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) July 8, 1997
FLORIDA INCOME FUND II, LTD. PARTNERSHIP
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(Exact Name of Registrant as Specified in its Charter)
OHIO 33-04345 33-1168320
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(State or Other (Commission file number) (IRS Employer
Jurisdiction of ID Number)
Incorporation)
12800 University Drive, Ste 675, Ft. Myers, FL 33907
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(Address of Principal Executive Offices (Zip Code)
Registrant's telephone number, including area code (941) 481-2011
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N/A
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Former Name or Former Address, if Changes Since Last Report
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TABLE OF CONTENTS
ITEM 5 OTHER EVENTS
HISTORICAL SUMMARY OF GROSS REVENUES AND
CERTAIN DIRECT OPERATING EXPENSES
SIGNATURES
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ITEM 5 - FORM 8-K
OTHER EVENTS
POSSIBLE FORECLOSURE OF LOAN - PINEBROOK COMMONS
The below described material event has not yet been consummated but
appears to be imminent at this time.
The Partnership has determined that it is no longer feasible to
continue making monthly payments on a loan from Allstate Insurance
Company secured by a first mortgage loan on Pinebrook Commons
Shopping Center. This represents a loan default and will result in
the foreclosure of the mortgage and loss of title to the property
by the Partnership.
Pinebrook Commons represents the final real estate asset owned by
the Partnership. Once foreclosed, the Partnership will be
dissolved. Any remaining funds in the Partnership after paying all
expenses will be distributed to the limited partners. It is
unknown at this time if any funds will be available for final
distribution.
The decision to default was made due to the negative cash flow
being generated by the property from operations and after obtaining
a third party appraisal indicating that the property's fair market
value is $2,300,000 as of April 21, 1997. This compares to the
current outstanding loan balance of $2,480,000.
The mortgage loan is a non-recourse loan which requires that the
lender look solely to the property for repayment of its loan.
Therefore, the lender must absorb any loss resulting from a
deficiency after foreclosing and selling the property.
The lender has declared a default and made a claim against all
income generated by the property from April 1, 1997.
Pursuant to the information required by Article II of Regulation
S-X, if the Partnership had disposed of Pinebrook Commons at March
31, 1994, the effect on the unaudited financial statements would
have been a decrease in net asset value by $2,372,290, a decrease
in Notes Payable by $2,474,212, a decrease in other liabilities by
$35,876 and an increase in net worth by $137,798.
If this foreclosure had occurred on January 1, 1997, the effect on
the unaudited income statement for the three months ended March 31,
1997 would have been a decrease in revenue by $23,494, a decrease
in operating expense by $10,149, a decrease in non-operating
expense by $17,483 and a decrease in depreciation and amortization
expense by $7,115. All of the foregoing adjustments would have
resulted in an increase in net income of $11,253.
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All of the foregoing adjustments should be combined with
adjustments due to the sale of two other properties in May and June
1997 as reported in 8-K's filed on May 21, 1997 and on June 16,
1997.
Included in this report is a historical summary of the property's
gross revenues and certain direct operating expenses for the twelve
months ended 12/31/96, 12/31/95 and 12/31/94.
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<TABLE>
<CAPTION> PINEBROOK COMMONS SHOPPING CENTER
HISTORICAL SUMMARY OF GROSS REVENUES AND
CERTAIN DIRECT OPERATING EXPENSES
12/31/96 12/31/95 12/31/94
<S> <C> <C> <C>
GROSS REVENUES 377,569 406,052 350,888
CERTAIN DIRECT
OPERATING EXPENSES
Maintenance 21,847 27,445 20,098
Utilities 8,938 5,562 4,318
Administrative 21,394 54,086 55,571
Real Estate Taxes 35,736 34,020 37,393
Insurance 7,208 9,984 9,373
Landlord Costs 8,111 6,622 5,757
_______ _______ _______
TOTAL CERTAIN DIRECT 103,234 137,719 132,510
OPERATING EXPENSES
EXCESS OF GROSS 274,335 268,333 218,378
REVENUES OVER CERTAIN
DIRECT OPERATING
EXPENSES
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SIGNATURES
Pursuant to the requirements of Section 13 or 15 (d) 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.
FLORIDA INCOME FUND II, LTD PARTNERSHIP
(REGISTRANT)
July 8, 1997
/S/LAWRENCE A. RAIMONDI
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LAWRENCE A. RAIMONDI
PRESIDENT AND DIRECTOR, AND CEO
MARINER CAPITAL MANAGEMENT, INC.
(PRINCIPAL EXECUTIVE OFFICER)
/S/ JOE K. BLACKETER
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JOE K. BLACKETER
SECRETARY/TREASURER
MARINER CAPITAL MANAGEMENT, INC.
(PRINCIPAL FINANCIAL AND ACCOUNTING OFFICER)
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