-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, dtFi5+h9FP1Tycd2XM7jybaa6rYYKqYnQJtvXzp5Y6dUuRrIH3blY6fiLGovJoM6 UwLJXSfKhSE5432SoRIQmg== 0000912057-95-002823.txt : 19950428 0000912057-95-002823.hdr.sgml : 19950428 ACCESSION NUMBER: 0000912057-95-002823 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950413 ITEM INFORMATION: Acquisition or disposition of assets ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19950427 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: PACIFIC REAL ESTATE INVESTMENT TRUST INC CENTRAL INDEX KEY: 0000230437 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 941572930 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-08725 FILM NUMBER: 95532099 BUSINESS ADDRESS: STREET 1: 1010 EL CAMINO REAL STE 210 CITY: MENLO PARK STATE: CA ZIP: 95025 BUSINESS PHONE: 4143277147 MAIL ADDRESS: STREET 1: 1010 EL CAMINO REAL STREET 2: STE 210 CITY: MENLO PARK STATE: CA ZIP: 95025 FORMER COMPANY: FORMER CONFORMED NAME: PACIFIC REAL ESTATE INVESTMENT TRUST DATE OF NAME CHANGE: 19920703 8-K/A 1 8-K/A FORM 8-K/A SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 MARCH 13, 1995 Date of Report (Date of Earliest Event Reported) PACIFIC REAL ESTATE INVESTMENT TRUST (Exact name of registrant as specified in its charter) 0-8725 CALIFORNIA 94-1572930 (Registration (State or Other (IRS Employer file Number) Jurisdiction of Identification Incorporation) Number) 1010 EL CAMINO REAL #210, MENLO PARK CA 94025 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (415) 327-7147 (800) 366-6707...Wats line for all states ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS (A) The Trust was organized to acquire, manage and ultimately sell income- producing real properties. In the course of its business, LAKESHORE PLAZA, located in San Francisco, California, was sold on March 13, 1995. TERMS OF ORIGINAL ACQUISITION On October 1991, the Trust acquired an option to purchase Lakeshore Plaza Shopping Center for $326,000. The Trust acquired the property in June 17, 1992 and was in the process of redeveloping the property. The purchase price was $13,065,000. The Trust's mortgage loan encumbering the property owned by the Trust was a first from Lincoln National for $16,600,000 and a second from Yale University for $4,000,000. TERMS OF DISPOSITION AND FINANCING Lakeshore Plaza Shopping Center was sold for $31,292,000. After payment of the existing first and second loan balances of approximately $15,879,655 and $4,020,000, respectively, estimated expense related to the sale of $1,750,000 and a assumption charge of $158,000 the proceeds to the Trust were approximately $9,500,000. CARRYING AMOUNT AT DATE OF SALE At the date of sale, the carrying amount of land and improvements and note payable discount and deferred refinancing fees for financial statement purposes was $31,292,000. LOSS ON SALE The loss on sale of Lakeshore Plaza Shopping Center of $4,400,000 was recognized in 1994 as a loss on impairment of property value. 2 PACIFIC REAL ESTATE INVESTMENT TRUST ------------ PRO FORMA CONSOLIDATED BALANCE SHEET (UNAUDITED) DECEMBER 31, 1994
ASSETS HISTORICAL PRO FORMA PRO FORMA ------------- --------- --------- ADJUSTMENTS ----------- (NOTE 1) -------- Investment in commercial properties: Operating properties: Land . . . . . . . . . . . . . . . . . . . . . $ 24,015,000 $ (9,707,000) $ 14,308,000 Buildings and improvements . . . . . . . . . . 77,521,000 (21,307,000) 56,214,000 Accumulated depreciation . . . . . . . . . . . (17,000,000) 956,000 (16,044,000) ------------- ------------- ------------- Operating properties - net . . . . . . . . . . 84,536,000 (30,058,000) 54,478,000 Mortgage notes receivable. . . . . . . . . . . . . . . . . 5,190,000 0 5,190,000 Tenant and other notes receivable - net. . . . . . . . . . 1,596,000 0 1,596,000 Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . 666,000 0 666,000 Accounts receivable (net of allowance of $103,000 in 1994 and $165,000 in 1993) . . . . . . . . . . . . . . . . 1,191,000 (442,000) 749,000 Deferred lease commissions - net . . . . . . . . . . . . . 860,000 0 860,000 Deferred financing costs - net . . . . . . . . . . . . . . 584,000 (19,000) 565,000 Other assets . . . . . . . . . . . . . . . . . . . . . . . 664,000 (132,000) 532,000 ------------- ------------- ------------- Total . . . . . . . . . . . . . . . . $ 95,287,000 $ (30,651,000) $ 64,636,000 ------------- ------------- ------------- ------------- ------------- ------------- LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Mortgage loans . . . . . . . . . . . . . . . . . . . . $ 57,335,000 $ (19,933,000) $ 37,402,000 Short-term notes . . . . . . . . . . . . . . . . . . . 0 0 Short-term notes due affiliates. . . . . . . . . . . . 15,435,000 (5,045,000) 10,390,000 Unsecured note payable . . . . . . . . . . . . . . . . 3,000,000 (3,000,000) 0 Security deposits. . . . . . . . . . . . . . . . . . . 291,000 (49,000) 242,000 Accounts payable and other liabilities . . . . . . . . 1,673,000 (762,000) 911,000 ------------- ------------- ------------- Total liabilities . . . . . . . . . . 77,734,000 (28,789,000) 48,945,000 ------------- ------------- ------------- Commitments and contingencies. . . . . . . . . . . . . . . Minority interest in joint venture . . . . . . . . . . . . 3,356,000 0 3,356,000 Shareholders' Equity: Shares of beneficial interest, $10 par value, authorized: 1994 and 1993, 10,611,863; shares issued and outstanding: 1994: 3,706,845; 1993: 3,707,072 37,068,000 0 37,068,000 Additional paid-in capital . . . . . . . . . . . . . . . . 11,009,000 0 11,009,000 Distributions in excess of net income. . . . . . . . . . . (33,880,000) (1,862,000) (35,742,000) ------------- ------------- ------------- Shareholders' equity - net . . . . . . . . . . . . . . . . 14,197,000 (1,862,000) 12,335,000 ------------- ------------- ------------- Total . . . . . . . . . . . . . . . . $ 95,287,000 $ (30,651,000) 64,636,000 ------------- ------------- ------------- ------------- ------------- -------------
See note to pro forma consolidated financial statements. 3 PACIFIC REAL ESTATE INVESTMENT TRUST ------------ PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) FOR THE YEAR ENDED DECEMBER 31, 1994
HISTORICAL PRO FORMA PRO FORMA ------------ ---------- ----------- ADJUSTMENT ---------- (NOTE 1) -------- Rental revenues. . . . . . . . . . . . . . . . . . . $ 12,417,000 $ 3,576,000 $ 8,841,000 ------------ ----------- ----------- Operating expenses (including related party amounts of $996,000, $391,000 and $356,000 in 1994, 1993 and 1992 respectively): Operating. . . . . . . . . . . . . . . . . . . . . 2,162,000 514,000 1,648,000 Property tax . . . . . . . . . . . . . . . . . . . 953,000 315,000 638,000 General and administrative . . . . . . . . . . . . 854,000 0 854,000 Depreciation and amortization. . . . . . . . . . . 3,862,000 1,009,000 2,853,000 Property management fees . . . . . . . . . . . . . 456,000 145,000 311,000 ------------ ----------- ----------- Total operating expenses. . . . . . . . . . . . 8,287,000 1,983,000 6,304,000 ------------ ----------- ----------- Operating income . . . . . . . . . . . . . . . . . . 4,130,000 1,593,000 2,537,000 ------------ ----------- ----------- Other income/(expense): Interest income. . . . . . . . . . . . . . . . . . 1,033,000 0 1,033,000 Interest expense . . . . . . . . . . . . . . . . . (8,230,000) (2,549,000) (5,681,000) Prepayment penalty . . . . . . . . . . . . . . . . (271,000) 0 (271,000) Gain on lease termination. . . . . . . . . . . . . 3,577,000 0 3,577,000 Loss on impairment of property value . . . . . . . (8,000,000) (4,400,000) (3,600,000) Reincorporation expenses . . . . . . . . . . . . . (355,000) 0 (355,000) Expenses of prospective offering . . . . . . . . . (301,000) 0 (301,000) Property acquisition expenses. . . . . . . . . . . (503,000) 0 (503,000) Gain on sale of options. . . . . . . . . . . . . . 994,000 0 994,000 ------------ ----------- ----------- Total other income/(expense). . . . . . . . . . (12,056,000) (6,949,000) (5,107,000) ------------ ----------- ----------- Net loss before minority interest. . . . . . . . . . (7,926,000) (5,356,000) (2,570,000) Minority interest in joint venture . . . . . . . . . (328,000) 0 (328,000) ------------ ----------- ----------- Net loss . . . . . . . . . . . . . . . . . . . . . . $ (8,254,000) $ (5,356,000) $ (2,898,000) ------------ ----------- ----------- ------------ ----------- -----------
See notes to consolidated financial statements. 4 BASIS OF PRESENTATION NOTE 1. The unaudited statements present: (1) the pro-forma consolidated balance sheet at December 31, 1994 as if the Trust had sold Lakeshore Plaza Shopping Center ("Lakeshore") on that date, and (2) the pro-forma consolidated statement of operations for the year ended December 31, 1994 as if the Trust had sold Lakeshore Plaza on January 1, 1994. The unaudited statements also present the historical figures as previously reported in the appropriate Form 10-K. Accounts related to Lakeshore Plaza Shopping Center have been eliminated as presented by the pro forma adjustments. 5 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 of Lakeshore Plaza Shopping Center are included in this report. (c) Exhibits. The appropriate documents have been mailed to the SEC. ------------------------ -------------- Wilcox Patterson Date ------------------------ -------------- Robert Ch. Gould Date ------------------------ -------------- Harry E. Kellogg Date 6 -----END PRIVACY-ENHANCED MESSAGE-----