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) April 15, 1997
FLORIDA INCOME FUND III, Limited Partnership
--------------------------------
(Exact Name of Registrant as Specified in its Charter)
DELAWARE 33-19152 65-0016187
- --------------- ---------------------- ------------
(State or Other (Commission file number) (IRS Employer
Jurisdiction of ID Number)
Incorporation)
12800 University Drive, Ste 675, Ft. Myers, FL 33907
--------------------------------------------------------
(Address of Principal Executive Offices (Zip Code)
Registrant's telephone number, including area code (941) 481-2011
---------------
N/A
-----------------------------------------------------------
Former Name or Former Address, if Changes Since Last Report
<PAGE>
<PAGE>
TABLE OF CONTENTS
ITEM 2
ACQUISITION OR DISPOSITION OF ASSETS
ITEM 5
HISTORICAL SUMMARY OF GROSS REVENUES AND
CERTAIN DIRECT OPERATING EXPENSES
SIGNATURES
Page 2<PAGE>
<PAGE>
ITEM 2 - FORM 8-K
ACQUISITION OR DISPOSITION OF ASSETS
FORECLOSURE OF WALSINGHAM COMMONS SHOPPING CENTER
The Partnership has voluntarily agreed to the appointment of a
receiver for Walsingham Commons and agreed to the entry of a final
judgement of foreclosure in favor of the first mortgage holder, The
Chase Manhattan Bank. In doing so, the Partnership has agreed that
it will not contest the foreclosure. As a result, title to
Walsingham Commons will be transferred from the Partnership at a
judicial sale to be held at a later, as yet undetermined date.
The first mortgage loan is a non-recourse loan which limits
liability of the mortgage debt. Therefore the lender cannot seek
a deficiency judgment against the Partnership in the event that the
property is sold for less than the mortgage loan balance.
The outstanding principal balance of the loan which is being
foreclosed is $3,200,000.
The stipulation agreement provides that all net rental income
received after November 1, 1996 shall be paid over to the receiver.
Net rent is calculated by adding all collected rents and deducting
all operating expenses paid by the Partnership.
Pursuant to information required by Article II of Regulation S-X,
this action will have no effect on the balance sheet as stated or
the Partnership's 10-K report filed for calendar year 1996 since
the most recently filed balance sheet took this event into account.
If this action had occurred on January 1, 1996, the effect on the
unaudited income statement for the twelve months ended December 31,
1996 would have been a decrease in revenue by $442,863, a decrease
in operating expenses by $203,556, a decrease in other non-
operating expenses by $239,992, and a decrease in depreciation and
amortization expense by $132,254. All of the foregoing adjustments
would have resulted in an increase in net income of $132,939.
Included in this report is a historical summary of the property's
gross revenues and certain direct operating expenses for the twelve
months ending 12/31/96, 12/31/95 and 12/31/94.
Page 3<PAGE>
<PAGE>
<TABLE>
<CAPTION> WALSINGHAM COMMONS
HISTORICAL SUMMARY OF GROSS REVENUES AND
CERTAIN DIRECT OPERATING EXPENSES
(1)
12/31/96 12/31/95 12/31/94
<S> <C> <C> <C>
GROSS REVENUES
Total Gross Revenues 442,382 487,671 472,998
CERTAIN DIRECT
OPERATING EXPENSES
Maintenance 53,648 60,711 32,103
Utilities 5,792 5,638 4,406
Administrative 65,719 66,755 69,670
Real Estate Taxes 67,511 69,544 75,377
Landlord Costs 10,886 11,423 24,317
-------- ------- -------
TOTAL CERTAIN DIRECT 203,556 214,071 205,873
OPERATING EXPENSES
EXCESS OF GROSS 238,826 273,600 267,125
REVENUES OVER CERTAIN
DIRECT OPERATING
EXPENSES
</TABLE>
Note (1): This column does not include the Net Rents which
have been assigned to the receiver.
Page 4<PAGE>
<PAGE>
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 III, Limited Partnership
(REGISTRANT)
April 15, 1997
/S/ LAWRENCE A. RAIMONDI
- ----------------------------------
LAWRENCE A. RAIMONDI
PRESIDENT AND DIRECTOR, AND CEO
MARINER CAPITAL MANAGEMENT, INC.
/S/ JOE K. BLACKETER
- ----------------------------------
JOE K. BLACKETER
SECRETARY/TREASURER
MARINER CAPITAL MANAGEMENT, INC.
Page 5
