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 22, 1998
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
<PAGE>
Item 2. Acquisition or disposition of assets.
DISPOSITION OF SAVANNAH OAKS APARTMENTS
OF MARIETTA, GEORGIA
On June 22, 1998, Griffin Real Estate Fund-V, A Limited Partnership sold the
Savannah Oaks Apartments to Miles-Savannah Oaks, LLC.
Description of Property
Savannah Oaks Apartments is a 200 unit apartment complex located at 1029
Franklin Road SE, Marietta Georgia. The property was originally acquired by
Griffin Real Estate Fund-V on September 30, 1986 for $6,000,000. A down payment
of $3,078,122 was made with the balance of $2,921,878 financed by assuming the
seller's mortgage. On February 10,1987, the property debt was refinanced with a
new $4,400,000 first mortgage and the previous mortgage was extinguished.
Sale of Property
The Savannah Oaks Apartments sales price of $7,000,000 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 $4,213,906, accrued interest of
$60,633, prepayment fee of $274,963 and sales costs were paid.
Item 7. Financial Statements and Exhibits
The following documents are filed as part of this report:
Proforma financial information.
<PAGE>
GRIFFIN REAL ESTATE FUND-V,
A LIMITED PARTNERSHIP
BALANCE SHEETS
DECEMBER 31, 1997
<TABLE>
<CAPTION>
*After Disposition
ASSETS: Actual Adjustment Proforma
- ------- ----------- ----------- -----------
<S> <C> <C> <C>
Cash and cash equivalents $ 575,355 $ (7,039) $ 568,316
Real estate tax escrow deposits 34,853 (14,903) 19,950
Receivables and other assets 33,813 (9,687) 24,126
----------- ----------- -----------
Total 644,021 (31,629) 612,392
----------- ----------- -----------
PROPERTY AND EQUIPMENT:
Land 2,724,000 (1,239,000) 1,485,000
Buildings and improvements 15,460,116 (5,411,026) 10,049,090
Furniture and equipment 1,313,087 (448,039) 865,048
----------- ----------- -----------
Total 19,497,203 (7,098,065) 12,399,138
Less accumulated depreciation 7,528,717 (2,697,283) 4,831,434
----------- ----------- -----------
Property and equipment - net 11,968,486 (4,400,782) 7,567,704
----------- ----------- -----------
Deferred expenses less accumulated
amortization - $218,073 122,008 (25,061) 96,947
----------- ----------- -----------
TOTAL ASSETS $12,734,515 $(4,457,472) $ 8,277,043
=========== =========== ===========
LIABILITES AND PARTNERS' EQUITY:
- --------------------------------
LIABILITES:
Accounts payable:
Affiliate $ 1,422 $ -- $ 1,422
Other 107,535 (16,726) 90,809
Security deposits 110,468 (30,860) 79,608
Accrued interest 60,165 (15,894) 44,271
Mortgage notes payable 10,761,037 (4,242,440) 6,518,597
----------- ----------- -----------
Total liabilities 11,040,627 (4,305,920) 6,734,707
----------- ----------- -----------
PARTNERS' EQUITY:
General Partners 2,560 (1,516) 1,044
Limited Partners 1,691,328 (150,036) 1,541,292
----------- ----------- -----------
Total Partners' Equity 1,693,888 (151,552) 1,542,336
----------- ----------- -----------
TOTAL LIABILITIES AND
PARTNERS' EQUITY $12,734,515 $(4,457,472) $ 8,277,043
=========== =========== ===========
</TABLE>
* The after disposition proforma represents the historical operations of the
Partnership which does not include assets or liabilities relating to the
disposed property.
<PAGE>
GRIFFIN REAL ESTATE FUND-V,
A LIMITED PARTNERSHIP
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1997
<TABLE>
<CAPTION>
*After Disposition
REVENUES: Actual Adjustment Proforma
- --------- ----------- ----------- -----------
<S> <C> <C> <C>
Rent (less apartment vacancies: 1997,
$362,886) $ 3,767,882 $(1,308,489) $ 2,459,393
Interest 25,144 -- 25,144
Gain on sale of property
and equipment 673,909 -- 673,909
Other 70,978 (14,847) 56,131
----------- ----------- -----------
Total revenues 4,537,913 (1,323,336) 3,214,577
----------- ----------- -----------
EXPENSES:
Interest 1,025,494 (394,470) 631,024
Depreciation and amortization 775,133 (239,862) 535,271
Real Estate Taxes 226,621 (58,219) 168,402
Repairs and maintenance 606,816 (244,016) 362,800
Utilities 425,709 (176,426) 249,283
Salaries and employee benefits 535,187 (157,432) 377,755
Management fees to related parties 209,951 (65,399) 144,552
Administrative 134,295 (20,770) 113,525
Insurance 97,269 (30,905) 66,364
Bad Debt 31,589 (16,110) 15,479
Other 1,045 (1,045) --
----------- ----------- -----------
Total Expenses 4,069,109 (1,404,654) 2,664,455
----------- ----------- -----------
NET INCOME (LOSS) $ 468,804 $ 81,318 $ 550,122
=========== =========== ===========
NET INCOME (LOSS) ALLOCATED
TO GENERAL PARTNER $ 215,285 $ 813 $ 216,098
=========== =========== ===========
NET INCOME (LOSS) ALLOCATED
TO LIMITED PARTNERS $ 253,519 $ 80,505 $ 334,024
=========== =========== ===========
PER UNIT:
NET INCOME (LOSS) $ 6.63 $ 2.10 $ 8.73
=========== =========== ===========
</TABLE>
*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.
<PAGE>
GRIFFIN REAL ESTATE FUND-V,
A LIMITED PARTNERSHIP
CONDENSED BALANCE SHEETS
MARCH 31, 1998
<TABLE>
<CAPTION>
*After Disposition
ASSETS: Actual Adjustment Proforma
- ------- ----------- ----------- -----------
<S> <C> <C> <C>
Cash and cash equivalents $ 730,421 $ (17,540) $ 712,881
Receivables and other assets 171,730 (30,747) 140,983
----------- ----------- -----------
Total 902,151 (48,287) 853,864
----------- ----------- -----------
PROPERTY AND EQUIPMENT:
Land 2,724,000 (1,239,000) 1,485,000
Buildings and Improvements 15,460,117 (5,411,027) 10,049,090
Furniture and Equipment 1,313,086 (448,038) 865,048
----------- ----------- -----------
Total 19,497,203 (7,098,065) 12,399,138
Less accumulated depreciation 7,684,772 (2,751,393) 4,933,379
----------- ----------- -----------
Property and Equipment - net 11,812,431 (4,346,672) 7,465,759
----------- ----------- -----------
TOTAL ASSETS $12,714,582 $(4,394,959) $ 8,319,623
=========== =========== ===========
LIABILITIES AND PARTNERS' EQUITY:
- ---------------------------------
LIABILITIES:
Accounts payable and accrued
liabilities $ 170,641 $ (34,373) $ 136,268
Security Deposit 107,608 (29,035) 78,573
Mortgage notes payable 10,723,977 (4,228,337) 6,495,640
----------- ----------- -----------
Total liabilities 11,002,226 (4,291,745) 6,710,481
----------- ----------- -----------
PARTNERS' EQUITY:
General Partners 2,745 (1,032) 1,713
Limited Partners 1,709,611 (102,182) 1,607,429
----------- ----------- -----------
Total Partners' Equity 1,712,356 (103,214) 1,609,142
----------- ----------- -----------
TOTAL LIABILITIES AND
PARTNERS' EQUITY $12,714,582 $(4,394,959) $ 8,319,623
=========== =========== ===========
</TABLE>
*The after disposition proforma represents the historical operations of the
Partnership which does not include assets or liabilities relating to the
disposed property.
<PAGE>
GRIFFIN REAL ESTATE FUND - V
A LIMITED PARTNERSHIP
CONDENSED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 1998
(unaudited)
<TABLE>
<CAPTION>
*After Disposition
REVENUES: Actual Adjustment Proforma
- --------- ----------- ----------- -----------
<S> <C> <C> <C>
Rental Income $ 888,463 $ (321,830) $ 566,633
Interest Income 7,141 (169) 6,972
Other Income 16,945 (4,424) 12,521
----------- ----------- -----------
Total Revenues 912,549 (326,423) 586,126
----------- ----------- -----------
OPERATING EXPENSES:
Operating Expenses 499,387 (174,453) 324,934
Interest Expense 230,656 (97,998) 132,658
Depreciation and amortization 164,038 (57,224) 106,814
----------- ----------- -----------
Total Operating Expenses 894,081 (329,675) 564,406
----------- ----------- -----------
NET INCOME 18,468 3,252 21,720
NET INCOME ALLOCATED
TO GENERAL PARTNER 185 32 217
----------- ----------- -----------
NET INCOME ALLOCATED
TO LIMITED PARTNERS $ 18,283 $ 3,220 $ 21,503
=========== =========== ===========
NET INCOME $ .48 $ .08 $ .56
=========== =========== ===========
</TABLE>
*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.
<PAGE>
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 7, 1998 BY: /s/ Larry D. Fransen
--------------------------
Larry D. Fransen
General Partner
