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Previous: ITRON INC /WA/, 8-K, 1996-10-08 |
Next: MFS SERIES TRUST X, N-30D, 1996-10-08 |
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 September 30, 1996
GRIFFIN REAL ESTATE FUND-VI, A LIMITED PARTNERSHIP
MINNESOTA
Commission file number 33-1629
IRS Employer Identification No. 41-1545501
510 Marquette Avenue, Suite 300, Minneapolis, MN 55402
Registrant's telephone number: (612) 338-2828
Item 2. Acquisition or disposition of assets.
DISPOSITION OF BASS LAKE BUILDING
5701 INTERNATIONAL PARKWAY, NEW HOPE, MINNESOTA
On September 30, 1996, Bass Lake Building located at 5701 International Parkway,
New Hope, MN, was sold to Churchill-Winston, Limited Partnership.
Description of Property
The Bass Lake Building is a 47,585 square foot office warehouse located at 5701
International Parkway, New Hope, MN. The property was originally acquired by
Griffin Real Estate Fund-VI on May 18, 1988 for $1,735,000. A downpayment of
$660,199 was made with the balance of $1,074,801 financed by assuming the first
mortgage loan.
Sale of Property
The sales price of $1,425,000 cash only was arrived at through negotiations with
the buyer who had no material relationship to Griffin Real Estate Fund-VI, to
any affiliates of Griffin Real Estate Fund-VI, to its General Partners, or to
any associates of its General Partners. With the sale of the property, the
associated mortgage principal balance of $1,004,357 and accrued interest of
$6,721 were extinguished.
Item 7. Financial Statements and Exhibits
The following documents are filed as part of this report:
Proforma financial information.
<TABLE>
<CAPTION>
GRIFFIN REAL ESTATE FUND-VI,
A LIMITED PARTNERSHIP
BALANCE SHEETS
DECEMBER 31, 1995
* After
Disposition
ASSETS: Actual Adjustment Proforma
- ------- ----------- ----------- -----------
<S> <C> <C> <C>
Cash and cash equivalents $ 135,745 $ 329,629 $ 465,374
Real estate tax escrow deposits 68,649 (11,348) 57,301
Receivables and other assets 10,772 (574) 10,198
----------- ----------- -----------
Total 215,166 317,707 532,873
----------- ----------- -----------
PROPERTY AND EQUIPMENT:
Land 1,085,776 (335,000) 750,776
Buildings and improvements 6,443,789 (1,530,068) 4,913,721
Furniture and equipment 242,362 -- 242,362
Less valuation allowance (470,000) 405,000 (65,000)
----------- ----------- -----------
Total 7,301,927 (1,460,068) 5,841,859
Less accumulated depreciation 1,919,664 (361,588) 1,558,076
----------- ----------- -----------
Property and equipment - net 5,382,263 (1,098,480) 4,283,783
----------- ----------- -----------
Deferred expenses (less accumulated
amortization -$22,547) 43,607 (6,080) 37,527
----------- ----------- -----------
TOTAL ASSETS $ 5,641,036 $ (786,853) $ 4,854,183
=========== =========== ===========
LIABILITIES AND PARTNERS' EQUITY:
- ---------------------------------
LIABILITIES:
Accounts payable:
Affiliate $ 11,818 $ -- $ 11,818
Other 14,385 (2,921) 11,464
Security deposits 51,567 (14,747) 36,820
Accrued interest 32,971 (6,798) 26,173
Mortgage notes payable 4,172,438 (1,015,842) 3,156,596
----------- ----------- -----------
Total liabilities 4,283,179 (1,040,308) 3,242,871
----------- ----------- -----------
PARTNERS' EQUITY:
General Partners (100,118) (2,535) (97,583)
Limited Partners 1,457,975 (250,920) 1,708,895
----------- ----------- -----------
Total Partners' Equity 1,357,857 (253,455) 1,611,312
----------- ----------- -----------
TOTAL LIABILITIES AND PARTNERS' EQUITY $ 5,641,036 $ (786,853) $ 4,854,183
=========== =========== ===========
* The after disposition proforma represents the historical operations of the
Partnership which does not include assets or liabilities relating to the
disposed property.
</TABLE>
<TABLE>
<CAPTION>
GRIFFIN REAL ESTATE FUND-VI,
A LIMITED PARTNERSHIP
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1995
*After Disposition
REVENUES: Actual Adjustments Proforma
- --------- ----------- ----------- ------------------
<S> <C> <C> <C>
Rent (less apartment vacancies: 1995,
$92,041) $ 1,134,321 $ (176,348) $ 957,973
Common Area maintenance
reimbursement 220,087 (105,730) 114,357
Interest 4,401 -- 4,401
Other 34,669 -- 34,669
----------- ----------- -----------
Total revenues 1,393,478 (282,078) 1,111,400
----------- ----------- -----------
EXPENSES:
Interest 402,217 (82,105) 320,112
Depreciation and amortization 231,729 (50,292) 181,437
Property valuation provision (benefit) (75,000) 49,000 (26,000)
Real Estate Taxes 198,286 (68,087) 130,199
Repairs and maintenance 179,392 (38,245) 141,147
Utilities 77,295 (3,969) 73,326
Salaries and employee benefits 126,596 -- 126,596
Management fees to related parties 70,508 (7,956) 62,552
Administrative 89,924 (14,257) 75,667
Insurance 27,968 (1,919) 26,049
Bad Debt 24,588 (21,536) 3,052
Other 11,150 -- 11,150
----------- ----------- -----------
Total Expenses 1,364,653 (239,366) 1,125,287
----------- ----------- -----------
NET INCOME (LOSS) $ 28,825 $ (42,712) $ (13,887)
=========== =========== ===========
NET INCOME (LOSS) ALLOCATED TO GENERAL
PARTNER $ 288 $ (427) $ (139)
=========== =========== ===========
NET INCOME (LOSS) ALLOCATED TO LIMITED
PARTNERS $ 28,537 $ (42,285) $ (13,748)
=========== =========== ===========
PER UNIT:
NET INCOME (LOSS) $ 1.50 $ (2.22) $ (.72)
=========== =========== ===========
*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.
</TABLE>
<TABLE>
<CAPTION>
GRIFFIN REAL ESTATE FUND-VI,
A LIMITED PARTNERSHIP
CONDENSED BALANCE SHEETS
JUNE 30, 1996
(unaudited)
*After Disposition
ASSETS: Actual Adjustments Proforma
- ------- ----------- ----------- ------------------
<S> <C> <C> <C>
Cash and cash equivalents $ 194,529 $ 332,282 $ 526,811
Receivables and other assets 54,228 (17,325) 36,903
----------- ----------- -----------
Total 248,757 314,957 563,714
----------- ----------- -----------
PROPERTY AND EQUIPMENT:
Land 673,000 (335,000) 338,000
Buildings and Improvements 3,174,487 (1,530,068) 1,644,419
Less valuation allowance (470,000) 405,000 (65,000)
----------- ----------- -----------
Total 3,377,487 (1,460,068) 1,917,419
Less accumulated depreciation 800,833 (385,815) 415,018
----------- ----------- -----------
Property and Equipment- net 2,576,654 (1,074,253) 1,502,401
----------- ----------- -----------
TOTAL ASSETS $ 2,825,411 $ (759,296) $ 2,066,115
=========== =========== ===========
LIABILITIES AND PARTNERS' EQUITY:
- ---------------------------------
LIABILITIES:
Accounts payable and accrued
liabilities $ 19,992 $ (10,515) $ 9,477
Security Deposit 37,366 (19,164) 18,202
Mortgage notes payable 1,782,129 (1,008,262) 773,867
----------- ----------- -----------
Total liabilities 1,839,487 (1,037,941) 801,546
----------- ----------- -----------
PARTNERS' EQUITY:
General Partners (103,837) 2,786 (101,051)
Limited Partners 1,089,761 275,859 1,365,620
----------- ----------- -----------
Total Partners' Equity 985,924 278,645 1,264,569
----------- ----------- -----------
TOTAL LIABILITIES AND
PARTNERS' EQUITY $ 2,825,411 $ (759,296) $ 2,066,115
=========== =========== ===========
*The after disposition proforma represents the historical operations of the
Partnership which does not include assets or liabilities relating to the
disposed property.
</TABLE>
<TABLE>
<CAPTION>
GRIFFIN REAL ESTATE FUND-VI,
A LIMITED PARTNERSHIP
CONDENSED STATEMENTS OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1996
(unaudited)
*After Disposition
REVENUES: Actual Adjustments Proforma
- --------- --------- ----------- ------------------
<S> <C> <C> <C>
Rental Income $ 581,213 $(140,086) $ 441,127
Interest Income 5,386 -- 5,386
Other Income 10,094 -- 10,094
--------- --------- ---------
Total Revenues 596,693 (140,086) 456,607
--------- --------- ---------
OPERATING EXPENSES:
Operating Expenses 355,690 (53,782) 301,908
Interest Expense 167,414 (40,660) 126,754
Depreciation and amortization 98,711 (25,140) 73,571
--------- --------- ---------
Total Operating Expenses 621,815 (119,582) 502,233
--------- --------- ---------
NET LOSS BEFORE
EXTRAORDINARY ITEM (25,122) (20,504) (45,626)
EXTRAORDINARY ITEM:
LOSS ON SALE OF PROPERTY (393) -- (393)
--------- --------- ---------
NET LOSS (25,515) (20,504) (46,019)
NET LOSS ALLOCATED
TO GENERAL PARTNER (255) (205) (460)
--------- --------- ---------
NET LOSS ALLOCATED
TO LIMITED PARTNERS $ (25,260) $ (20,299) $ (45,559)
========= ========= =========
PER UNIT (weighted average basis):
NET LOSS BEFORE
EXTRAORDINARY ITEM $ (1.31) $ (1.09) $ (2.40)
EXTRAORDINARY ITEM (.02) -- (.02)
--------- --------- ---------
NET LOSS $ (1.33) $ (1.09) $ (2.42)
========= ========= =========
*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.
</TABLE>
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 VI,
A LIMITED PARTNERSHIP
BY: GRIFFIN EQUITY PARTNERS
ITS GENERAL PARTNER
Date: October 14, 1996 BY: /s/ Larry D. Fransen
----------------------------------------
Larry D. Fransen
General Partner
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