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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED)
OCTOBER 11, 1996
DE ANZA PROPERTIES - X
(Exact name of registrant as specified in its charter)
California
(State or other jurisdiction of incorporation)
0-8942 95-3005938
(Commission File Number) (IRS Employer Identification Number)
9171 Wilshire Boulevard, Suite 627, Beverly Hills, California 90210
(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code: 310/550-1111
None
(Former name or former address, if changed since last report.)
Page 1 of 3 pages contained herein. No exhibit index is located herein.
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ITEM 5. OTHER EVENTS
On or about October 11, 1996 Registrant sent a letter to its limited partners
informing them that Registrant had entered into an agreement to sell its
remaining property. The text of the letter is as follows:
October 11, 1996
Dear Limited Partner:
We are very pleased to announce that De Anza Properties-X (the "Partnership")
has entered into a contract to sell Woodbridge Meadows Apartments
("Woodbridge"). In our previous reports to you on Form 10-Q for the quarters
ended March 31 and June 30, 1996, we notified you that the Partnership had
engaged a national real estate brokerage firm to sell Woodbridge. On October 7,
1996 the Partnership entered into an agreement to sell Woodbridge to J.F. Shea
Co., Inc., a Nevada corporation.
Woodbridge is a 375 unit garden apartment complex in Irvine, California and
represents substantially all of the Partnership's remaining assets. The price to
be paid for Woodbridge is $29,600,000, all cash, and escrow is scheduled to
close in January 1997. If the sale occurs and no claims against the Partnership
are pending, the Partnership expects to wind up and dissolve in 1997. Assuming
the sale is consummated, the Partnership expects to distribute sales proceeds to
the limited partners of approximately $793 to $813 per $1,000 limited
partnership unit ("Unit"), including approximately $4.78 per Unit from the
release of one-half of the Independent Committee Reserve (from the 1994 Colonies
of Margate sale). Also, under the most favorable circumstances, the Partnership
hopes to distribute in late 1997 an additional approximately $31 per Unit from
remaining reserves from the 1994 Colonies of Margate sale. The sales price for
Woodbridge exceeds Partnership estimates provided to you in December of 1995 by
nearly three-million dollars. However, this transaction is subject to various
conditions, therefore, there can be no assurance that the transaction will be
consummated.
Please recognize that the sale will be a taxable event and you are strongly
urged to consult with your tax advisor on the impact of the sale. The Limited
Partners' taxable gain on the Woodbridge sale should be significantly offset by
a tax deduction of partnership syndication costs which deduction is allowed when
the Partnership is dissolved. Quarterly operating distributions are expected to
continue until the sale of Woodbridge closes.
Should you have any questions we encourage you to contact the De Anza Investor
Relations Department at (310) 777-2153.
Very truly yours,
DE ANZA CORPORATION
Operating General Partner
By: /s/ Herbert M. Gelfand
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Herbert M. Gelfand
Chairman of the Board
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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.
DE ANZA PROPERTIES - X
By De Anza Corporation
Operating General Partner
Date: October 18, 1996 By: /s/ Michael D. Gelfand
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Michael D. Gelfand
President and Chief Financial Officer
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