SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the Securities Exchange Act
of 1934
Date of Report (Date of earliest event reported) April 27, 1995
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OUTLOOK INCOME/GROWTH FUND VIII,
A CALIFORNIA LIMITED PARTNERSHIP
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(Exact name of registrant as specified in its charter)
California 0-14593 33-0104267
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(State or other (Commission (IRS Employer
jurisdiction of File Number) I.D. Number)
incorporation)
400 South El Camino Real, Ste. 1100, San Mateo, California 94402
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(Address of principal executive offices)
Registrant's Telephone number, including area code: (415) 343-9300
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N/A
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(Former name or former address, if changes since last report)
This form 8-K contains a total of 5 pages.
No Exhibits Required.
Page 1 of 5
Item 2. Disposition of Real Estate
On April 27, 1995, the deed of trust securing the 175 S.W. Temple
property owned by 175 S.W. Temple Associates, a California
Limited Partnership (the "Partnership"), of which Outlook
Income/Growth Fund VIII, A California Limited Partnership (the
"Registrant"), was the majority partner, was foreclosed and the
lender obtained title to the property. The first trust deed note
was due to mature on May 1, 1995. The Registrant had informed
the lender, both orally and in writing, that the Partnership
could not refinance the existing obligation to the lender in
order to pay all amounts owing under the note at maturity.
Because the existing lender had shown no willingness to extend
the maturity date, or otherwise work toward a realistic solution,
the only prudent action was to negotiate an amicable foreclosure.
The agreement relieved the Registrant of its guarantee of a
portion of the outstanding debt. At December 31, 1994, the total
outstanding debt (including previously deferred interest) was
$10,077,000 while the book value of net assets approximated
$7,505,000.
On the following pages is the pro forma financial information
representing the Registrant's December 31, 1994 balance sheet and
the statement of operations for the year ended December 31, 1994,
adjusted to eliminate the balances and operating results of the
sold property.
Page 2 of 5
<TABLE>
<CAPTION>
OUTLOOK INCOME/GROWTH FUND VIII,
A CALIFORNIA LIMITED PARTNERSHIP
Consolidated Statement of Operations
(in thousands, except per unit amounts)
(unaudited)
For the Year Ended
------------------
<S> <C> <C> <C>
Pro Forma
December 31, Pro Forma December 31,
1994 Adjustments 1994
------------ ------------ ------------
Revenues:
Operating $ 4,718 (1,525) 3,193
Interest and other 122 (37) 85
Gain on sale of property 2,088 - 2,088
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Total revenues 6,928 (1,562) 5,366
------- -------- --------
Expenses:
Operating 1,778 (728) 1,050
Interest 2,157 (592) 1,565
Depreciation and amortization 1,300 (514) 786
General and administrative 655 (47) 608
------- -------- --------
Total expenses 5,890 (1,881) 4,009
------- -------- --------
Loss before equity in loss of
unconsolidated joint venture 1,038 319 1,357
Equity in loss of unconsolidated
joint venture (670) - (670)
------- -------- --------
Net loss $ 368 319 687
======= ======== ========
Net loss per limited partnership
"Current Unit" $ 29.33 25.42 54.75
======= ======== ========
</TABLE>
Page 3 of 5
<TABLE>
<CAPTION>
OUTLOOK INCOME/GROWTH FUND VIII,
A CALIFORNIA LIMITED PARTNERSHIP
Consolidated Balance Sheet
(in thousands, except units oustanding)
(unaudited)
<S> <C> <C> <C>
Pro Forma
December 31, Pro Forma December 31,
1994 Adjustments 1994
------------ ------------ ------------
Real estate investments, at cost:
Land $ 7,885 7,885
Buildings and improvements 13,991 13,991
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21,876 21,876
Less accumulated depreciation
and amortization (4,198) (4,198)
-------- --------
Net real estate investments 17,678 17,678
Real estate held pending
foreclosure, net 7,468 (7,468) 0
Investment in unconsolidated
joint venture 404 404
Cash and cash equivalents 2,297 2,297
Accounts receivable, net 147 2 149
Prepaid expenses and other assets,
net 107 (31) 76
Notes receivable from unconsolidated
joint venture 683 683
Deferred financing costs and other
fees, net 203 (18) 185
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$ 28,987 (7,515) 21,472
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Liabilities and Partners'
Equity (Deficit)
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Notes payable - secured $ 25,205 (10,077) 15,128
Accounts payable 2 (1) 1
Accrued expenses 196 (3) 193
Deferred income and security
deposits 59 (6) 53
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Total liabilities 25,462 (10,087) 15,375
Partners' equity (deficit):
General Partner (189) 51 (138)
Limited Partners, 35,000 limited
partnership units outstanding 3,714 2,521 6,235
-------- -------- --------
Total partners' equity 3,525 2,572 6,097
-------- -------- --------
$ 28,987 (7,515) 21,472
======== ======== ========
Page 4 of 5
</TABLE>
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, thereunto duly authorized.
OUTLOOK INCOME/GROWTH FUND VIII,
A CALIFORNIA LIMITED PARTNERSHIP
By: Glenborough Realty Corporation,
a California corporation
Managing General Partner
Date: April 27, 1995 By:
Andrew Batinovich
Senior Vice President,
Chief Financial Officer
and Director
Page 5 of 5
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, thereunto duly authorized.
OUTLOOK INCOME/GROWTH FUND VIII,
A CALIFORNIA LIMITED PARTNERSHIP
By: Glenborough Realty Corporation,
a California corporation
Managing General Partner
Date: April 27, 1995 By: /s/ Andrew Batinovich
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Andrew Batinovich
Senior Vice President,
Chief Financial Officer
and Director
Page 5 of 5
