FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) December 9, 1999
Realty Parking Properties L.P.
(Exact Name of Registrant as Specified in its Charter)
Delaware 0-17616 52-1591575
(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification Number)
225 East Redwood Street, Baltimore, Maryland 21202
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (410) 727-4083
N/A
(Former name or former address, if changed since last report.)
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REALTY PARKING PROPERTIES L.P.
Index
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<CAPTION>
Page(s)
<S> <C>
Item 1 Changes in Control of Registrant Inapplicable
Item 2 Acquisition or Disposition of Assets 1
Item 3 Bankruptcy or Receivership Inapplicable
Item 4 Changes in Registrant's Certifying Accountant Inapplicable
Item 5 Other Events Inapplicable
Item 6 Resignations of Registrant's Directors Inapplicable
Item 7 Financial Statements and Exhibits:
Narrative 1
Pro Forma Balance Sheet as of September 30, 1999 2
Pro Forma Statement of Operations for the nine months
ending September 30, 1999 3
Pro Forma Statement of Operations for the year
ending December 31, 1998 4
Notes to Pro Forma Financial Statements 5
Item 8 Change in Fiscal Year Inapplicable
Item 9 Sales of Equity Securities Pursuant to Regulation S Inapplicable
Signatures 6
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REALTY PARKING PROPERTIES L.P.
Item 2. Acquisition or Disposition of Assets
On December 9, 1999, the Partnership sold its 413-car parking garage,
located on a 100,600 square foot parcel of land in Denver, Colorado, for
$8,625,000. The Partnership's investment in the property was $6,137,882, net of
accumulated depreciation of $13,440.
UNAUDITED PRO FORMA FINANCIAL INFORMATION
The following unaudited pro forma Balance Sheet assumes the sale of the
Denver, Colorado property on September 30, 1999. The unaudited pro forma
Statements of Operations assume the sale of the property on January 1, 1998, and
January 1, 1999, as discussed in Note 1 to the pro forma financial statements,
herein.
This information should be read in conjunction with the Partnership's Form
10-K for the year ended December 31, 1998 and its Form 10-Q for the period ended
September 30, 1999.
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REALTY PARKING PROPERTIES L.P.
Pro Forma Balance Sheet
Unaudited
<TABLE>
<CAPTION>
Sept. 30,
1999 Pro Forma Pro Forma
Historical Adjustments Results
Assets
<S> <C> <C> <C>
Investment in real estate. net $ 32,828,772 $ (6,137,882)(1) $ 26,690,890
Cash and cash equivalents 942,452 942,452
Accounts receivable 569,486 (53,819)(2) 515,667
$ 34,340,710 $ (6,191,701) $ 28,149,009
Liabilities and Partners' Capital
Accounts payable $ 24,834 $ 0 $ 24,834
Due to affiliates 30,857 30,857
Real estate taxes payable 280,500 (53,819)(2) 226,681
336,191 (53,819) 282,372
Partners' Capital
General Partner (56,089) (122,758)(1) (178,847)
Assignee and Limited Partnership
Interests - $25 stated value per unit,
1,909,127 units outstanding 34,060,508 (6,015,124)(1) 28,045,384
Subordinated Limited Partner 100 0 100
34,004,519 (6,137,882) 27,866,637
$ 34,340,710 $ (6,191,701) $ 28,149,009
</TABLE>
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REALTY PARKING PROPERTIES L.P.
Pro Forma Statement of Operations
Unaudited
<TABLE>
<CAPTION>
Nine Mos.
Sept. 30,
1999 Pro Forma Pro Forma
Historical Adjustments Results
Revenues
<S> <C> <C> <C>
Parking lot rental $ 2,042,272 $ (374,261) (3) $ 1,668,011
Interest income 32,820 32,820
2,075,092 (374,261) 1,700,831
Expenses
Administrative, including amounts to related party 85,785 85,785
Professional fees 15,822 15,822
Management fees to related party 31,034 (6,413) (3) 24,621
Depreciation 93,561 (2,688) (3) 90,873
226,202 (9,101) 217,101
Net earnings $ 1,848,890 $ (365,160) (4) $ 1,483,730
Net earnings per unit of assignee and
limited partnership interests-basic $ 0.95 $ (0.19) (4&5) $ 0.76
Cash distribution per unit of assignee and
limited partnership interests $ 0.95 $ (0.19) (4&5) $ 0.76
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REALTY PARKING PROPERTIES L.P.
Pro Forma Statement of Operations
Unaudited
<TABLE>
<CAPTION>
Twelve Mos.
Dec. 31,
1998 Pro Forma Pro Forma
Historical Adjustments Results
Revenues
<S> <C> <C> <C>
Parking lot rental $ 2,702,673 $ (500,069) (3) $ 2,202,604
Interest income 47,354 47,354
2,750,027 (500,069) 2,249,958
Expenses
Administrative, including amounts to related party 106,108 106,108
Professional fees 39,144 39,144
Management fees to related party 43,781 (10,528) (3) 33,253
Depreciation 124,748 (3,584) (3) 121,164
313,781 (14,112) 299,669
Net earnings $ 2,436,246 $ (485,957) (4) $ 1,950,289
Net earnings per unit of assignee and
limited partnership interests-basic $ 1.25 $ (0.25) (4&5) $ 1.00
Cash distributions per unit of assignee and
limited partnership interests $ 1.27 $ (0.25) (4&5) $ 1.02
</TABLE>
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REALTY PARKING PROPERTIES L.P.
Notes to Pro Forma Financial Statements
Unaudited
Note 1
On December 9, 1999, the Partnership sold its 413-car parking garage,
located on a 100,600 square foot parcel of land in Denver, Colorado, for
$8,625,000. The Partnership's investment in the property was $6,137,882, net of
accumulated depreciation of $13,440. Investment in real estate and partners'
capital have been adjusted to reflect the sale of the property as of September
30, 1999 in accordance with the Partnership Agreement.
Note 2
Accounts receivable and real estate taxes payable have been adjusted to
reflect reductions in these items as if the property was sold as of September
30, 1999.
Note 3
Parking lot rental income, management fees and depreciation expense have
been adjusted to reflect reductions in these items as if the property was sold
at the beginning of each period.
Note 4
There is no difference between the Fund's net earnings for income tax
purposes and net earnings for financial reporting purposes.
Note 5
Net earnings per unit and cash distributions per unit, as reflected in the
pro forma statements of operations for the twelve months ended December 31,
1998, and the nine months ended September 30, 1999, are based upon 1,909,127
units outstanding.
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REALTY PARKING PROPERTIES L.P.
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.
REALTY PARKING PROPERTIES L.P.
DATE: 12/22/99 By: /s/ John M. Prugh
John M. Prugh
President
Realty Parking Company, Inc.
General Partner
DATE: 12/22/99 By: /s/ Timothy M. Gisriel
Timothy M. Gisriel
Treasurer
Realty Parking Company, Inc.
General Partner
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