|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: FIRSTAMERICA AUTOMOTIVE INC /DE/, 8-K, 1999-01-14 |
Next: DCI TELECOMMUNICATIONS INC, 8-K, 1999-01-14 |
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 January 14, 1999
(Date of earliest event reported) (December 31, 1998)
------------------
RANCON REALTY FUND V,
A CALIFORNIA LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)
California 0-16467 33-0098488
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification Number)
incorporation)
400 South El Camino Real, Suite 1100, San Mateo, California 94402
(Address of principal executive offices)
Registrant's Telephone number, including area code: (650) 343-9300
-------------
This Form 8-K contains a total of 6 pages.
No exhibit required.
Page 1 of 6
<PAGE>
Item 2. ACQUISITION OR DISPOSITION OF ASSETS
On December 31, 1998, Rancon Realty Fund V, a California Limited Partnership
(the Registrant), sold 38.5 acres of land located in Ontario, California, to
Abulafia Trust (the "buyer") for $5,500,000. The buyer is not affiliated with
the Registrant or the Registrant's general partners. The Registrant added the
net sale proceeds of approximately $5,266,000 to its cash reserves.
Item 7. FINANCIAL STATEMENTS
(b) PRO FORMA FINANCIAL STATEMENTS
The following pro forma consolidated financial statements represent the
Partnership's consolidated balance sheet as of September 30, 1998 and
consolidated statement of operations for the nine months ended September 30,
1998 and the year ended December 31, 1997, as if the sale of the Ontario land
had occurred on January 1, 1997.
Page 2 of 6
<PAGE>
<TABLE>
<CAPTION>
Pro Forma Consolidated Balance Sheet
As of September 30, 1998
(in thousands, except units outstanding)
(Unaudited)
Pro Forma
Historical Adjustments Pro Forma
<S> <C> <C> <C>
Assets Investment in real estate:
Rental property, net $ 28,704 $ -- $ 28,704
Land held for development, net 2,691 -- 2,691
Rental property held for sale, net 3,959 -- 3,959
Land held for sale, net 6,209 (5,289) 920
----------- ----------- -----------
Total real estate investments 41,563 (5,289) 36,274
Cash and cash equivalents 4,065 5,924 9,989
Pledged cash 353 -- 353
Accounts receivable 122 __ 122
Notes receivable 1,175 __ 1,175
Deferred financing costs and other fees, net 989 __ 989
Prepaid expenses and other assets 730 (4) 726
----------- ----------- -----------
Total assets $ 48,997 $ 631 $ 49,628
=========== =========== ===========
Liabilities
Notes payable $ 13,553 $ __ $ 13,553
Accounts payable and other liabilities 710 (15) 695
Interest payable 73 -- 73
----------- ----------- -----------
Total liabilities 14,336 (15) 14,321
Commitments and contingent liabilities -- -- --
Partners' equity (deficit): (964) -- (964)
General partners
Limited partners, 96,450 limited partnership
units outstanding 35,625 646 36,271
----------- ----------- -----------
Total partners' equity 34,661 646 35,307
----------- ----------- -----------
Total liabilities and partners' equity $ 48,997 $ 631 $ 49,628
=========== =========== ===========
</TABLE>
Page 3 of 6
<PAGE>
<TABLE>
<CAPTION>
Pro Forma Consolidated Statement of Operations
For the nine months ended September 30, 1998
(in thousands, except units outstanding and per unit amounts)
(Unaudited)
Pro Forma
Historical Adjustments Pro Forma
<S> <C> <C> <C>
Revenue:
Rental income $ 4,837 $ -- $ 4,837
Interest and other income 260 187 447
----------- ----------- -----------
Total revenue 5,097 187 5,284
----------- ----------- -----------
Expenses:
Operating 2,340 (50) 2,290
Interest 963 -- 963
Depreciation and amortization 1,331 -- 1,331
Expenses associated with land held
for development 428 -- 428
General and administrative expenses 1,010 (47) 963
----------- ----------- -----------
Total expenses 6,072 (97) 5,975
----------- ----------- -----------
Net loss $ (975) $ 284 $ (691)
=========== =========== ===========
Net loss per limited partnership unit $ (9.99) $ 2.91 $ (7.08)
=========== =========== ===========
Weighted average number of limited partnership
units outstanding during the period used to
compute net loss per limited partnership unit 96,582 96,582 96,582
=========== =========== ===========
</TABLE>
Page 4 of 6
<PAGE>
<TABLE>
<CAPTION>
Pro Forma Consolidated Statement of Operations
For the year ended December 31, 1997
(in thousands, except units outstanding and per unit amounts)
(Unaudited)
Pro Forma
Historical Adjustments Pro Forma
<S> <C> <C> <C>
Revenue:
Rental income $ 6,894 $ -- $ 6,894
Interest and other income 379 250 629
----------- ----------- -----------
Total revenue 7,273 250 7,523
----------- ----------- -----------
Expenses:
Operating 3,190 (52) 3,138
Interest 1,298 -- 1,298
Depreciation and amortization 2,065 -- 2,065
Provision for impairment of real
estate investments 1,688 -- 1,688
Expenses associated with land held for
development 615 -- 615
General and administrative expenses 1,231 (60) 1,171
Proposed dissolution costs 479 -- 479
----------- ----------- -----------
Total expenses 10,566 (112) 10,454
----------- ----------- -----------
Net loss $ (3,293) $ 362 $ (2,931)
=========== =========== ===========
Net loss per limited partnership unit $ (32.68) $ 3.59 $ (29.09)
=========== =========== ===========
Weighted average number of limited partnership
units outstanding during the period used to
compute net loss per limited partnership unit 99,767 99,767 99,767
=========== =========== ===========
</TABLE>
Page 5 of 6
<PAGE>
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, hereunto duly authorized.
RANCON REALTY FUND V,
a California Limited Partnership (Registrant)
Date: January 14, 1999 By: /s/ Daniel L. Stephenson
------------------------
Daniel L. Stephenson
Chief Executive Officer and
Chief Financial Officer of
Rancon Financial Corporation,
General Partner of Rancon Realty
Fund V, a California Limited Partnership
Page 6 of 6
<PAGE>
|
|