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Previous: FIDELITY BOSTON STREET TRUST, 497, 1998-07-15 |
Next: USA WASTE SERVICES INC, 424B2, 1998-07-15 |
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 30, 1998
-------------
RANCON PACIFIC REALTY L.P.,
A DELAWARE LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)
Delaware 0-19438 33-0270528
--------------- ------------- ---------------------
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification 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: (650) 343-9300
--------------
This Form 8-K contains a total of 6 pages.
---
No exhibit required.
Page 1 of 6
<PAGE>
Item 2. ACQUISITION OR DISPOSITION OF ASSETS
On June 30, 1998, the Partnership sold its two wholly-owned real estate assets,
the Pacific Bay Club and La Jolla Canyon apartments, to an unaffiliated third
party for a total purchase price of $24,400,000. After paying off the underlying
loans and closing costs (including commissions and fees), the Partnership added
the net proceeds of $13,407,000 to its cash reserves.
Also on June 30, 1998, the Partnership's majority owned partnership, Villa La
Jolla Partners, sold its only real estate asset, Villa La Jolla Apartments, to
an unaffiliated third party for a total purchase price of $31,600,000. After
paying off the underlying loan and closing costs (including commissions and
fees), Villa La Jolla Partners added the net proceeds of $16,775,000 to its cash
reserves. After reserving funds for unpaid liabilities, a final distribution
will be made to the partners and Villa La Jolla Partners will be liquidated.
Once the Partnership receives its final liquidating distribution from Villa La
Jolla Partners and after reserving funds for unpaid liabilities, a final
distribution will be made to the partners and the Partnership will be
liquidated.
Item 7. FINANCIAL STATEMENTS
The following pro-forma consolidated financial statements represent the
Partnership's consolidated balance sheet and consolidated statement of
operations as of March 31, 1998 and the year ended December 31, 1997, as if the
sale of the aforementioned properties had occurred on January 1, 1997.
Page 2 of 6
<PAGE>
Pro forma Consolidated Balance Sheet
As of March 31, 1998
(in thousands, except units outstanding)
(Unaudited)
<TABLE>
<CAPTION>
Pro Forma
Historical Adjustments Pro Forma
----------- ----------- -------------
<S> <C> <C> <C>
Assets
Rental property:
Land $ 14,213 $ (14,213) $ 0
Building and improvements 28,634 (28,634) 0
----------- ----------- -------------
Less accumulated depreciation (12,980) 12,980 0
----------- ----------- -------------
Net rental property 29,867 (29,867) 0
Cash and cash equivalents 1,891 (1,891) 0
Deferred financing costs, net 407 (407) 0
Other assets 233 (233) 0
----------- ------------ -------------
Total assets $ 32,398 $ (32,398) $ 0
=========== =========== =============
Liabilities and Partners' Equity (Deficit)
Liabilities:
Notes payable $ 22,949 $ (22,949) $ 0
Accounts payable and accrued expenses 158 (158) 0
Interest payable 153 (153) 0
Other liabilities 272 (272) 0
----------- ----------- -------------
Total liabilities 23,532 (23,532) 0
----------- ----------- -------------
Commitments and contingent liabilities
Minority interest 372 (372) 0
----------- ----------- -------------
Partners' equity (deficit):
General Partner (83) 83 0
Limited Partners, 2,822,828 limited
partnership units outstanding at
March 31, 1998 including 2,121,285
preferred units outstanding at
March 31, 1998 8,577 (8,577) 0
----------- ----------- -------------
Total partners' equity 8,494 (8,494) 0
----------- ----------- -------------
Total liabilities and partners' equity $ 32,398 $ (32,398) $ 0
=========== =========== =============
</TABLE>
Page 3 of 6
<PAGE>
Pro forma Consolidated Statement of Income For the three
months ended March 31, 1998 (in thousands, except units
outstanding)
(Unaudited)
<TABLE>
<CAPTION>
Pro Forma
Historical Adjustments Pro Forma
----------- ----------- -------------
<S> <C> <C> <C>
Revenue:
Rental income $ 1,608 $ (1,608) $ 0
Interest and other income 38 (38) 0
----------- ----------- -------------
Total revenue 1,646 (1,646) 0
----------- ----------- -------------
Expenses:
Operating 637 (637) 0
Interest 479 (479) 0
Depreciation 232 (232) 0
General and administrative 84 (84) 0
----------- ----------- -------------
Total expenses 1,432 (1,432) 0
----------- ----------- -------------
Income before minority interest 214 (214) 0
Minority interest (11) 11 0
----------- ----------- -------------
Net income $ 203 $ (203) $ 0
=========== =========== ==============
Net income per limited partnership unit $ 0.07 $ (0.07) $ 0
=========== =========== =============
Weighted average number of limited partnership units outstanding during the
period used to compute net income
per limited partnership unit 2,822,828 (2,822,828) 0
=========== =========== =============
Weighted average number of preferred units
outstanding during the period used to
compute distributions per preferred unit 2,121,285 (2,121,285) 0
=========== ========== =============
</TABLE>
Page 4 of 6
<PAGE>
Pro forma Consolidated Statement of Operations
For the year ended December 31, 1997
(in thousands, except per unit amounts)
(Unaudited)
<TABLE>
<CAPTION>
Pro Forma
Historical Adjustments Pro Forma
----------- ----------- -------------
<S> <C> <C> <C>
Revenues:
Rental income $ 6,224 (6,224) $ 0
Interest and other income 54 (54) 0
----------- ------------ -------------
Total revenues 6,278 (6,278) 0
----------- ------------ -------------
Expenses:
Operating 2,517 (2,517) 0
Interest 1,919 (1,919) 0
Depreciation 912 (912) 0
General and administrative 345 (345) 0
----------- ------------ -------------
Total expenses 5,693 (5,693) 0
----------- ----------- -------------
Income (loss) from operations $ 585 $ (585) $ 0
Minority interest (26) 26 0
----------- ----------- -------------
Net income (loss) $ 559 (559) 0
=========== =========== =============
Net income (loss) per limited partnership unit $(0.20) $0.20 $(0.00)
======= ===== =======
Weighted average number of limited partnership units outstanding during the
period used to compute net income (loss)
per limited partnership unit 2,824,124 (2,824,124) 0
=========== ============ =============
Weighted average number of preferred units
outstanding during the period used to compute
distributions per preferred unit 2,121,285 (2,121,285) 0
=========== ============ =============
</TABLE>
Page 5 of 6
<PAGE>
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.
RANCON PACIFIC REALTY, L.P.
a Delaware Limited Partnership (Registrant)
Date: July 14, 1998 By: /s/ Daniel L. Stephenson
------------------------
Daniel L. Stephenson Director, President,
Chief Executive Officer and Chief
Financial Officer of RF Pacific Realty,
Inc.,, General Partner of RC Pacific
Realty Partners, L.P.
Page 6 of 6
<PAGE>
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