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
December 24, 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 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 Stop N Go Store #2092 located in Rubidoux, California, the last
property in the registrant's portfolio.
TERMS OF ORIGINAL ACQUISITION
On November 30, 1989 the Registrant acquired the Stop N Go Store #2092 located
in Rubidoux, California for $946,000 including acquisition fees and other
miscellaneous closing costs
TERMS OF DISPOSITION AND FINANCING
The Registrant sold the sold the Stop N Go Store #2092 located in Rubidoux,
California on December 24, 1998. The sales price was $970,000. After payment of
expenses of sale, the proceeds to the Registrant were approximately $857,000.
CARRYING AMOUNT AT DATE OF SALE
The carrying amount of the land and improvements approximated $887,000
(including $59,000 deferred lease income receivable) and $826,000 on a book
basis and tax basis, respectively.
GAIN/LOSS ON SALE
The loss recognized on the sale approximated $30,000 and the gain recognized on
the sale approximated $31,000 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
Historical financial information and Pro Forma financial information
relating to the sale are not included in this Form 8-K, as the
registrant is in its final stages of liquidation and dissolution.
(c) Exhibits
Upon their receipt, the Registrant will amend its Form 8-K to include
the disposition documents for the above-mentioned property.
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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 5, 1999
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