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<PAGE> 1
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): November 3,1997
MARKETPLACE INCOME PROPERTIES, A NORTH CAROLINA LIMITED PARTNERSHIP
- --------------------------------------------------------------------------------
(Exact name of Registrant as specified in its charter)
North Carolina 33-1889 56-1493986
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1500 Interstate Tower, 121 W. Trade Street, Charlotte,
North Carolina 28202
- --------------------------------------------------------------------------------
(Address of principal executive offices)
Registrant's telephone number, including area code: (704) 379-9164
<PAGE> 2
ITEM 1. Changes in Control of Registrant
None
ITEM 2. Acquisition or Disposition of Assets
On November 3, 1997, the Partnership sold Amelia Plaza Shopping
Center to Edens & Avant Properties Limited Partnership.
The gross sale price of the facility was $4,628,728. From the sale
proceeds, $3,514,916 was used to pay off the first mortgage on the
property. Closing costs and pro-rations incurred at settlement
totaled $161,410 leaving net cash proceeds to the partnership of
$952,402. A net gain of $22,236 resulted from the transaction. On
November 14, 1997, $950,000 of these proceeds were distributed to
the limited partners representing approximately $315 per unit.
ITEM 3. Bankruptcy or Receivership
None
ITEM 4. Changes in Registrant's Certifying Accountant
None
ITEM 5. Other Events
None
ITEM 6. Resignations of Registrant's Directors
None
ITEM 7. Financial Statements and Exhibits
See proforma financial statements included at Exhibit A
ITEM 8. Change in Fiscal Year
None
<PAGE> 3
Exhibit A
MARKETPLACE INCOME PROPERTIES
A NORTH CAROLINA LIMITED PARTNERSHIP
CONSOLIDATED BALANCE SHEET
December 31, 1996
<TABLE>
<CAPTION>
Proforma
Adjustments
To Remove Pro Forma
12/31/96 Amelia Plaza 12/31/96
------------------------------------------------------------------------
<S> <C> <C> <C>
ASSETS
Rental Properties (at cost):
Land and improvements $3,003,993 ($1,302,243) $1,701,750
Buildings 15,273,412 (4,623,941) 10,649,471
Furniture and equipment 301,868 (8,727) 293,141
------------------------------------------------------------------------
18,579,273 (5,934,911) 12,644,362
Accumulated Depreciation (5,146,021) 1,399,911 (3,746,110)
------------------------------------------------------------------------
13,433,252 (4,535,000) 8,898,252
Cash and cash equivalents 267,027 0 267,027
Restricted Cash 67,662 (64,409) 3,253
Accounts Receivable 38,776 0 38,776
Net deferred Loan and Acquisition Costs 184,446 (3,542) 180,904
Other 90,163 0 90,163
------------------------------------------------------------------------
$14,081,326 ($4,602,951) $9,478,375
========================================================================
LIABILITIES AND PARTNERS' CAPITAL
Debt $8,996,987 ($3,542,281) $5,454,706
Payables to general partners and affiliates 26,287 0 26,287
Other liabilities 156,150 (39,656) 116,494
------------------------------------------------------------------------
9,179,424 (3,581,937) 5,597,487
Partners' capital:
General partners 71,967 (10,210) 61,757
Limited partners 4,829,935 (1,010,804) 3,819,131
------------------------------------------------------------------------
Total partners' capital 4,901,902 (1,021,014) 3,880,888
------------------------------------------------------------------------
$14,081,326 ($4,602,951) $9,478,375
========================================================================
</TABLE>
3
<PAGE> 4
Exhibit A
MARKETPLACE INCOME PROPERTIES
A NORTH CAROLINA LIMITED PARTNERSHIP
CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1996
<TABLE>
<CAPTION>
Proforma Pro Forma
Year Ended Adjustments Year Ended
December 31, To Remove December 31,
1996 Amelia Plaza 1996
-------------------------------------------------------------------
<S> <C> <C> <C>
Income:
Rent $2,166,913 ($589,268) $1,577,645
Interest and other 59,631 (1,087) 58,544
-------------------------------------------------------------------
Total Revenues 2,226,544 (590,355) 1,636,189
Expenses:
Interest 952,311 (304,634) 647,677
Depreciation 0 0 0
Amortization 40,690 (8,930) 31,760
Provision for doubtful accounts 628 0 628
Operations and maintenance 407,284 (114,743) 292,541
Write-down of rental property 3,414,000 (157,700) 3,256,300
Administrative and Other 201,013 (4,396) 196,617
-------------------------------------------------------------------
Total operating expenses 5,015,926 (590,403) 4,425,523
-------------------------------------------------------------------
Income (Loss) before gain and minority interest (2,789,382) 48 (2,789,334)
Gain on sale of property 98,351 0 98,351
Extraordinary gain on extinguishment of long-term debt 58,531 0 58,531
-------------------------------------------------------------------
Net income ($2,632,500) $48 ($2,632,452)
===================================================================
Net income allocated to general partners ($26,325) $0 ($26,325)
===================================================================
Net income allocated to limited partners ($2,606,175) $48 ($2,606,127)
===================================================================
Net income per limited partner unit ($868.73) $0.02 ($868.71)
===================================================================
</TABLE>
4
<PAGE> 5
Exhibit A
MARKETPLACE INCOME PROPERTIES
A NORTH CAROLINA LIMITED PARTNERSHIP
CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997
<TABLE>
<CAPTION>
Proforma Pro Forma
Nine Months Adjustments Nine Months
Ended To Remove Ended
9/30/97 Amelia Plaza 9/30/97
------------------------------------------------------------------------
<S> <C> <C> <C>
Income:
Rent $1,885,939 ($545,207) $1,340,732
Interest and other 25,095 (9,781) 15,314
------------------------------------------------------------------------
Total Revenues 1,911,034 (554,988) 1,356,046
Expenses:
Interest 597,230 (218,742) 378,488
Depreciation 0 0 0
Amortization 27,839 (10,171) 17,668
Operations and maintenance 616,830 (169,343) 447,487
Administrative and Other 175,941 (1,962) 173,979
------------------------------------------------------------------------
Total operating expenses 1,417,840 (400,218) 1,017,622
------------------------------------------------------------------------
Income (Loss) before gain and minority interest 493,194 (154,770) 338,424
Gain on sale of property (104,246) 0 (104,246)
------------------------------------------------------------------------
Net income $388,948 ($154,770) $234,178
========================================================================
Net income allocated to general partners $3,889 ($1,548) $2,342
========================================================================
Net income allocated to limited partners $385,059 ($153,222) $231,836
========================================================================
Net income per limited partner unit $128.35 ($51.07) $77.28
========================================================================
</TABLE>
5
<PAGE> 6
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.
MARKETPLACE INCOME PROPERTIES,
A NORTH CAROLINA LIMITED
PARTNERSHIP
By: ISC Realty Corporation,
General Partner and Principal
Financial Officer of the Registrant
Date November 17, 1997 By: /s/ J. Christopher Boone
----------------------- -----------------------
J. Christopher Boone,
President
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