-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PXLIwTwmxF3dPgm5nzlv342JGy4CkKeluKaw70n8EAR3VOmCrpZ4AORlHzS+g0fh f57VClPcIgIQlPLvQdqMNQ== 0000912057-96-026713.txt : 19961120 0000912057-96-026713.hdr.sgml : 19961120 ACCESSION NUMBER: 0000912057-96-026713 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19961024 ITEM INFORMATION: Acquisition or disposition of assets ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19961115 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 SEC ACT: 1934 Act SEC FILE NUMBER: 000-08725 FILM NUMBER: 96667463 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 1 FORM 8-K 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 24, 1996 ---------------- 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 Incorporation Identification 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. On October 24, 1996 El Portal Shopping Center, located in San Pablo, California was placed in temporary receivership by the Superior Court of the State of California. The receiver is an unrelated entity selected by Nationwide Life Insurance Company, the holder of a non-recourse first mortgage on the property, and the Superior Court. The Trust's decision to withhold further mortgage payment obligations to the holder of the first mortgage as a result of the Property's continued negative cash flow resulting from recurring losses and requisite capital expenditures. A hearing is set for November 18, 1996 to confirm the receivership. TERMS OF ORIGINAL ACQUISITION In 1976, the Trust purchased the EL Portal Shopping Center for $3,200,000, of which $643,000 was paid in cash, and the balance in the form of notes payable. In 1978 and 1986 El Portal Shopping Center was expanded and repositioned. The center has a total of 271,426 square feet of gross leasable area. TERMS OF DISPOSITION AND FINANCING At the time of the temporary receivership EL Portal's first mortgage loan balance was $4,438,000. The Trust remains liable for a small toxic spill from a former dry cleaning establishment at EL Portal Shopping Center. The cost of clean up is not expected to exceed $100,000. The timetable for clean up of the spill has not yet been established. Loss on disposition of approximately $1,000,000 will be recorded in the fourth quarter 1996. CARRYING AMOUNT AT DATE OF SALE At the date the property was placed in temporary receivership, the carrying amount of land and improvements, deferred costs and net of depreciation and amortization was $5,400,000. 2 ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS (a) Financial statements. Not applicable. (b) Pro forma Financial Information. The effect of the anticipated disposition on the proforma financial statement is to reduce total assets and liabilities at September 30, 1996 by approximately, $5,400,000 and $4,400,000 respectively, and to reduce total revenues by $517,000 and $955,000 for the nine months ended September 30, 1996 and year ended December 31, 1995, respectively. (c) Exhibits. Upon their receipt the Trust will amend its Form 8-K to include the disposition documents for El Portal Shopping Center. -------------------------------------- ------------------ Wilcox Patterson Date -------------------------------------- ------------------ Robert C. Gould Date -------------------------------------- ------------------ Harry E. Kellogg Date 3 -----END PRIVACY-ENHANCED MESSAGE-----