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 June 16, 1997
GRIFFIN REAL ESTATE FUND-IV, A LIMITED PARTNERSHIP
MINNESOTA
Commission file number 0-13426
IRS Employer Identification No. 41-1470203
510 Marquette Avenue, Suite 300, Minneapolis, MN 55402
Registrant's telephone number: (612) 338-2828
Item 2. Acquisition or disposition of assets.
DISPOSITION OF RAVENWOOD APARTMENTS
OF CINCINNATI, OHIO
Griffin Ravenwood Joint Venture is a joint venture between Griffin Real Estate
Fund-IV, A Limited Partnership (30% owner) and Griffin Real Estate Fund-V, A
Limited Partnership (70% owner). The joint venture's only investment was
Ravenwood Apartments which is located at 2220 Westwood Northern Boulevard,
Cincinnati, Ohio.
On June 16, 1997, Griffin Ravenwood Joint Venture sold Ravenwood Apartments to
Anglo Edison Ravenwood LLC of San Diego, California.
Description of Property
Ravenwood Apartments is a 190 unit apartment complex located at 2220 Westwood
Northern Boulevard, Cincinnati, Ohio. The property was originally acquired by
Griffin Ravenwood Joint Venture on April 30, 1985 for $3,965,000. A down payment
of $965,000 was made with the balance of $3,000,000 financed by a first mortgage
loan. On December 10, 1993 the property debt was refinanced with a new
$3,105,500 first mortgage and the original mortgage was extinguished.
Sale of Property
The Ravenwood Apartments sales price of $3,450,000 cash was arrived at through
negotiations with the buyer who had no material relationship to Griffin Real
Estate Fund-IV, to any affiliates of Griffin Real Estate Fund-IV, to its General
Partner, or to any associates of its General Partner. With the proceeds of the
sale, the mortgage principal balance of $3,020,785, and accrued interest of
$12,385 and sales costs were paid.
Item 7. Financial Statements and Exhibits
The following documents are filed as part of this report:
Proforma financial information.
<TABLE>
<CAPTION>
GRIFFIN REAL ESTATE FUND-IV,
A LIMITED PARTNERSHIP
BALANCE SHEETS
DECEMBER 31, 1996
* After
Disposition
ASSETS: Actual Adjustment Proforma
------------ ------------ ------------
<S> <C> <C> <C>
Cash and cash equivalents $ 609,754 $ 53,658 $ 663,412
Real estate tax escrow deposits 411,931 (30,261) 381,670
Receivables and other assets 49,028 (5,410) 43,618
------------ ------------ ------------
Total 1,070,713 17,987 1,088,700
------------ ------------ ------------
PROPERTY AND EQUIPMENT:
Land 1,203,093 (138,000) 1,065,093
Buildings and improvements 14,715,385 (1,083,555) 13,631,830
Furniture and equipment 1,009,394 (119,607) 889,787
------------ ------------ ------------
Total 16,927,872 (1,341,162) 15,586,710
Less accumulated depreciation 7,628,555 (611,280) 7,017,275
------------ ------------ ------------
Property and equipment - net 9,299,317 (729,882) 8,569,435
------------ ------------ ------------
Deferred expenses (less accumulated
amortization -$119,444) 267,937 (27,274) 240,663
------------ ------------ ------------
TOTAL ASSETS $ 10,637,967 $ (739,169) $ 9,898,798
============ ============ ============
LIABILITIES AND PARTNERS' EQUITY:
LIABILITIES:
Accounts payable:
Affiliate $ 2,299 $ -- $ 2,299
Other 529,496 (30,820) 498,676
Security deposits 88,396 (6,086) 82,310
Accrued interest 96,863 (7,186) 89,677
Mortgage notes payable 12,267,599 (910,080) 11,357,519
------------ ------------ ------------
Total liabilities 12,984,653 (954,172) 12,030,481
------------ ------------ ------------
PARTNERS' EQUITY:
General Partners (224,576) 2,150 (222,426)
Limited Partners (2,122,110) 212,853 (1,909,257)
------------ ------------ ------------
Total Partners' Equity (2,346,686) 215,003 (2,131,683)
------------ ------------ ------------
TOTAL LIABILITIES AND PARTNERS' EQUITY $ 10,637,967 $ (739,169) $ 9,898,798
============ ============ ============
* The after disposition proforma represents the historcial operations of the
Partnership which does not include assets or liabilities relating to the
disposed property.
</TABLE>
<TABLE>
<CAPTION>
GRIFFIN REAL ESTATE FUND-IV,
A LIMITED PARTNERSHIP
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1996
*After Disposition
REVENUES: Actual Adjustments Proforma
---------- ---------- ----------
<S> <C> <C> <C>
Rent (less apartment vacancies: 1996,
$293,423) $3,514,289 $ (258,282) $3,256,007
Interest 25,518 (671) 24,847
Other 125,451 (6,660) 118,791
---------- ---------- ----------
Total revenues 3,665,258 (265,613) 3,399,645
---------- ---------- ----------
EXPENSES:
Interest 1,148,724 (85,111) 1,063,613
Depreciation and amortization 631,352 (50,166) 581,186
Real Estate Taxes 449,127 (23,299) 425,828
Repairs and maintenance 331,065 (31,662) 299,403
Utilities 271,304 (32,390) 238,914
Salaries and employee benefits 416,257 (58,098) 358,159
Management fees to related parties 195,590 (13,017) 182,573
Administrative 109,610 (11,658) 97,952
Insurance 75,746 (8,331) 67,415
Bad Debt 10,408 (3,129) 7,279
Other 13,252 (48) 13,204
---------- ---------- ----------
Total Expenses 3,652,435 (316,909) 3,335,526
---------- ---------- ----------
NET INCOME (LOSS) $ 12,823 $ 51,296 $ 64,119
========== ========== ==========
NET INCOME (LOSS) ALLOCATED TO GENERAL
PARTNER $ 128 $ 513 $ 641
========== ========== ==========
NET INCOME (LOSS) ALLOCATED TO LIMITED
PARTNERS $ 12,695 $ 50,783 $ 63,478
========== ========== ==========
PER UNIT:
NET INCOME (LOSS) $ .96 $ 3.85 $ 4.81
========== ========== ==========
*The after disposition proforma represents the historical operations of the
Partnership which does not include operating income or expenses relating to the
disposed property, or the gain or loss on disposal.
</TABLE>
<TABLE>
<CAPTION>
GRIFFIN REAL ESTATE FUND-IV,
A LIMITED PARTNERSHIP
CONDENSED BALANCE SHEETS
MARCH 31, 1997
(unaudited)
*After Disposition
ASSETS: Actual Adjustments Proforma
------------ ------------ ------------
<S> <C> <C> <C>
Cash and cash equivalents $ 513,080 $ 78,559 $ 591,639
Receivables and other assets 717,294 (65,718) 651,576
------------ ------------ ------------
Total 1,230,374 12,841 1,243,215
------------ ------------ ------------
PROPERTY AND EQUIPMENT:
Land 1,203,093 (138,000) 1,065,093
Buildings and Improvements 14,715,385 (1,083,555) 13,631,830
Furniture and Equipment 1,009,394 (119,607) 889,787
------------ ------------ ------------
Total 16,927,872 (1,341,162) 15,586,710
Less accumulated depreciation 7,777,082 (622,631) 7,154,451
------------ ------------ ------------
Property and Equipment- net 9,150,790 (718,531) 8,432,259
------------ ------------ ------------
TOTAL ASSETS $ 10,381,164 $ (705,690) $ 9,675,474
============ ============ ============
LIABILITIES AND PARTNERS' EQUITY:
LIABILITIES:
Accounts payable and accrued
liabilities $ 570,642 $ (18,482) $ 552,160
Security Deposit 86,691 (6,324) 80,367
Mortgage notes payable 12,242,179 (908,195) 11,333,984
------------ ------------ ------------
Total liabilities 12,899,512 (933,001) 11,966,511
------------ ------------ ------------
PARTNERS' EQUITY:
General Partners (231,848) 2,273 (229,575)
Limited Partners (2,286,500) 225,038 (2,061,462)
------------ ------------ ------------
Total Partners' Equity (2,518,348) 227,311 (2,291,037)
------------ ------------ ------------
TOTAL LIABILITIES AND
PARTNERS' EQUITY $ 10,381,164 $ (705,690) $ 9,675,474
============ ============ ============
*The after disposition proforma represents the historical operations of the
Partnership which does not include assets or liabilities relating to the
disposed property.
</TABLE>
GRIFFIN REAL ESTATE FUND-IV,
A LIMITED PARTNERSHIP
CONDENSED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 1997
(unaudited)
*After Disposition
REVENUES: Actual Adjustments Proforma
--------- --------- ---------
Rental Income $ 873,789 $ (64,684) $ 809,105
Interest Income 5,931 (60) 5,871
Other Income 23,617 (1,533) 22,084
--------- --------- ---------
Total Revenues 903,337 (66,277) 837,060
--------- --------- ---------
OPERATING EXPENSES:
Operating Expenses 495,308 (46,762) 448,546
Interest Expense 282,534 (20,960) 261,574
Depreciation and amortization 158,212 (12,338) 145,874
--------- --------- ---------
Total Operating Expenses 936,054 (80,060) 855,994
--------- --------- ---------
NET INCOME (32,717) 13,783 (18,934)
NET INCOME ALLOCATED
TO GENERAL PARTNER (327) 138 (189)
--------- --------- ---------
NET INCOME ALLOCATED
TO LIMITED PARTNERS $ (32,390) $ 13,645 $ (18,745)
========= ========= =========
NET INCOME $ (2.45) $ 1.03 $ (1.42)
========= ========= =========
*The after disposition proforma represents the historical operations of the
Partnership which does not include operating income or expenses relating to the
disposed property, or the gain or loss on disposal.
Signatures
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
GRIFFIN REAL ESTATE FUND IV,
A LIMITED PARTNERSHIP
BY: GRIFFIN ASSOCIATES IV
ITS GENERAL PARTNER
Date: July 1, 1997 BY: /s/ Larry D. Fransen
---------------------------------
Larry D. Fransen
General Partner
