-----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, VABUiz9n84TsC+iP1MoAwcWkEkafMnh3eUCJyxihhfSksIvklVt2xJJcyEStZCHU ugdGY1dnwQKwUBuxe1kH2A== /in/edgar/work/20000804/0000757642-00-000006/0000757642-00-000006.txt : 20000921 0000757642-00-000006.hdr.sgml : 20000921 ACCESSION NUMBER: 0000757642-00-000006 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20000630 ITEM INFORMATION: FILED AS OF DATE: 20000804 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LIF CENTRAL INDEX KEY: 0000757642 STANDARD INDUSTRIAL CLASSIFICATION: [6798 ] IRS NUMBER: 942969720 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-15756 FILM NUMBER: 686206 BUSINESS ADDRESS: STREET 1: 155 BOVET RD STREET 2: STE 100 CITY: SAN METEO STATE: CA ZIP: 94402 BUSINESS PHONE: 4155135200 MAIL ADDRESS: STREET 1: PO BOX 130 CITY: CARBONDALE STATE: CO ZIP: 81623 FORMER COMPANY: FORMER CONFORMED NAME: LANDSING INCOME FUND DATE OF NAME CHANGE: 19900827 FORMER COMPANY: FORMER CONFORMED NAME: LANDSING REALTY PARTNERS III DATE OF NAME CHANGE: 19850617 8-K 1 0001.txt SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Date of Report: August 4, 2000 LIF (Exact name of registrant as specified in its charter) California 2-94509 94-2969720 (State or other (Commission File No.) (I.R.S. Employer jurisdiction of Identification No.) incorporation) P.O. Box 130, Carbondale, Colorado 81623 (Address of principal executive offices) (970) 963-8007 (Registrant's telephone number, including area code) ITEM 1. CHANGES IN CONTROL OF REGISTRANT Not Applicable ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS On July 21, 2000, the registrant sold one of its real property investment known as 701 Cooper, located in Glenwood Springs, Colorado. The property consisted of 1 commercial building. The buyer, Lemarie & Piot, LLC., is not affiliated with the registrant. The sale price received by the registrant was $499,000 which resulted in a gain of $169,872 and cash proceeds of $148,676. ITEM 3. BANKRUPTCY OR RECEIVERSHIP Not Applicable ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANTS Not Applicable ITEM 5. OTHER EVENTS Not Applicable ITEM 6. RESIGNATION OF REGISTRANT'S DIRECTORS Not Applicable ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS (a) Financial statements of business acquired Not Applicable (b) Pro Forma Balance Sheet - June 30, 2000 Pro Forma Statements of Operations: Year ended June 30, 2000. Notes to Pro Forma Financial Statements (c) Exhibits Not Applicable ITEM 8. CHANGE IN FISCAL YEAR Not Applicable PRO FORMA FINANCIAL STATEMENTS The following Pro Forma Balance Sheet of the registrant as of June 30, 2000 and the Pro Forma Statement of Operations for the three months ended June 30, 2000, reflects pro forma adjustments to the registrant's historical Financial Statement assuming the property was not owned by LIF during that time as explained in Notes to Pro Forma Financial Statements. The Pro Forma Statement of Operations for the three months ended June 30, 2000 is not necessarily indicative of the actual results that would have occurred had the property sale been consummated at the beginning of the respective periods or of future operations of the registrant. The Pro Formas do not take into consideration the increase in LIF's liquidity or possible uses of those funds. These statements should be read in conjunction with the Notes to Pro Forma Financial Statements. LIF PRO FORMA BALANCE SHEET, JUNE 30, 2000 (Unaudited) (Dollars in thousands)
Pro Forma Adjustments Add (Deduct) June 30, 2000 (Note A) Pro Forma ASSETS INVESTMENTS IN REAL ESTATE: Rental properties $ 327 $ (327) $ 0 Accumulated depreciation (40) 40 0 Rental properties - net 287 287 0 CASH 1,360 0 1,360 OTHER ASSETS Accounts receivable 0 0 0 Prepaid expenses and deposits 1 (1) 0 Deferred expenses 2 (2) 0 Notes receivable 0 0 0 Total other assets 3 (3) 0 TOTAL $ 1,650 $ (290) 1,360 LIABILITIES AND PARTNERS' EQUITY LIABILITIES: Notes payable $ 300 $ (300) $ 0 Accounts payable 1 (1) 0 Other liabilities 3 (3) 0 Total liabilities 304 (304) 0 PARTNERS' EQUITY 1,346 14 1,360 TOTAL $ 1,650 $ (290) $1,360 The accompanying notes are an integral part of the pro forma financial statements.
LIF PRO FORMA STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 2000 (Unaudited) (In thousands except per unit amounts)
Pro Forma Adjustments Add (Deduct) June 30, 2000 (Note B) Pro Forma REVENUE Rental $ 35 $ 0 $ 35 Interest 8 0 8 Gain on sale 203 0 203 Total Revenue 246 0 246 EXPENSE Interest 25 (8) 17 Operating 12 (1) 11 Depreciation and amortization 13 (2) 11 General and administration 55 0 55 Total expense $ 105 $ (11) $ 94 NET LOSS/INCOME $ 141 $ 11 $152 NET LOSS PER PARTNERSHIP UNIT $ 11 $ 1 $ 12 The accompanying notes are an integral part of the pro forma financial statements.
NOTES TO PRO FORMA FINANCIAL STATEMENTS (Dollars in thousands) A. The Balance Sheet Pro Forma adjustments reflect the sale of the 701 Cooper Building as if the sale occurred on June 30, 2000. A gain of $170 was recognized by the registrant which has been adjusted for activity subsequent to June 30, 2000, and through the date of sale (see Note B). The cost of investments in real estate, accumulated depreciation, prepaid expenses and deposits, deferred costs, notes payable and other liabilities have been adjusted by their respective balances at June 30, 2000. The registrant received cash proceeds of $149 from this sale. B. The Pro Forma Statement of Operations for the year ended June 30, 2000, reflects the loss from continuing operations before reflecting any amounts attributable to the operations of the 701 Cooper Building during 2000. The gain of $170 from the property sale which has not been reflected in the Pro Forma Statement of Operations, was determined as follows:
Sale price $ 499 Less: selling costs (42) Net selling price 457 Property basis 327 Accumulated depreciation and amortization (40) Net book value 287 Gain on sale of rental property $ 170
SIGNATURES 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. Date: August 4, 2000 LIF By: /s/ Gary K. Barr Partners 85 Managing General Partner -----END PRIVACY-ENHANCED MESSAGE-----