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Previous: BOATRACS INC /CA/, 8-K, 1998-01-14 |
Next: LAIDLAW ENVIRONMENTAL SERVICES INC, 10-Q, 1998-01-14 |
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):
January 13, 1998 (December 23, 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: (650) 343-9300
--------------
Page 1 of 7
<PAGE>
Item 2. ACQUISITION OR DISPOSITION OF ASSETS
On December 23, 1997, the Partnership sold three Rancon Commerce Center lots,
5.07 acres of undeveloped land in Temecula, California, to an unaffiliated third
party for $605,000. Under the terms of the transaction, the Partnership financed
a $300,000 promissory note, secured by the property, at an interest rate of 11%
with interest only payments due until maturity on December 23, 1999. After
paying commissions and other closing costs, the Partnership added the net
proceeds of $251,000 to its cash reserves. The Partnership recognized a $66,000
loss 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 nine months ended September
30, 1997 and for the year ended December 31, 1996, as if the sale of Rancon
Commerce Center lots had occurred on January 1, 1996.
Page 2 of 7
<PAGE>
RANCON REALTY FUND I,
A CALIFORNIA LIMITED PARTNERSHIP
Pro forma Balance Sheet
As of September 30, 1997
(in thousands, except units outstanding)
(Unaudited)
<TABLE>
<CAPTION>
Pro Forma
Historical(1) Adjustments(2) Pro Forma
<S> <C> <C> <C>
Assets
Investments in real estate:
Rental property held for sale $ 1,507 $ --- $ 1,507
Land held for sale 1,427 (980) 447
------------- ------------- -------------
Total real estate investments 2,934 (980) 1,954
Cash and cash equivalents 1,394 565 1,959
Note receivable --- 300 300
Deferred financing costs and other fees, net 28 --- 28
Other assets 20 (4) 16
------------- ------------- -------------
Total assets $ 4,376 $ (119) $ 4,257
============= ============= =============
Liabilities and Partners' Equity (Deficit)
Liabilities:
Note payable $ 1,799 $ --- $ 1,799
Accounts payable and other liabilities 61 (11) 50
------------- ------------- -------------
Total liabilities 1,860 (11) 1,849
Partners' equity (deficit):
General Partners (28) (2) (30)
Limited Partners, 18,346 limited partnership
units outstanding 2,544 (106) 2,438
------------- ------------- -------------
Total partners' equity 2,516 (108) 2,408
------------- ------------- -------------
Total liabilities and partners' equity $ 4,376 $ (119) $ 4,257
============= ============= =============
</TABLE>
Page 3 of 7
<PAGE>
RANCON REALTY FUND I,
A CALIFORNIA LIMITED PARTNERSHIP
Pro forma Statement of Operations
For the nine months ended September 30, 1997
(in thousands, except per unit amounts and units outstanding)
(Unaudited)
<TABLE>
<CAPTION>
Pro Forma
Historical(1) Adjustments(3) Pro Forma
<S> <C> <C> <C>
Revenues:
Rental income $ 373 $ (116) $ 257
Interest and other income 28 25 53
Gain on sale of property and land 116 --- 116
------------- ------------- -------------
Total revenues 517 (91) 426
------------- ------------- -------------
Expenses:
Operating 163 (48) 115
Interest 134 --- 134
Depreciation and amortization 7 (2) 5
Provision for impairment of investments
in real estate 477 (262) 215
Loss on sales of property --- 377 377
General and administrative 164 --- 164
Expenses associated with undeveloped land 46 (43) 3
------------- ------------- -------------
Total expenses 991 22 1,013
------------- ------------- -------------
Net loss $ (474) $ (113) $ (587)
============= ============= =============
Net loss per limited partnership unit $ (25.35) $ (6.05) $ (31.40)
============= ============= =============
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 7
<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(1) Adjustments(3) Pro Forma
<S> <C> <C> <C>
Revenues:
Rental income $ 515 $ (174) $ 341
Interest and other income 10 33 43
Gain on sales of property and land 138 116 254
------------- ------------- -------------
Total revenues 663 (25) 638
------------- ------------- -------------
Expenses:
Operating 264 (86) 178
Interest 188 --- 188
Depreciation and amortization 199 (54) 145
Provision for impairment of investments
in real estate 513 --- 513
Loss on sales of property --- 377 377
General and administrative 251 --- 251
Expenses associated with undeveloped land 51 (40) 11
------------- -------------- -------------
Total expenses 1,466 197 1,663
------------- ------------- -------------
Net loss $ (803) $ (222) $ (1,025)
============= ============= =============
Net loss per limited partnership unit $ (42.90) $ (11.88) $ (54.78)
============= ============ =============
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 7
<PAGE>
RANCON REALTY FUND I,
A CALIFORNIA LIMITED PARTNERSHIP
Notes to Pro forma Financial Statements
As of September 30, 1997
1. Reflects the Partnership's historical balance sheet at September 30, 1997
and historical statements of operations for the nine months ended September
30, 1997 and the year ended December 31, 1996.
2. Reflects the December 9, 1997 sale of 1.95 acres located in Temecula,
California to an unaffiliated third party for $112,000, the December 19,
1997 sale of 4.61 acres located in Temecula, California to an unaffiliated
third party for $264,000, and the December 23, 1997 sale of 5.07 acres
located in Temecula, California to an unaffiliated third party for
$605,000.
3. In addition to the sales disclosed in Note 2 above, reflects the August 1,
1997 sale of the Rancon Commerce Center Auto Service Center and adjacent
lot for $1,174,000 as reported in the Form 8-K dated August 18, 1997.
Page 6 of 7
<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: January 13, 1998 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
Page 7 of 7
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