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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): August 18, 1997(August 1, 1997)
--------------------------------
RANCON REATLY FUND I,
A CALIFORNIA LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)
California 0-10363 95-3523265
(State or other (Commission (IRS Employer
jurisdiction of File Number) I.D. Number)
incorporation)
400 South El Camino Real, Suite 1100, San Mateo, California 94402
(Address of principal executive offices)
Registrant's Telephone number, including area code: (415) 343-9300
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Page 1 of 6
<PAGE>
Item 2. ACQUISITION OR DISPOSITION OF ASSETS
On August 1, 1997, the Partnership sold the Rancon Commerce Center Auto Service
Center (the "Center"), a 25,761 square foot commercial/industrial center in
Temecula, California, and a 1.07 acre lot adjacent to the Center to an
unaffiliated third party for $1,174,000. After paying commissions and other
closing costs, the Partnership added the net proceeds of $1,097,000 to its cash
reserves. The sale was an all cash sale and the Partnership has no continuing
obligations or involvement in the property. The Partnership recognized a
$120,000 gain on the sale of the property.
Item 7. FINANCIAL STATEMENTS
The following pro forma financial statements represent the Partnership's balance
sheet and statement of operations as of and for the six months ended June 30,
1997 and for the year ended December 31, 1996, as if the sale of Rancon Commerce
Center Auto Service Center and adjacent lot had occurred on January 1, 1996.
Page 2 of 6
<PAGE>
RANCON REALTY FUND I,
A CALIFORNIA LIMITED PARTNERSHIP
Pro forma Balance Sheet
As of June 30, 1997
(in thousands, except units outstanding)
(Unaudited)
<TABLE>
<CAPTION>
Pro Forma
Historical Adjustments Pro Forma
<S> <C> <C> <C>
Assets
Investments in real estate:
Rental property held for sale $ 2,390 $ (825) $ 1,565
Land held for sale 1,769 (144) 1,625
------------- -------------- -------------
Total real estate investments 4,159 (969) 3,190
Cash and cash equivalents 354 1,097 1,451
Deferred financing costs and other fees, net 35 (7) 28
Other assets 10 (3) 7
------------- ------------- -------------
Total assets $ 4,558 $ 118 $ 4,676
============= ============= =============
Liabilities and Partners' Equity (Deficit)
Liabilities:
Note payable $ 1,806 $ --- $ 1,806
Accounts payable and other liabilities 46 (13) 33
------------- ------------- -------------
Total liabilities 1,852 (13) 1,839
Partners' equity (deficit):
General Partners (25) 3 (22)
Limited Partners, 18,346 limited partnership
units outstanding 2,731 128 2,859
------------- ------------- -------------
Total partners' equity 2,706 131 2,837
------------- ------------- -------------
Total liabilities and partners' equity $ 4,558 $ 118 $ 4,676
============= ============= =============
</TABLE>
Page 3 of 6
<PAGE>
RANCON REALTY FUND I,
A CALIFORNIA LIMITED PARTNERSHIP
Pro forma Statement of Operations
For the six months ended June 30, 1997
(in thousands, except per unit amounts and units outstanding)
(Unaudited)
<TABLE>
<CAPTION>
Pro Forma
Historical Adjustments Pro Forma
<S> <C> <C> <C>
Revenues:
Rental income $ 267 $ (99) $ 168
Interest and other income 23 --- 23
------------- ------------- -------------
Total revenues 290 (99) 191
------------- ------------- -------------
Expenses:
Operating 114 (39) 75
Interest 89 --- 89
Depreciation and amortization 7 (1) 6
Provision for impairment of investments
in real estate 215 --- 215
General and administrative 116 --- 116
Expenses associated with undeveloped land 33 (2) 31
------------- -------------- -------------
Total expenses 574 (42) 532
------------- ------------- -------------
Net loss $ (284) $ (57) $ (341)
============= ============= =============
Net loss per limited partnership unit $ (15.15) $ (3.05) $ (18.20)
============= ============= =============
Weighted average number of limited partnership
units outstanding during the period used to
compute net loss per limited partnership unit 18,346 18,346 18,346
============= ============= =============
</TABLE>
Page 4 of 6
<PAGE>
RANCON REALTY FUND I,
A CALIFORNIA LIMITED PARTNERSHIP
Pro forma Statement of Operations
For the year ended December 31, 1996
(in thousands, except per unit amounts and units outstanding)
(Unaudited)
<TABLE>
<CAPTION>
Pro Forma
Historical Adjustments Pro Forma
<S> <C> <C> <C>
Revenues:
Rental income $ 515 $ (174) $ 341
Interest and other income 10 --- 10
Gain on sale of property 138 --- 138
------------- ------------- -------------
Total revenues 663 (174) 489
------------- ------------- -------------
Expenses:
Operating 264 (86) 178
Interest 188 --- 188
Depreciation and amortization 199 (54) 145
Provision for impairment of investments
in real estate 513 --- 513
General and administrative 251 --- 251
Expenses associated with undeveloped land 51 (4) 47
------------- -------------- -------------
Total expenses 1,466 (144) 1,322
------------- ------------- -------------
Net loss $ (803) $ (30) $ (833)
============= ============= =============
Net loss per limited partnership unit $ (42.90) $ (1.58) $ (44.48)
============= ============ =============
Weighted average number of limited partnership
units outstanding during the period used to
compute net loss per limited partnership unit 18,347 18,347 18,347
============= ============= =============
</TABLE>
Page 5 of 6
<PAGE>
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.
RANCON REALTY FUND I,
A CALIFORNIA LIMITED PARTNERSHIP
(Registrant)
Date: August 18, 1997 By: /s/ Daniel L. Stephenson
-------------------------
Daniel L. Stephenson,
General Partner and Director,
President, Chief Executive Officer
and Chief Financial Officer of
Rancon Financial Corporation,
General Partner of
Rancon Realty Fund I,
a California Limited Partnership
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