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Previous: PRUDENTIAL WORLD FUND INC, N-30D, 1998-07-09 |
Next: COMMERCIAL FEDERAL CORP, 8-K, 1998-07-09 |
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) July 6, 1998 (June 4, 1998)
---------------------------
RANCON REALTY FUND IV,
A CALIFORNIA LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)
California 0-14207 33-0016355
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification 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
-------------
This Form 8-K contains a total of 6 pages.
No exhibit required.
Page 1 of 6
<PAGE>
Item 2. ACQUISITION OR DISPOSITION OF ASSETS
On June 4, 1998, Rancon Realty Fund IV, a California Limited Partnership (the
Registrant), sold an apartment complex known as Shadowridge Woodbend Apartments,
a 240 unit apartment complex located in Vista, California, to CT Realty
Corporation (the "buyer") for $16,075,000. The buyer is not affiliated with the
Registrant or the Registrant's general partners. After paying off the underlying
loan of the property and closing costs (including commissions and fees), the
Registrant realized net proceeds of approximately $9,686,000.
Item 7. FINANCIAL STATEMENTS
(b) PRO-FORMA FINANCIAL STATEMENTS
The following pro-forma consolidated financial statements represent the
Partnership's consolidated balance sheet as of March 31, 1998 and consolidated
statement of operations for the three months ended March 31, 1998 and the year
ended December 31, 1997, as if the Shadowridge Woodbend Apartments was sold on
January 1, 1997:
Page 2 of 6
<PAGE>
<TABLE>
<CAPTION>
Pro forma Consolidated Balance Sheet
As of March 31, 1998
(in thousands, except units outstanding)
(Unaudited)
Pro Forma
Historical Adjustments Pro Forma
Assets Investment in real estate:
<S> <C> <C> <C>
Rental property, net $ 32,524 $ -- $ 32,524
Land held for development, net 2,735 -- 2,735
Rental property held for sale, net 10,181 (10,181) --
Land held for sale, net 3,994 -- 3,994
----------- ----------- -------------
Total real estate investments 49,434 (10,181) 39,253
Cash and cash equivalents 957 4,132 5,089
Restricted cash 369 -- 369
Accounts and interest receivable 361 (17) 344
Deferred financing costs and other fees, net 1,371 (1) 1,370
Prepaid expenses and other assets 822 (17) 805
----------- ------------ -------------
Total assets $ 53,314 $ (6,084) $ 47,230
=========== ============ =============
Liabilities
Notes payable $ 21,941 $ (5,820) $ 16,121
Accounts payable and accrued expenses 828 (100) 728
Interest payable 83 (20) 63
----------- ------------ -------------
Total liabilities 22,852 (5,940) 16,912
Commitments and contingent liabilities
Partners' equity (deficit): (891) -- (891)
General partners
Limited partners, 76,842 limited partnership
units outstanding 31,353 (144) 31,209
----------- ------------ -------------
Total partners' equity 30,462 (144) 30,318
----------- ------------ -------------
Total liabilities and partners' equity $ 53,314 $ (6,084) $ 47,230
=========== =========== =============
</TABLE>
Page 3 of 6
<PAGE>
<TABLE>
<CAPTION>
Pro forma Consolidated Statement of Operations
For the three months ended March 31, 1998
(in thousands, except units outstanding and per unit
amounts)
(Unaudited)
Pro Forma
Historical Adjustments Pro Forma
Revenues:
<S> <C> <C> <C>
Rental income $ 1,910 $ (495) $ 1,415
Interest and other income 10 -- 10
----------- ----------- -------------
Total revenues 1,920 (495) 1,425
----------- ------------ -------------
Expenses:
Operating 823 (235) 588
Interest expense 508 (116) 392
Depreciation and amortization 347 -- 347
Loss on sale of land 11 -- 11
Expenses associated with land held
for development 139 -- 139
General and administrative expenses 310 -- 310
----------- ----------- -------------
Total expenses 2,138 (351) 1,787
----------- ----------- -------------
Net loss $ (218) $ (144) $ (362)
=========== ============ ==============
Net loss per limited partnership unit $(2.83) $(1.87) $(4.70)
======= ======= =======
Weighted average number of limited
partnership units outstanding during each
period used to compute net loss per limited
partnership unit 76,940 76,940 76,940
=========== =========== =============
</TABLE>
Page 4 of 6
<PAGE>
<TABLE>
<CAPTION>
Pro forma Consolidated Statement of Operations
For the year ended December 31, 1997 (in
thousands, except units outstanding and per unit
amounts)
(Unaudited)
Pro Forma
Historical Adjustments Pro Forma
Revenues:
<S> <C> <C> <C>
Rental income $ 7,275 $ (1,877) $ 5,398
Interest and other income 23 -- 23
----------- ----------- -------------
Total revenues 7,298 (1,877) 5,421
----------- ------------ -------------
Expenses:
Operating 3,166 (958) 2,208
Depreciation and amortization 1,748 (342) 1,406
Interest expense 1,887 (470) 1,417
Loss on sale of land 253 -- 253
Provision for impairment of real
estate investments 947 -- 947
Expenses associated with
undeveloped land 678 -- 678
Administrative 1,240 -- 1,240
Proposed dissolution costs 445 -- 445
----------- ----------- -------------
Total expenses 10,364 (1,770) 8,594
----------- ------------ -------------
Net loss $ (3,066) $ (107) $ (3,173)
============ ============ ==============
Net loss per limited
partnership units $(38.40) $(1.34) $(39.74)
======== ======= ========
Weighted average number of limited
partnership units outstanding during
period to compute net loss per limited
partnership units 79,846 79,846 79,846
=========== =========== =============
</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 IV,
a California Limited Partnership (Registrant)
Date: July 6, 1998 By: /s/ Daniel L. Stephenson
------------------------
Daniel L. Stephenson
Chief Executive Officer and
Chief Financial Officer of
Rancon Financial Corporation,
General Partner of Rancon Realty
Fund IV, a California Limited Partnership
Page 6 of 6
<PAGE>
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