SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT FORM
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) December 15, 1999
National Real Estate Limited Partnership Income Properties
(Exact name of registrant as specified in its charter)
Wisconsin 01-14453 39-1503893
(State or other (Commision File (IRS Employer
of organization) Number) Identification Number)
1155 Quail Court, Pewaukee, Wisconsin 53072-3703
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including
area code (262) 695-1400
Not Applicable
(Former name or former address, if changed since last report)
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
- --------------------------------------------
National Real Estate Limited Partnership Income Properties (the Partnership)
sold a community shopping center know as Northridge Commons Shopping Center
(Northridge Commons) on December 15, 1999 to Leisure Investments, Inc.
for $850,000.00.
Northridge Commons is located at 8310-8360 West Brown Deer Road, Milwaukee,
Wisconsin, on an outparcel at a major entrance to Northridge Mall,
a 1.1 million sq. ft. regional shopping mall. Constructed in 1981, Northridge
Commons is a masonry building consisting of seven retail service outlets,
20,780 net rentable sq. ft. All current tenant leases are triple net leases.
Northridge Commons currently has five tenants & 2,500 vacant rentable sq. ft.
No relationship exists between Leisure Investments, Inc., the purchaser, and
National Real Estate Limited Partnership Income Properties, the seller, or
any of its affiliates, any director or officer of the Partnership or any
associate of any such director or officer.
2
ITEM 7, FINANCIAL STATEMENTS AND EXHIBITS
Page
Unaudited Pro Forma Financial Information.................................4
Balance Sheets (9-30-99 Actual and 9-30-99 Pro forma).....................5
Income Statements (12-31-98 Actual, 12-31-98 Pro forma, 9-30-99 Actual,
and 9-30-99 Pro forma)....................................................6
Cash From Sale............................................................7
Exhibits..................................................................7
Signatures................................................................8
3
UNAUDITED PRO FORMA FINANCIAL INFORMATION
- -----------------------------------------
The following unaudited pro forma financial statements of the Partnership
have been prepared to illustrate the effect of the sale of Northridge
Commons. The unaudited pro forma statement of operations for the year ended
December 31, 1998, gives effect to the sale of Northridge Commons as if it
had occurred on January 1, 1998. The unaudited pro forma statement of
operations for the nine months ended September 30, 1999, gives effect to the
sale of Northridge Commons as if it had occurred on January 1, 1999. The pro
forma combined financial statements are presented for illustrative purposes
only and are not necessarily indicative of the financial position results of
operations of the Partnership that would have been reported had the sale of
Northridge Commons occurred on the dates indicated, nor do they represent a
forecast of the financial position of the partnership at any future date or
the results of operations of the Partnership for any future period.
4
NATIONAL REAL ESTATE LIMITED PARTNERSHIP
INCOME PROPERTIES
BALANCE SHEET
ACTUAL NINE PRO FORMA NINE
MONTHS ENDING MONTHS ENDING
ASSETS SEPTEMBER 30, 1999 SEPTEMBER 30, 1999
- ------ ------------------ ------------------
Cash and cash equivalents $ 794,459 $ 781,614
Escrow deposits and other assets 15,521 15,521
Investment properties, at cost:
Land 1,047,695 568,848
Buildings and improvements 5,708,772 4,324,906
--------- ---------
6,756,467 4,893,754
Accumulated depreciation (2,720,074) (1,975,916)
--------- ----------
4,036,393 2,917,838
--------- ----------
$4,846,373 $3,714,973
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
- -------------------------------------------
Liabilities:
Tenant Security Deposits $ 7,291 $3,999
Deferred Rent 38,280 38,280
Accrued Interest Payable to
Individual General Partners 751,152 20,715
Accrued Expenses and Other Liab. 80,639 59,312
Note Payable to Individual General
Partner 271,020 271,020
------- -------
1,148,382 393,326
Partner's Capital:
General Partners (deficit) (129,194) (140,484)
Limited Partners (authorized- 3,848,856 3,483,803
10,000 interests; issued-
9,034.01 interests) (21,671) (21,671)
--------- ---------
Less cost of Limited Partner
interests held in Treasury
(29.86 interests) 3,697,991 3,321,647
--------- ---------
$4,846,373 $3,714,973
========== ==========
5
NATIONAL REAL ESTATE LIMITED PARTNERSHIP
INCOME PROPERTIES
STATEMENT OF OPERATIONS
-----------------------
ACTUAL YEAR PRO FORMA ACTUAL NINE PRO FORMA
ENDED YEAR ENDED MONTHS ENDED NINE MONTHS
DECEMBER 30 DECEMBER 30 MONTH ENDED ENDED
1998 1998 SEPT.30,1999 SEPT.30,1999
----------- ----------- ------------ ------------
Operating revenues:
Rentals $ 906,425 $ 776,209 $ 671,322 $ 572,315
Other 109,207 40,774 74,430 24,014
---------- ---------- ----------- ----------
1,015,632 816,983 745,752 596,329
Operating expenses:
Operating 453,330 396,446 339,650 288,708
Administrative 212,933 184,944 166,872 162,888
Depreciation 217,834 154,551 158,492 110,055
Interest 94,246 29,495 61,923 20,714
------- ------- ------- -------
978,343 765,436 726,937 582,365
------- ------- ------- -------
Income from operations 37,289 51,547 18,815 13,964
Other Income and expenses:
Interest income 54,323 54,323 32,407 32,407
Loss from Sale of Property 0 (434,775) 0 (371,492)
-------- ---------- ---------- ---------
Net income (loss) $ 91,612 $ (328,905) $ 51,222 $ (325,121)
======== ========== ========== =========
Net income (loss)
attributable to
General Partners (3%) $ 2,748 $ (9,868) $ 1,537 $ (9,754)
Net income (loss)
attributable to
Limited Partners (97%) 88,864 (319,037) 49,685 (315,367)
--------- ----------- ---------- ----------
$ 91,612 $ (328,905) $ 51,222 $ (325,121)
========= =========== ========== ===========
Net income (loss)
per Limited
Partnership Interest $ 9.87 $ (36.53) $ 5.52 $ (36.81)
======== =========== ========== ===========
6
CASH FROM SALE
- --------------
Cash proceeds from the sale of Northridge Commons Shopping Center were used
100% to pay own interest on a note to John Vishnevsky, general partner. No
distributions as a result of the sale were made to the Limited Partners.
EXHIBITS
- --------
No exhibits accompany this filing.
7
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 herunto duly authorized.
National Real Estate Limited Partnership Income Properties
- ----------------------------------------------------------
Registrant
__________________________________________________________
Date
__________________________________________________________
John Vishnevsky, General Partner
8
