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Previous: EXCEL REALTY TRUST INC, 424B5, 1995-06-21 |
Next: DEFINED ASSET FUNDS MUNICIPAL INVT TR FD INSURED SERIES 165, 485BPOS, 1995-06-21 |
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) May 26, 1995
-------------
OUTLOOK INCOME FUND 9,
A CALIFORNIA LIMITED PARTNERSHIP
-----------------------------------------------------------
(Exact name of registrant as specified in its charter)
California 0-15837 33-0202964
---------- ------------- -------------
(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
-----------------------------------------------------------------
-- (Address of principal executive offices)
Registrant's Telephone number, including area code: (415) 343-
9300
-------------
--------------------------------------------------------
(Former name or former address, if changes since last report)
This form 8-K contains a total of 7 pages.
----
No Exhibits Required.
Page 1 of 7
Item 2. Disposition of Real Estate
On May 26, 1995, Outlook Income Fund 9, A California Limited
Partnership (the Registrant), completed a deed-in-lieu of
foreclosure transfer to Glendale Federal Bank (the "Lender") of
the Regency Residence property (the "Property"), an adult
congregate living facility for retired persons, located at 6711
Embassy Boulevard in Port Richey, Florida. The Property
experienced declines in occupancy due to market saturation and
was unable to met debt service payments. The Registrant paid all
net cash flow to the Lender until title passed.
On the following pages is the pro forma financial information
representing the Registrant's March 31, 1995 balance sheet and
the statement of operations for the year ended December 31, 1994
and the three months ended March 31, 1995, adjusted to eliminate
the balances and operating results of the Property which is no
longer owned by the Registrant.
Page 2 of 7
OUTLOOK INCOME FUND 9,
A CALIFORNIA LIMITED PARTNERSHIP
Balance Sheets
(in thousands, except units outstanding)
Pro Forma
March 31, Pro Forma March 31,
1995 Adjustments 1995
Assets -------- -------- -------
------
Real estate investments, at cost:
Land $ 4,192 $ 4,192
Building and improvements 25,576 25,576
--------- ---------
29,768 29,768
Less accumulated depreciation (8,729) (8,729)
--------- ---------
Net real estate investments 21,039 21,039
Property held pending foreclosure,
net 3,550 (3,550) -
Cash and cash equivalents 940 (140) 800
Notes receivable 2,000 2,000
Accounts receivable, net 151 151
Prepaid expenses and other assets 328 (37) 291
Deferred financing costs and
other fees, net 792 (21) 771
--------- --------- ---------
Total assets $ 28,800 $(3,748) $ 25,052
========= ========= =========
- continued -
Page 3 of 7
OUTLOOK INCOME FUND 9,
A CALIFORNIA LIMITED PARTNERSHIP
Balance Sheets - continued
(in thousands, except units outstanding)
Pro Forma
March 31, Pro Forma March 31,
1995 Adjustments 1995
---------- --------- ----------
Liabilities and Partners'
Equity (Deficit)
-------------------------
Notes payable - secured $ 18,458 (3,539) $ 14,919
Participating notes:
Notes issued 5,229 5,229
Accrued interest, thereon 4,739 4,739
Less: Notes held in trust (2,733) (2,733)
Accrued interest, thereon (2,381) (2,381)
--------- --------- ---------
Net due to outside holders 4,854 (3,539) 4,854
Accrued interest payable 762 (76) 686
Accounts payable 154 (33) 121
Accrued expenses 375 (182) 193
Payable to affiliate 312 312
Deferred income and security deposits 71 71
--------- --------- ---------
Total liabilities 24,986 (3,830) 21,156
Partners' equity (deficit):
General Partner (389) 1 (388)
Limited Partners, 35,742,572
Equity Units outstanding 4,203 81 4,284
--------- --------- ---------
Total partners' equity 3,814 82 3,896
--------- --------- ---------
Total liabilities and
partners' equity $ 28,800 (3,748) $ 25,052
========= ========= =========
Page 4 of 7
OUTLOOK INCOME FUND 9,
A CALIFORNIA LIMITED PARTNERSHIP
Statement of Operations
(in thousands, except units outstanding)
For the Three Months Ended
-------------------
Pro Forma
March 31, Pro Forma March 31,
1995 Adjustments 1995
--------- --------- ---------
Revenues:
Rental $ 2,535 (367) 2,168
Interest and other 130 130
-------- -------- --------
Total revenues 2,665 (367) 2,298
======== ======== ========
Expenses:
Operating 1,592 (319) 1,273
General and administrative 138 138
Depreciation and amortization 464 (51) 413
Interest 744 (79) 665
-------- -------- --------
Total expenses 2,938 (449) 2,489
-------- -------- --------
Income (loss) before extraordinary
items (273) 82 (191)
Extraordinary items:
Gain on sale of asset 155 155
Gain from Participating Notes
purchased 1,908 1,908
-------- -------- --------
Total extraordinary items 2,063 - 2,063
Net income $ 1,790 82 1,872
======== ======== ========
Net income per Equity Unit
"Current Unit" $ 0.05 0.00 0.05
======== ======== ========
Page 5 of 7
OUTLOOK INCOME FUND 9,
A CALIFORNIA LIMITED PARTNERSHIP
Statement of Operations
(in thousands, except units outstanding)
For the Year Ended
-------------------
Pro Forma
December 31, Pro Forma December 31,
1994 Adjustments 1994
--------- --------- ---------
Revenues:
Rental $ 9,824 $ (1,523) $ 8,301
Interest and other 494 494
-------- -------- --------
Total revenues 10,318 (1,523) 8,795
======== ======== ========
Expenses:
Operating 6,585 (1,366) 5,219
General and administrative 571 571
Depreciation and amortization 1,881 (197) 1,684
Provision to reduce carrying value
of real estate to estimated
realizable value 836 (836) -
Interest 3,081 (319) 2,762
-------- -------- --------
Total expenses 12,954 (2,718) 10,236
-------- -------- --------
Other expenses:
Loss on sale (257) - (257)
-------- -------- --------
Total other expenses (257) - (257)
Net income (loss) $ (2,893) 1,195 (1,698)
======== ======== ========
Net income (loss) per Equity Unit
"Current Unit" $ (0.08) 0.03 (0.05)
======== ======== ========
Page 6 of 7
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 FUND 9,
A CALIFORNIA LIMITED PARTNERSHIP
By: Glenborough Realty Corporation,
a California corporation
Managing General Partner
Date: June 19, 1995 By: /s/ Andrew Batinovich
-------------------------------
Andrew Batinovich
Executive Vice President,
Chief Financial Officer
and Director
Page 7 of 7
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