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 3, 1995
JMB INCOME PROPERTIES, LTD. - X
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(Exact name of registrant as specified in its charter)
Illinois 0-12140 36-3235999
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(State or other (Commission (I.R.S. Employer
Jurisdiction of File Number) Identification No.)
Incorporation)
900 N. Michigan Avenue, Chicago, Illinois 60611-1575
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(Address of principal executive office)
Registrant's telephone number, including area code: (312) 915-1987
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PASADENA TOWN SQUARE
PASADENA, TEXAS
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS. JMB Income Properties, Ltd.
- - X (the "Partnership") was the owner of Pasadena Town Square (the
"Property") located in Pasadena, Texas. The non-recourse first mortgage
secured by the property matured in January, 1995. The Partnership
continued to remit debt service payments to the lender based on the cash
generated by the Property while negotiating for an extension or refinancing
of the loan. As previously reported, the lender had a receiver appointed
for the Property and had made a demand for payment of all sums owed.
Further negotiations with the lender (American General Mortgage Company)
proved futile and, effective October 3, 1995, due to the Partnership's
default in the payment of all amounts owed, the mortgage lender concluded
proceedings to realize upon its mortgage security represented by the land,
building and related improvements of the Property. The Property, a
shopping center, consists of 244,307 square feet of gross leasable area
and was approximately 67% occupied at the time of the transfer of title.
The Partnership has retained ownership of an approximately two acre
unencumbered unimproved land outparcel adjacent to the Property.
The Partnership expects to recognize a gain of approximately
$1,200,000 and $3,700,00 in 1995 for financial reporting and Federal
income tax purposes, respectively. Furthermore, pursuant to the terms of
the Partnership agreement, the gain on disposition in 1995 will be
allocated 1% to the General Partners and 99% to the Limited Partners.
There will be no distributable proceeds as a result of this transaction.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements - Not Applicable.
(b) Pro Forma Financial Information - Narrative.
As a result of the transfer of title of the Property,
after October 3, 1995 there will be no further rental
income, mortgage and other interest, depreciation and
amortization and property operating expenses recorded
in the consolidated financial statements of the Partnership
attributable to the Partnership's investment in the
Property. For the most recent fiscal year (the year
ended December 31, 1994) these amounts were approximately
$5,574,000, $1,970,000, $964,000 and $11,346,000,
respectively. For the most recent quarter (the quarter
ended June 30, 1995) these amounts were approximately
$2,497,000, $979,000, $295,000 and $1,409,000, respectively.
Also, as a result of the transfer of title of the Property,
and excluding the remaining land outparcel, there are no
further assets and liabilities attributable to the
Partnership's investment in the Property, which at
June 30, 1995 consisted of cash and other current assets of
approximately $1,013,000, land, buildings and improvements
(net of accumulated depreciation) of approximately
$13,601,000, other assets of approximately $29,000,
current liabilities (including mortgage debt and related
accrual interest) of approximately $15,315,000 and other
liabilities of approximately $4,000.
(C) Exhibits - None
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 thereunto duly authorized.
JMB INCOME PROPERTIES, LTD. - X
BY: JMB Realty Corporation
(Managing General Partner)
By: GAILEN J. HULL
Gailen J. Hull, Senior Vice President
Principal Accounting Officer
Dated: October 18, 1995
