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
January 12, 1998
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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 5. OTHER EVENTS
This letter from Registrant to its Shareholders dated January 12, 1998, filed
herewith as Exhibit 20.4 is hereby incorporated by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits:
20.4 Letter dated January 12, 1998 from Registrant to its Shareholders.
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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: January 12, 1998
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January 12, 1998
To: The Shareholders of Metric Income Trust Series, Inc.
("MITS" or the "Fund")
RE: Distribution of Sales Proceeds
Dear Shareholder:
As reported in the 1997 Third Quarter Report, the Fund successfully negotiated
the sale of the Haverty's Furniture Store located in Plano, Texas, which closed
escrow on October 21, 1997. We are also pleased to report that the Fund
completed the sale of eight convenience store properties on December 23, 1997,
followed by the successful sale of Wickes Furniture Store in Torrance,
California on December 30, 1997. The Board of Directors, at its December 10,
1997 meeting, declared a special dividend of these sales proceeds, less a
reserve (as discussed below), payable on January 12, 1997 to Shareholders of
Record as of December 31, 1997. This dividend amounts to $2.75 per Share. As
noted, the Board voted unanimously to withhold a reserve from this distribution
of sales proceeds in the amount of $2,000,000. These funds will be used to meet
any unforeseen contingencies arising from past or future property sales and to
cover the costs of operating the Fund through dissolution.
The Fund's liquidation strategy progressed during 1997, and only two assets
remain in the Portfolio: the NCS (Circle K) Store in Rubidoux, California and
the Pearle Express Store in Morrow, Georgia. The Advisor is currently
negotiating with potential buyers for the sale of these properties. As a result
of the reduction of the Fund's asset base and limited income from operations,
the Board did not declare a fourth quarter dividend from operations, and
determined to forego further regular quarterly dividends. Hence, the dividend
for the third quarter of 1997 was the final quarterly dividend from operations.
It is currently anticipated that the Board will declare dividends of income (in
excess of the cost of operations) generated by the remaining properties and
interest income from the reserve funds invested in mortgage-backed securities on
an annual basis. It is also anticipated that the Board will declare a special
dividend from the sales proceeds of the Rubidoux NCS Store and Pearle Express
Store subsequent to these sales.
The 1998 Annual Meeting of Shareholders is scheduled to take place on June 17,
1998, at which time Shareholders will be asked to vote to approve a plan of
dissolution. Shareholders will receive a Proxy Statement describing the proposed
Plan of Dissolution and Proxy Card in conjunction with the distribution of the
1997 Annual Report in April 1998.
(Over)
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To assist Shareholders in filing their 1997 income tax returns, the Fund will
mail Forms 1099 by the end of January 1998. Please note that MITS does not issue
Forms 1099 to Shareholders whose investments are classified as tax exempt (IRAs,
Keoghs, or Qualified Retirement Plans) since IRS regulations exempt the Fund
from filing for these investments.
Should you have any questions regarding this communication or the performance of
the Fund, please contact the Shareholder Representative for MITS at (800)
347-6707. Operational questions concerning your investment, including those
related to dividend payments, tax reporting information (Forms 1099-DIV) or
resale or transfer documents, should be directed to the Fund's Servicing and
Transfer Agent, Gemisys, at (800) 955-3025.
METRIC INCOME TRUST SERIES, INC.
