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Previous: WARBURG PINCUS CASH RESERVE FUND, N-30D, 1999-02-19 |
Next: BRAUVIN REAL ESTATE FUND LP 5, SC 14D1/A, 1999-02-19 |
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 February 12, 1999
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 COUNTRY CLUB APARTMENTS
OF ANDERSON, SOUTH CAROLINA
On February 12, 1999, Griffin Real Estate Fund-V, A Limited Partnership sold the
Country Club Apartments to Alliance LH Portfolio Limited Partnership.
Description of Property
Country Club Apartments is a 180 unit apartment complex located at 26A Country
Club Lane, Anderson South Carolina. The property was originally acquired by
Griffin Real Estate Fund-V on May 14, 1986 for $4,229,000. A down payment of
$1,173,000 was made with the balance of $3,056,000 financed by a wrap around
mortgage. On October 24, 1995, the property debt was refinanced with a new
$3,245,000 first mortgage and the wrap around mortgage was extinguished.
Sale of Property
The Country Club Apartments sales price of $4,400,000 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 $3,092,178, accrued interest of
$20,450, prepayment penalty of $346,779 and sales costs were paid.
Item 7. Financial Statements and Exhibits
The following documents are filed as part of this report:
Proforma financial information.
1
<PAGE>
GRIFFIN REAL ESTATE FUND-V,
A LIMITED PARTNERSHIP
BALANCE SHEETS
DECEMBER 31, 1997
<TABLE>
<CAPTION>
* After
ASSETS: Actual Adjustment Disposition Proforma
- ------- ------ ---------- --------------------
<S> <C> <C> <C>
Cash and cash equivalents $ 575,355 $ (28,920) $ 546,435
Real estate tax escrow deposits 34,853 (19,949) 14,904
Receivables and other assets 33,813 (15,788) 18,025
----------- ----------- -----------
Total 644,021 (64,657) 579,364
----------- ----------- -----------
PROPERTY AND EQUIPMENT:
Land 2,724,000 (260,000) 2,464,000
Buildings and improvements 15,460,116 (4,502,680) 10,957,436
Furniture and equipment 1,313,087 (368,102) 944,985
----------- ----------- -----------
Total 19,497,203 (5,130,782) 14,366,421
Less accumulated depreciation 7,528,717 (2,306,425) 5,222,292
----------- ----------- -----------
Property and equipment - net 11,968,486 (2,824,357) 9,144,129
----------- ----------- -----------
Deferred expenses less accumulated
amortization - $218,073 122,008 (88,949) 33,059
----------- ----------- -----------
TOTAL ASSETS $12,734,515 $(2,977,963) $ 9,756,552
=========== =========== ===========
LIABILITES AND PARTNERS' EQUITY:
LIABILITES:
Accounts payable:
Affiliate $ 1,422 $ -- $ 1,422
Other 107,535 (23,994) 83,541
Security deposits 110,468 (22,808) 87,660
Accrued interest 60,165 (20,842) 39,323
Mortgage notes payable 10,761,037 (3,151,606) 7,609,431
----------- ----------- -----------
Total liabilities 11,040,627 (3,219,250) 7,821,377
----------- ----------- -----------
PARTNERS' EQUITY:
General Partners 2,560 2,413 4,973
Limited Partners 1,691,328 238,874 1,930,202
----------- ----------- -----------
Total Partners' Equity 1,693,888 241,287 1,935,175
----------- ----------- -----------
TOTAL LIABILITIES AND
PARTNERS' EQUITY $12,734,515 $(2,977,963) $ 9,756,552
=========== =========== ===========
</TABLE>
* The after disposition proforma represents the historical operations of the
Partnership which does not include assets or liabilities relating to the
disposed property.
2
<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 $ (945,804) $2,822,078
Interest 25,144 (1,067) 24,077
Gain on sale of property
and equipment 673,909 -- 673,909
Other 70,978 (14,033) 56,945
---------- ----------- ----------
Total revenues 4,537,913 (960,904) 3,577,009
---------- ----------- ----------
EXPENSES:
Interest 1,025,494 (251,836) 773,658
Depreciation and amortization 775,133 (191,848) 583,285
Real Estate Taxes 226,621 (84,108) 142,513
Repairs and maintenance 606,816 (157,876) 448,940
Utilities 425,709 (71,925) 353,784
Salaries and employee benefits 535,187 (144,259) 390,928
Management fees to related parties 209,951 (47,515) 162,436
Administrative 134,295 (22,129) 112,166
Insurance 97,269 (23,197) 74,072
Bad Debt 31,589 (9,032) 22,557
Other 1,045 -- 1,045
---------- ----------- ----------
Total Expenses 4,069,109 (1,003,725) 3,065,384
---------- ----------- ----------
NET INCOME (LOSS) $ 468,804 $ 42,821 $ 511,625
========== =========== ==========
NET INCOME (LOSS) ALLOCATED
TO GENERAL PARTNER $ 215,285 $ 428 $ 215,713
========== =========== ==========
NET INCOME (LOSS) ALLOCATED
TO LIMITED PARTNERS $ 253,519 $ 42,393 $ 295,912
========== =========== ==========
PER UNIT:
NET INCOME (LOSS) $ 6.63 $ 1.11 $ 7.74
========== =========== ==========
</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.
3
<PAGE>
GRIFFIN REAL ESTATE FUND-V,
A LIMITED PARTNERSHIP
CONDENSED BALANCE SHEETS
SEPTEMBER 30, 1998
(unaudited)
<TABLE>
<CAPTION>
* After Disposition
ASSETS: Actual Adjustments Proforma
- ------- ------ ----------- -------------------
<S> <C> <C> <C>
Cash and cash equivalents $ 324,989 (53,333) $271,656
Receivables and other assets 151,513 (145,875) 5,638
----------- ----------- --------
Total 476,502 (199,208) 277,294
----------- ----------- --------
PROPERTY AND EQUIPMENT:
Land 260,000 (260,000) --
Buildings and Improvements 4,502,679 (4,502,679) --
Furniture and Equipment 368,102 (368,102) --
----------- ----------- --------
Total 5,130,781 (5,130,781) --
Less accumulated depreciation 2,442,142 (2,442,142) --
----------- ----------- --------
Property and Equipment - net 2,688,639 (2,688,639) --
----------- ----------- --------
TOTAL ASSETS $ 3,165,141 $(2,887,847) $277,294
=========== =========== ========
LIABILITIES AND PARTNERS' EQUITY:
LIABILITIES:
Accounts payable and accrued
liabilities $ 39,527 $ (30,909) $ 8,618
Security Deposit 22,617 (22,617) --
Mortgage notes payable 3,114,034 (3,114,034) --
----------- ----------- --------
Total liabilities 3,176,178 (3,167,560) 8,618
----------- ----------- --------
PARTNERS' EQUITY:
General Partners (110 2,797 2,687
Limited Partners (10,927) 276,916 265,989
----------- ----------- --------
Total Partners' Equity (11,037) 279,713 268,676
----------- ----------- --------
TOTAL LIABILITIES AND
PARTNERS' EQUITY $ 3,165,141 $(2,887,847) $277,294
=========== =========== ========
</TABLE>
*The after disposition proforma represents the historical operations of the
Partnership which does not include assets or liabilities relating to the
disposed property.
4
<PAGE>
GRIFFIN REAL ESTATE FUND - V
A LIMITED PARTNERSHIP
CONDENSED STATEMENTS OF OPERATIONS
NINE MONTHS ENDED SEPTEMBER 30, 1998
(unaudited)
<TABLE>
<CAPTION>
REVENUES: Actual Adjustments *After Disposition
- --------- ------ ----------- Proforma
------------------
<S> <C> <C> <C>
Rental Income $ 2,266,231 $(710,389) $ 1,555,842
Interest Income 30,224 -- 30,224
Other Income 50,681 (8,206) 42,475
Gain On Sale of Property 5,247,738 -- 5,247,738
----------- --------- -----------
Total Revenues 7,594,874 (718,595) 6,876,279
----------- --------- -----------
OPERATING EXPENSES:
Operating Expenses 1,419,431 (426,345) 993,086
Interest Expense 625,756 (186,351) 439,405
Depreciation and amortization 419,459 (144,325) 275,134
----------- --------- -----------
Total Operating Expenses 2,464,646 (757,021) 1,707,625
----------- --------- -----------
NET INCOME BEFORE
EXTRAORDINARY ITEM 5,130,228 38,426 5,168,654
EXTRAORDINARY ITEM -
LOSS ON DEBT EXTINGUISHMENT (296,530) -- (296,530)
----------- --------- -----------
NET INCOME 4,833,698 38,426 4,872,124
NET INCOME ALLOCATED
TO GENERAL PARTNER 72,379 384 72,763
----------- --------- -----------
NET INCOME ALLOCATED
TO LIMITED PARTNERS $ 4,761,319 $ 38,042 $ 4,799,361
=========== ========= ===========
PER UNIT:
NET INCOME BEFORE $ 132.24 $ 1.00 $ 133.24
EXTRAORDINARY ITEM
EXTRAORDINARY ITEM (7.75) -- (7.75)
----------- --------- -----------
NET INCOME $ 124.49 $ 1.00 $ 125.49
=========== ========= ===========
</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.
5
<PAGE>
Signatures
Pursuant to the requirements of the Securities and Exchange Act o f 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: February 19, 1999 BY: /s/ Larry D. Fransen
-----------------------------------
Larry D. Fransen
General Partner
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