end of the period covered by this
report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's
internal control over financial reporting that occurred during
the registrant's most recent fiscal quarter (the registrant's
fourth fiscal quarter in the case of an annual report) that has
materially affected, or is reasonably likely to materially
affect, the registrant's internal control over financial
reporting; and

5. I have disclosed, based on my most recent evaluation of
internal control over financial reporting, to the registrant's
auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize and report financial
information; and

(b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the
registrant's internal control over financial reporting.



Date: January 14, 2004 /s/ Spencer Wertheimer
---------------- ----------------------
Name: Spencer Wertheimer
Title: President (principal
executive officer) of the
registrant's managing
partner, EPK, Inc.



Date: January 14, 2004 /s/ Spencer Wertheimer
---------------- ----------------------
Name: Spencer Wertheimer
Title: Treasurer (principal
financial officer) of the
registrant's managing
partner, EPK, Inc.



Exhibit 32

CERTIFICATION 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 of Diversified Historic
Investors IV on Form 10-Q for the quarterly period ended March 31,
2003 as filed with the Securities and Exchange Commission on the date
hereof (the "Report"), I, Spencer Wertheimer, President and Treasurer
of the Company's managing partner, EPK, Inc., certify, pursuant to 18
U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that:

(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 Company.



Date: January 14, 2004 /s/ Spencer Wertheimer
---------------- ----------------------
Name: Spencer Wertheimer
Title: President (principal
executive officer) of the
registrant's managing
partner, EPK, Inc.



Date: January 14, 2004 /s/ Spencer Wertheimer
---------------- ----------------------
Name: Spencer Wertheimer
Title: Treasurer (principal
financial officer) of the
registrant's managing
partner, EPK, Inc.