~~Table~~UNITED ofSTATES SECURITIES ~~Contents~~AND EXCHANGE COMMISSION

~~UNITED~~WASHINGTON, ~~STATES SECURITIES~~D.C. ~~AND EXCHANGE COMMISSION~~20549

~~WASHINGTON,~~FORM ~~D.C. 20549~~8-K

~~FORM~~CURRENT ~~8-K~~REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

~~CURRENT REPORT Pursuant to Section~~July 1320, ~~or 15~~2005 (d)Date of ~~the~~earliest ~~Securities~~event ~~Exchange Act of 1934~~reported)

~~June 28,~~CAPTEC ~~2005 (Date~~FRANCHISE ofCAPITAL ~~earliest~~PARTNERS ~~event~~L.P. ~~reported)~~IV

~~CAPTEC~~(Exact ~~FRANCHISE~~Name ~~CAPITAL~~of ~~PARTNERS~~Registrant ~~L.P.~~as IV Specified in Its Charter)

Delaware (~~Exact~~State ~~Name~~or Other Jurisdiction of ~~Registrant~~Incorporation) as333-9371 ~~Specified~~(Commission inFile ~~Its~~Number) ~~Charter~~38-3304096 (IRS Employer Identification No.)

Delaware		333-9371		38-3304096
(State or Other Jurisdiction of Incorporation)		( Commission File Number)		(IRS Employer Identification No.)


24 Frank Lloyd Wright Drive Lobby L, 4th Floor Ann Arbor, Michigan (Address of Principal Executive Offices)		48106 (Zip Code)

24 Frank Lloyd Wright Drive
Lobby L, 4th Floor
Ann Arbor, Michigan		48106
(Address of Principal Executive Offices)	(Zip Code)

(734) 994-5505
(Registrant’s Telephone Number, Including Area Code)

(~~734) 994-5505 (Registrant’s~~Former ~~Telephone~~Name ~~Number~~or Former Address, ~~Including~~if ~~Area~~Changed ~~Code~~Since Last Report)

~~(Former~~ Check ~~Name~~the orappropriate ~~Former~~box ~~Address,~~below if ~~Changed~~the ~~Since~~Form ~~Last~~8-K ~~Report)~~filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

~~Check~~o Written communications pursuant to Rule 425 under the ~~appropriate~~Securities ~~box~~Act ~~below~~(17 ifCFR 230.425) o Soliciting material pursuant to Rule 14a-12 under the ~~Form~~Exchange 8Act (17 CFR 240.14a-K12) ~~filing~~o isPre-commencement ~~intended~~communications pursuant to ~~simultaneously~~Rule ~~satisfy~~ 14d-2(b) under the ~~filing~~Exchange ~~obligation~~Act of(17 ~~the~~CFR ~~registrant~~240.14d-2(b)) ~~under~~o ~~any~~Pre-commencement ofcommunications pursuant to Rule 13e-4(c) under the ~~following~~Exchange ~~provisions:~~ Act (17 CFR 240.13e-4(c))

oItem ~~Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230~~8.~~425) o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240~~01.~~14a-12)~~ oOther ~~Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240~~Events.~~14d- 2(b)) o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e- 4(c))~~

~~TABLE~~ The OFinformation ~~CONTENTS~~set forth in Exhibit 99 hereto is hereby incorporated herein by reference.

Item ~~1.01. Entry into a Material Definitive Agreement Item~~ 9.01. Financial Statements and Exhibits ~~SIGNATURES EXHIBIT INDEX Agreement of Sale~~.

~~Table~~(a) No financial statements are required to be filed as part of ~~Contents~~this Form 8-K. (b) No pro forma financial information is required to be filed as part of this Form 8-K. (c) The following exhibit is filed as part of this Form 8-K:

~~Section 1~~99 –Letter ~~Registrant’s~~to ~~Business~~the ~~and~~limited ~~Operations~~ partners of Captec Franchise Capital Partners L.P. IV, dated July 20, 2005.

~~Item~~Forward-Looking ~~1.01. Entry into a Material Definitive Agreement.~~Statements

OnThis ~~June 28,~~Form ~~2005~~8-K contains forward-looking statements, ~~Captec~~which ~~Franchise~~are ~~Capital~~any ~~Partners~~statements Lother than statements of historical fact.P. IVAs ~~(the~~utilized in this document, words such as “~~Partnership~~intends,”) “anticipates,” “expects,” “will,” “could,” “estimate” and ~~Spirit~~similar expressions are intended to ~~Finance~~identify ~~Acquisitions~~such forward-looking statements. These forward-looking statements, ~~LLC~~including ~~(“Spirit”)~~statements concerning ~~executed~~anticipated anfuture ~~Agreement~~revenues, ofby ~~Sale~~their ~~(the~~nature ~~“Agreement”)~~involve ~~pursuant~~substantial torisks and ~~which~~uncertainties, ~~the~~many ~~Partnership~~of ~~has~~which ~~agreed~~are tobeyond ~~sell~~the toPartnership’s ~~Spirit~~control and the Partnership’s ~~property~~actual results ~~located~~may indiffer ~~Plainview~~materially depending on a variety of important factors. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this Form ~~Texas~~8-K. ~~and~~The ~~leased~~Partnership disclaims any obligation to ~~United~~update ~~Supermarkets~~or ~~for~~revise athese ~~purchase~~forward-looking ~~price~~statements to reflect events or circumstances after the date of $6this Form 8-K or to reflect the occurrence of unanticipated events,~~000,000~~ except as may be required by law.

~~The closing of the transaction contemplated by the Agreement is contingent upon the~~SIGNATURES ~~satisfaction of certain customary conditions set forth more fully in the Agreement, including~~ ~~satisfactory completion of due diligence review by Spirit. The parties to the Agreement anticipate~~ ~~that the closing will occur on or before August 12, 2005.~~

~~There~~Pursuant isto nothe ~~material~~requirements ~~relationship~~of ~~between~~ the ~~Partnership~~Securities orExchange ~~its~~Act ~~affiliates~~of ~~and Spirit~~1934, ~~other~~the registrant has duly ~~than~~caused inthis ~~respect~~report ofto be signed on its behalf by the ~~Agreement~~undersigned hereunto duly authorized.

~~Item~~CAPTEC ~~9.01.~~FRANCHISE ~~Financial~~CAPITAL ~~Statements~~PARTNERS ~~and Exhibits~~L.P. IV

(a) No financial statements are required to be filed as part of this Form 8-K. (b) No pro forma financial information is required to be filed as part of this Form 8-K. (c) The following exhibit is filed as part of this Form 8-K:


By:		GP4 Asset Acquisition, LLC
		General Partner of Captec Franchise Capital Partners L.P. IV

By:		/s/ Patrick L. Beach
		Patrick L. Beach
		President

Date:		July 20, 2005

~~99 Agreement of Sale between Spirit Finance Acquisitions, LLC and Captec Franchise Capital Partners L.P. IV, dated June 28, 2005.~~Exhibit Index

Forward-Looking Statements



No.		Description
99		Letter to the limited partners of Captec Franchise Capital Partners L.P. IV, dated July 20, 2005.

This Form 8-K contains forward-looking statements, which are any statements other than statements of historical fact. As utilized in this document, words such as “intends,” “anticipates,” “expects,” “will,” “could,” “estimate” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements, including statements concerning anticipated future revenues, by their nature involve substantial risks and uncertainties, many of which are beyond the Partnership’s control and the Partnership’s actual results may differ materially depending on a variety of important factors. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this Form 8-K. The Partnership disclaims any obligation to update or revise these forward-looking statements to reflect events or circumstances after the date of this Form 8-K or to reflect the occurrence of unanticipated events, except as may be required by law.

SIGNATURES

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

CAPTEC FRANCHISE CAPITAL PARTNERS L.P. IV

By:		GP4 Asset Acquisition, LLC
		General Partner of Captec Franchise Capital Partners L.P. IV
By:		/s/ Patrick L. Beach
		Patrick L. Beach
		President
Date:		July 6, 2005

EXHIBIT INDEX

EXHIBIT NO.		EXHIBIT DESCRIPTION
99		Agreement of sale between Spirit Finance Acquisitions, LLC and Captec Franchise Capital Partners L.P. IV, dated June 28, 2005.

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Filing Compare · CAPTEC FRANCHISE CAPITAL PARTNERS L P IV