FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
October 21, 1997
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Date of Report
(Date of earliest event reported)
Metric Income Trust Series, Inc.
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(Exact name of registrant as
specified in its charter)
0-18294 California 94-3087630
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(Registration (State or Other (IRS Employer
File Jurisdiction of Identification
Number) Incorporation) Number)
One California Street, San Francisco, California 94111-5415
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(415) 678-2000
(800) 347-6707 Watts line for all states
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
(a) The Registrant was organized to acquire, hold for investment, manage,
and ultimately sell income-producing real properties and investments in
securities. In the normal course of its business, the registrant sold
the Haverty's Furniture Store, located in Plano, Texas, on October 21,
1997.
TERMS OF ORIGINAL ACQUISITION
On December 22, 1994 the Registrant acquired Haverty's Furniture Store in Plano,
Texas for $4,083,000 including acquisition fees and other miscellaneous closing
costs. An additional $3,000 of costs were capitalized subsequent to acquisition.
TERMS OF DISPOSITION AND FINANCING
The Registrant sold Haverty's Furniture Store on October 21, 1997. The net sales
price was $4,425,000. After payment of estimated expenses of sale, the proceeds
to the Registrant approximated $4,231,000.
CARRYING AMOUNT AT DATE OF SALE
The carrying amount of the land and improvements approximated $3,822,000 and
$3,869,000 on a book basis and tax basis, respectively.
GAIN ON SALE
The gain recognized on the sale approximated $409,000 and $362,000 on a book
basis and tax basis, respectively.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Financial statements
Not applicable.
(b) Pro Forma Financial Information
Not applicable.
(c) Exhibits.
Upon their receipt, Registrant will amend its Form 8-K to include the
disposition documents for Haverty's Furniture Store.
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SIGNATURE
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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.
METRIC INCOME TRUST SERIES, INC.,
a California Corporation
By: /s/ William A. Finelli
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William A. Finelli
Chief Financial Officer
Date: November 3, 1997
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