SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
Date of Report: August 4, 2000
LIF
(Exact name of registrant as specified in its charter)
California 2-94509 94-2969720
(State or other (Commission File No.) (I.R.S. Employer
jurisdiction of Identification No.)
incorporation)
P.O. Box 130, Carbondale, Colorado 81623
(Address of principal executive offices)
(970) 963-8007
(Registrant's telephone number, including area code)
<PAGE>
ITEM 1. CHANGES IN CONTROL OF REGISTRANT
Not Applicable
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On July 21, 2000, the registrant sold one of its real property
investment known as 701 Cooper, located in Glenwood Springs,
Colorado. The property consisted of 1 commercial building.
The buyer, Lemarie & Piot, LLC., is not affiliated with the
registrant. The sale price received by the registrant was
$499,000 which resulted in a gain of $169,872 and cash
proceeds of $148,676.
ITEM 3. BANKRUPTCY OR RECEIVERSHIP
Not Applicable
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANTS
Not Applicable
ITEM 5. OTHER EVENTS
Not Applicable
ITEM 6. RESIGNATION OF REGISTRANT'S DIRECTORS
Not Applicable
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Financial statements of business acquired
Not Applicable
(b) Pro Forma Balance Sheet - June 30, 2000
Pro Forma Statements of Operations:
Year ended June 30, 2000.
Notes to Pro Forma Financial Statements
(c) Exhibits
Not Applicable
ITEM 8. CHANGE IN FISCAL YEAR
Not Applicable
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PRO FORMA FINANCIAL STATEMENTS
The following Pro Forma Balance Sheet of the registrant as of June 30,
2000 and the Pro Forma Statement of Operations for the three months
ended June 30, 2000, reflects pro forma adjustments to the registrant's
historical Financial Statement assuming the property was not owned by
LIF during that time as explained in Notes to Pro Forma Financial
Statements.
The Pro Forma Statement of Operations for the three months ended June 30,
2000 is not necessarily indicative of the actual results that would have
occurred had the property sale been consummated at the beginning of the
respective periods or of future operations of the registrant. The Pro
Formas do not take into consideration the increase in LIF's liquidity or
possible uses of those funds.
These statements should be read in conjunction with the Notes to Pro Forma
Financial Statements.
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<TABLE>
LIF
PRO FORMA BALANCE SHEET, JUNE 30, 2000
(Unaudited) (Dollars in thousands)
<CAPTION>
Pro Forma
Adjustments
Add (Deduct)
June 30, 2000 (Note A) Pro Forma
<S> <C> <C> <C>
ASSETS
INVESTMENTS IN REAL ESTATE:
Rental properties $ 327 $ (327) $ 0
Accumulated depreciation (40) 40 0
Rental properties - net 287 287 0
CASH 1,360 0 1,360
OTHER ASSETS
Accounts receivable 0 0 0
Prepaid expenses and deposits 1 (1) 0
Deferred expenses 2 (2) 0
Notes receivable 0 0 0
Total other assets 3 (3) 0
TOTAL $ 1,650 $ (290) 1,360
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES:
Notes payable $ 300 $ (300) $ 0
Accounts payable 1 (1) 0
Other liabilities 3 (3) 0
Total liabilities 304 (304) 0
PARTNERS' EQUITY 1,346 14 1,360
TOTAL $ 1,650 $ (290) $1,360
The accompanying notes are an integral part of the pro forma financial
statements.
</TABLE>
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<TABLE>
LIF
PRO FORMA STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 2000
(Unaudited) (In thousands except per unit amounts)
<CAPTION>
Pro Forma
Adjustments
Add (Deduct)
June 30, 2000 (Note B) Pro Forma
<S> <C> <C> <C>
REVENUE
Rental $ 35 $ 0 $ 35
Interest 8 0 8
Gain on sale 203 0 203
Total Revenue 246 0 246
EXPENSE
Interest 25 (8) 17
Operating 12 (1) 11
Depreciation and amortization 13 (2) 11
General and administration 55 0 55
Total expense $ 105 $ (11) $ 94
NET LOSS/INCOME $ 141 $ 11 $152
NET LOSS PER
PARTNERSHIP UNIT $ 11 $ 1 $ 12
The accompanying notes are an integral part of the pro forma financial
statements.
</TABLE>
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NOTES TO PRO FORMA FINANCIAL STATEMENTS
(Dollars in thousands)
A. The Balance Sheet Pro Forma adjustments reflect the sale of the
701 Cooper Building as if the sale occurred on June 30, 2000.
A gain of $170 was recognized by the registrant which has been
adjusted for activity subsequent to June 30, 2000, and through the
date of sale (see Note B). The cost of investments in real estate,
accumulated depreciation, prepaid expenses and deposits, deferred costs,
notes payable and other liabilities have been adjusted by their
respective balances at June 30, 2000. The registrant received cash
proceeds of $149 from this sale.
B. The Pro Forma Statement of Operations for the year ended June 30,
2000, reflects the loss from continuing operations before reflecting
any amounts attributable to the operations of the 701 Cooper Building
during 2000.
The gain of $170 from the property sale which has not been reflected
in the Pro Forma Statement of Operations, was determined as follows:
<TABLE>
<CAPTION>
<S> <C>
Sale price $ 499
Less: selling costs (42)
Net selling price 457
Property basis 327
Accumulated depreciation
and amortization (40)
Net book value 287
Gain on sale of rental property $ 170
</TABLE>
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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 thereunto duly authorized.
Date: August 4, 2000 LIF
By: /s/ Gary K. Barr
Partners 85
Managing General Partner
