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-V, A LIMITED PARTNERSHIP
MINNESOTA
Commission file number 2-95118
IRS Employer Identification No. 41-1507989
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-V, to any affiliates of Griffin Real Estate Fund-V, 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-V,
A LIMITED PARTNERSHIP
BALANCE SHEETS
DECEMBER 31, 1996
* After
Disposition
ASSETS: Actual Adjustment Proforma
------------ ------------ ------------
<S> <C> <C> <C>
Cash and cash equivalents $ 450,906 $ 125,202 $ 576,108
Real estate tax escrow deposits 200,490 (70,610) 129,880
Receivables and other assets 41,527 (12,622) 28,905
------------ ------------ ------------
Total 692,923 41,970 734,893
------------ ------------ ------------
PROPERTY AND EQUIPMENT:
Land 3,046,000 (322,000) 2,724,000
Buildings and improvements 17,646,870 (2,528,296) 15,118,574
Furniture and equipment 1,592,170 (279,083) 1,313,087
------------ ------------ ------------
Total 22,285,040 (3,129,379) 19,155,661
Less accumulated depreciation 8,325,543 (1,426,319) 6,899,224
------------ ------------ ------------
Property and equipment - net 13,959,497 (1,703,060) 12,256,437
------------ ------------ ------------
Deferred expenses (less accumulated
amortization -$212,916) 219,172 (63,639) 155,533
------------ ------------ ------------
TOTAL ASSETS $ 14,871,592 $ (1,724,729) $ 13,146,863
============ ============ ============
LIABILITIES AND PARTNERS' EQUITY:
LIABILITIES:
Accounts payable:
Affiliate $ 4,129 $ -- $ 4,129
Other 220,240 (71,914) 148,326
Security deposits 125,235 (14,202) 111,033
Accrued interest 78,245 (16,767) 61,478
Mortgage notes payable 13,025,497 (2,123,521) 10,901,976
------------ ------------ ------------
Total liabilities 13,453,346 (2,226,404) 11,226,942
------------ ------------ ------------
PARTNERS' EQUITY:
General Partners (210,793) 5,017 (205,776)
Limited Partners 1,629,039 496,658 2,125,697
------------ ------------ ------------
Total Partners' Equity 1,418,246 501,675 1,919,921
------------ ------------ ------------
TOTAL LIABILITIES AND PARTNERS' EQUITY $ 14,871,592 $ (1,724,729) $ 13,146,863
============ ============ ============
* 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-V,
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,
$303,971) $ 4,095,552 $ (602,659) $ 3,492,893
Interest 21,615 (1,566) 20,049
Other 80,921 (15,539) 65,382
----------- ----------- -----------
Total revenues 4,198,088 (619,764) 3,578,324
----------- ----------- -----------
EXPENSES:
Interest 1,136,293 (198,591) 937,702
Depreciation and amortization 774,243 (117,053) 657,190
Real Estate Taxes 292,829 (54,365) 238,464
Repairs and maintenance 659,340 (73,877) 585,463
Utilities 409,344 (75,575) 333,769
Salaries and employee benefits 604,706 (135,562) 469,144
Management fees to related parties 221,068 (30,374) 190,694
Administrative 153,064 (27,205) 125,859
Insurance 107,848 (19,440) 88,408
Bad Debt 27,900 (7,303) 20,597
Other 1,702 (111) 1,591
----------- ----------- -----------
Total Expenses 4,388,337 (739,456) 3,648,881
----------- ----------- -----------
NET INCOME (LOSS) $ (190,249) $ 119,692 $ (70,557)
=========== =========== ===========
NET INCOME (LOSS) ALLOCATED TO GENERAL
PARTNER $ (1,902) $ 1,196 $ (706)
=========== =========== ===========
NET INCOME (LOSS) ALLOCATED TO LIMITED
PARTNERS $ (188,347) $ 118,496 $ (69,851)
=========== =========== ===========
PER UNIT:
NET INCOME (LOSS) $ (4.92) $ 3.09 $ (1.83)
=========== =========== ===========
*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-V,
A LIMITED PARTNERSHIP
CONDENSED BALANCE SHEETS
MARCH 31, 1997
(unaudited)
*After Disposition
ASSETS: Actual Adjustments Proforma
------------ ------------ ------------
<S> <C> <C> <C>
Cash and cash equivalents $ 584,418 $ 183,305 $ 767,723
Receivables and other assets 403,930 (153,339) 250,591
------------ ------------ ------------
Total 988,348 29,966 1,018,314
------------ ------------ ------------
PROPERTY AND EQUIPMENT:
Land 3,046,000 (322,000) 2,724,000
Buildings and Improvements 17,686,891 (2,528,296) 15,158,595
Furniture and Equipment 1,592,170 (279,084) 1,313,086
------------ ------------ ------------
Total 22,325,061 (3,129,380) 19,195,681
Less accumulated depreciation 8,507,696 (1,452,806) 7,054,890
------------ ------------ ------------
Property and Equipment- net 13,817,365 (1,676,574) 12,140,791
------------ ------------ ------------
TOTAL ASSETS $ 14,805,713 $ (1,646,608) $ 13,159,105
============ ============ ============
LIABILITIES AND PARTNERS' EQUITY:
LIABILITIES:
Accounts payable and accrued
liabilities $ 297,258 $ (43,122) $ 254,136
Security Deposit 124,309 (14,756) 109,553
Mortgage notes payable 12,987,098 (2,119,121) 10,867,977
------------ ------------ ------------
Total liabilities 13,408,665 (2,176,999) 11,231,666
------------ ------------ ------------
PARTNERS' EQUITY:
General Partners (211,005) 5,304 (205,701)
Limited Partners 1,608,053 525,087 2,133,140
------------ ------------ ------------
Total Partners' Equity 1,397,048 530,391 1,927,439
------------ ------------ ------------
TOTAL LIABILITIES AND
PARTNERS' EQUITY $ 14,805,713 $ (1,646,608) $ 13,159,105
============ ============ ============
*The after disposition proforma represents the historical operations of the
Partnership which does not include assets or liabilities relating to the
disposed property.
</TABLE>
<TABLE>
<CAPTION>
GRIFFIN REAL ESTATE FUND-V,
A LIMITED PARTNERSHIP
CONDENSED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 1997
(unaudited)
*After Disposition
REVENUES: Actual Adjustments Proforma
----------- ----------- -----------
<S> <C> <C> <C>
Rental Income $ 1,031,754 $ (150,928) $ 880,826
Interest Income 8,187 (140) 8,047
Other Income 19,156 (3,577) 15,579
----------- ----------- -----------
Total Revenues 1,059,097 (154,645) 904,452
----------- ----------- -----------
OPERATING EXPENSES:
Operating Expenses 604,932 (109,106) 495,826
Interest Expense 282,529 (48,907) 233,622
Depreciation and amortization 192,834 (28,787) 164,047
----------- ----------- -----------
Total Operating Expenses 1,080,295 (186,800) 893,495
----------- ----------- -----------
NET INCOME (21,198) 32,155 10,957
NET INCOME ALLOCATED
TO GENERAL PARTNER (212) 322 110
----------- ----------- -----------
NET INCOME ALLOCATED
TO LIMITED PARTNERS $ (20,986) $ 31,833 $ 10,847
=========== =========== ===========
PER UNIT:
NET INCOME $ (.55) $ .83 $ .28
=========== =========== ===========
*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>
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 V,
A LIMITED PARTNERSHIP
BY: GRIFFIN EQUITY PARTNERS
ITS GENERAL PARTNER
Date: July 1, 1997 BY: /s/ Larry D. Fransen
--------------------------------
Larry D. Fransen
General Partner
