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 (Date of earliest event reported): June 10, 1997 (May 28, 1997)
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OUTLOOK INCOME/GROWTH FUND VIII,
A CALIFORNIA LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)
California 0-14593 33-0104267
(State or other (Commission (IRS Employer
jurisdiction of File Number) I.D. 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: (415) 343-9300
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Item 2. ACQUISITION OR DISPOSITION OF ASSETS
On May 28, 1997, Outlook Income/Growth Fund VIII, A California Limited
Partnership ("the Partnership"), sold Silver Creek Plaza, a retail shopping
center located at 1759 East Capitol Expressway in San Jose, California to Summit
Commercial Properties, Incorporated an unrelated party ("the buyer"), for
$9,625,000. The sale proceeds were used to payoff a loan, which was secured by
the property, totaling $8,500,000 and settlement and other closing costs,
including transaction fees payable to the general partner. Approximately,
$407,000 of the net proceeds were added to the Partnership's reserves.
Item 7. FINANCIAL STATEMENTS
The following pro forma financial statements represent the Partnership's balance
sheet and statement of operations as of and for the three months ended March 31,
1997 and for the year ended December 31, 1996, as if the sale of Silver Creek
Plaza had occurred on January 1, 1996.
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OUTLOOK INCOME/GROWTH FUND VIII,
A CALIFORNIA LIMITED PARTNERSHIP
Pro forma Balance Sheet
As of March 31, 1997
(in thousands, except units outstanding)
(Unaudited)
<TABLE>
<CAPTION>
Pro Forma
Historical Adjustments Pro Forma
Assets
Investments in real estate:
<S> <C> <C> <C>
Rental property, net $ 6,237 $ --- $ 6,237
Rental property held for sale 9,490 (9,490) ---
------------- ------------- -------------
Total real estate investments 15,727 (9,490) 6,237
Cash and cash equivalents 899 --- 899
Accounts receivable, net 25 (2) 23
Advances to unconsolidated joint venture 50 --- 50
Deferred financing costs and other fees, net 195 (169) 26
Other assets 11 (8) 3
------------- ------------- -------------
Total assets $ 16,907 $ (9,669) $ 7,238
============= ============== =============
Liabilities and Partners' Equity (Deficit)
Liabilities:
Notes payable $ 14,976 $ (8,500) $ 6,476
Accounts payable and accrued expenses 90 (51) 39
Interest payable 122 (72) 50
Other liabilities 62 (41) 21
------------- -------------- -------------
Total liabilities 15,250 (8,664) 6,586
Partners' equity (deficit):
General Partner (166) (20) (186)
Limited Partners, 34,992 limited
partnership units outstanding 1,823 (985) 838
------------- -------------- -------------
Total partners' equity 1,657 (1,005) 652
------------- -------------- -------------
Total liabilities and partners' equity $ 16,907 $ (9,669) $ 7,238
============= ============== =============
</TABLE>
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OUTLOOK INCOME/GROWTH FUND VIII,
A CALIFORNIA LIMITED PARTNERSHIP
Pro forma Statement of Operations
For the three months ended March 31, 1997
(in thousands, except per unit amounts and units outstanding)
(Unaudited)
<TABLE>
<CAPTION>
Pro Forma
Historical Adjustments Pro Forma
Revenues:
<S> <C> <C> <C>
Rental income $ 570 $ (341) $ 229
Interest and other income 8 --- 8
------------- ------------- -------------
Total revenues 578 (341) 237
------------- -------------- -------------
Expenses:
Operating 178 (119) 59
Interest 411 (254) 157
Depreciation and amortization 72 (6) 66
General and administrative 122 --- 122
------------- ------------- -------------
Total expenses 783 (379) 404
------------- ------------- -------------
Net income (loss) $ (205) $ 38 $ (167)
============== ============= ==============
Net loss per limited partnership
current unit $ (16.35) $ --- $ (13.34)
============= ============= =============
Number of limited partnership current
units outstanding during the period
used to compute net loss per limited
partnership current unit 12,297 12,297 12,297
============= ============= =============
</TABLE>
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OUTLOOK INCOME/GROWTH FUND VIII,
A CALIFORNIA LIMITED PARTNERSHIP
Pro forma Statement of Operations
For the year ended December 31, 1996
(in thousands, except per unit amounts and units
outstanding)
(Unaudited)
<TABLE>
<CAPTION>
Pro Forma
Historical Adjustments Pro Forma
Revenues:
<S> <C> <C> <C>
Rental income $ 2,333 $ (1,300) $ 1,033
Interest and other income 57 --- 57
------------- ------------- -------------
Total revenues 2,390 (1,300) 1,090
------------- -------------- -------------
Expenses:
Operating 706 (464) 242
Interest 1,451 (826) 625
Depreciation and amortization 530 (262) 268
General and administrative 574 --- 574
------------- ------------- -------------
Total expenses 3,261 (1,552) 1,709
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Income (loss) from operations (871) 252 (619)
Loss in unconsolidated joint venture (853) --- (853)
-------------- ------------- --------------
Net income (loss) $ (1,724) $ 252 $ (1,472)
============== ============= ==============
Net loss per limited partnership
current unit $ (137.43) $ --- $ (117.35)
============= ============= =============
Number of limited partnership current
units outstanding during the period
used to compute net loss per limited
partnership current unit 12,297 12,297 12,297
============= ============= =============
</TABLE>
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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.
OUTLOOK INCOME/GROWTH FUND VIII,
A CALIFORNIA LIMITED PARTNERSHIP
By: Glenborough Corporation,
a California corporation
Its Managing General Partner
Date: June 10, 1997 By:/s/Terri Garnick
Terri Garnick
Chief Financial Officer
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