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)September11,1998(August 28, 1998)
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RANCON REALTY FUND I,
A CALIFORNIA LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)
California 0-10363 95-3523265
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification Number)
incorporation)
400 South El Camino Real, Suite 1100, San Mateo, California 94402
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(Address of principal executive offices)
Registrant's Telephone number, including area code: (650) 343-9300
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This Form 8-K contains a total of 6 pages.
No exhibit required.
Page 1 of 6
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Item 2. ACQUISITION OR DISPOSITION OF ASSETS
On August 28, 1998, the Partnership sold its remaining real estate assets, the
Mountain View Plaza Shopping Center and the adjacent land, to an unaffiliated
third party for a total purchase price of $1,920,000. Upon the close of escrow,
the buyer assumed the loan secured by the property in the amount of
$1,778,282.66. After paying off the closing costs (including commissions and
fees) the Partnership added the net proceeds of approximately $78,000 to its
cash reserves.
After reserving funds for unpaid liabilities, a final liquidating distribution
will be made to the partners. The Partnership will then wind up all business
affairs and liquidate.
Item 7. FINANCIAL STATEMENTS
The following pro-forma financial statements represent the Partnership's balance
sheet as of June 30, 1998 and the statement of operations for the six months
ended June 30, 1998 and the year ended December 31, 1997, as if the sale of the
aforementioned properties had occurred on January 1, 1997.
Page 2 of 6
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RANCON REALTY FUND I,
A CALIFORNIA LIMITED PARTNERSHIP
Pro forma Balance Sheet
As of June 30, 1998
(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 $ 1,439 $ (1,439) $ 0
Land held for sale 366 (366) 0
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Net real estate investments 1,805 (1,805) 0
Cash and cash equivalents 2,103 (2,103) 0
Accounts receivable 16 (16) 0
Deferred financing costs and other fees, net 24 (24) 0
Other assets 11 (11) 0
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Total assets $ 3,959 $ (3,959) $ 0
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Liabilities and Partners' Equity (Deficit)
Liabilities:
Note payable $ 1,772 $ (1,772) $ 0
Accounts payable and other liabilities 41 (41) 0
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Total liabilities 1,813 (1,813) 0
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Partners' equity (deficit):
General Partners (36) 36 0
Limited Partners, 18,346 limited
partnership units outstanding 2,182 (2,182) 0
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Total partners' equity 2,146 (2,146) 0
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Total liabilities and partners' equity $ 3,959 $ (3,959) $ 0
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</TABLE>
Page 3 of 6
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RANCON REATLY FUND I,
A CALIFORNIA LIMITED PARTNERSHIP
Pro forma Statement of Operations
For the six months ended June 30, 1998
(in thousands, except units outstanding and per unit amounts)
(Unaudited)
<TABLE>
<CAPTION>
Pro Forma
Historical Adjustments Pro Forma
----------- ------------ -------------
<S> <C> <C> <C>
Revenue:
Rental income $ 194 $ (194) $ 0
Interest and other income 50 (50) 0
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Total revenue 244 (244) 0
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Expenses:
Operating 85 (85) 0
Interest 86 (86) 0
General and administrative 108 (108) 0
Expenses associated with undeveloped land 9 (9) 0
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Total expenses 288 (288) 0
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Net loss $ (44) 44 0
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Net loss per limited partnership unit $ (2.39) $ 2.39 $ 0
=========== ============ =============
Weighted average number of limited
partnership units outstanding during
the period used to compute net loss per
limited partnership unit 18,346 18,346 0
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</TABLE>
Page 4 of 6
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RANCON REATLY FUND I,
A CALIFORNIA LIMITED PARTNERSHIP
Pro forma Statement of Operations
For the year ended December 31, 1997
(in thousands, except per unit amounts and per unit amounts)
(Unaudited)
<TABLE>
<CAPTION>
Pro Forma
Historical Adjustments Pro Forma
----------- ------------ -------------
<S> <C> <C> <C>
Revenue:
Rental income $ 480 $ (480) $ 0
Interest and other income 45 (45) 0
Net gain on sales of rental properties and land 1 (1) 0
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Total revenue 526 (526) 0
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Expenses:
Operating 209 (209) 0
Interest 179 (179) 0
Depreciation and amortization 7 (7) 0
Provision for impairment of investments
in real estate 625 (625) 0
Provision for impairment of note receivable 30 (30) 0
General and administrative 223 (223) 0
Expenses associated with undeveloped land 53 (53) 0
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Total expenses 1,326 (1,326) 0
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Net loss $ (800) $ 800 $ 0
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Net loss per limited partnership unit $ (42.73) $ 42.73$ 0
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Weighted average number of limited partnership
units outstanding during the period used to
compute net loss per limited partnership unit 18,347 18,347 0
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</TABLE>
Page 5 of 6
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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.
RANCON REALTY FUND I,
A CALIFORNIA LIMITED PARTNERSHIP
(Registrant)
Date: September 11, 1998 By: /s/ Daniel L. Stephenson
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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
Page 6 of 6
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