-----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, InbBBm4lp3N2MVfKU1mQRmzZuI3ATlDrm+F9+ee8vd3R2HNVmoWG+RT+HSUMc+fb zmr0aYvhNHnHBuwP3iZDdg== 0000757642-99-000001.txt : 19990308 0000757642-99-000001.hdr.sgml : 19990308 ACCESSION NUMBER: 0000757642-99-000001 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19981231 ITEM INFORMATION: FILED AS OF DATE: 19990305 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LIF CENTRAL INDEX KEY: 0000757642 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [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: 99557818 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 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: February 26, 1999 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 February 26, 1999, the registrant sold one of its real property investments known as Whistler Point Apartments, located in Boise, Idaho. The property consisted of a 185 units in 13 two and three Story luxury apartment buildings. The buyer, Park Place Accommodators, Inc., is not affiliated with the registrant. The sale price received by the registrant was $9,600,000 which resulted in a gain of $3,487,000 and cash proceeds of $3,603,000 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 - December 31, 1998 Pro Forma Statements of Operations: Year ended December 31, 1998. 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 December 31, 1998 and the Pro Forma Statement of Operations for the year ended December 31, 1998, 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 year ended December 31, 1998 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, DECEMBER 31, 1998 (Unaudited) (Dollars in thousands)
Pro Forma Adjustments Add (Deduct) December 31, 1998 (Note A) Pro Forma ASSETS INVESTMENTS IN REAL ESTATE: Rental properties $ 10,370 $ (8,423) $ 1,947 Accumulated depreciation (2,958) 2,744 (214) Rental properties - net 7,412 (5,679) 1,733 CASH 566 (289) 277 OTHER ASSETS Accounts receivable 143 (19) 124 Prepaid expenses and deposits 23 (19) 4 Deferred expenses 72 (42) 30 Notes receivable 1,892 0 1,892 Total Other Assets 2,131 (80) 2,050 TOTAL $10,109 $ (6,049) $ 4,060 LIABILITIES AND PARTNERS' EQUITY LIABILITIES: Notes payable $ 8,570 $ (5,207) $ 3,363 Accounts payable 28 (18) 10 Other liabilities 241 (244) 17 Total liabilities 8,839 (5,449) 3,390 PARTNERS' EQUITY 1,270 (600) 670 TOTAL $10,109 $ (6,048) $ 4,060 The accompanying notes are an integral part of the pro forma financial statements.
LIF PRO FORMA STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 1998 (Unaudited) (In thousands except per unit amounts)
Pro Forma Adjustments Add (Deduct) December 31, 1998 (Note B) Pro Forma REVENUE Rental $ 1,658 $ (1,380) $ 278 Interest 26 (5) 21 Total Revenue 1,683 (1,385) 298 EXPENSE Interest 558 (420) 138 Operating 650 (561) 89 Depreciation and amortization 382 (313) 69 General and administration 197 (53) 144 Total expense $ 1,786 $ (1,348) $ 438 NET LOSS $ (103) $ (38) $ (142) NET LOSS PER PARTNERSHIP UNIT $ (8) $ (3) $ (11) 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 Whistler Point Apartments as if the sale occurred on December 31, 1998. A gain of $3,387 was recognized by the registrant which has been adjusted for activity subsequent to December 31, 1998, 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 December 31, 1998. The registrant received cash proceeds of $3,603 from this sale. B. The Pro Forma Statement of Operations for the year ended December 31, 1998, reflects the loss from continuing operations before reflecting any amounts attributable to the operations of the Whistler Point Apart- ments during 1998. The gain of $3,487 from the property sale which has not been reflected in the Pro Forma Statement of Operations, was determined as follows: [CAPTION] [S] [C] Sale price $ 9,600 Less: selling costs (383) Net selling price 9,217 Property basis 8,474 Accumulated depreciation and amortization (2,744) Net book value 5,730 Gain on sale of rental property $ 3,487 [/TABLE] 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: February 26, 1999 LIF By: /s/ Gary K. Barr Partners 85 Managing General Partner -----END PRIVACY-ENHANCED MESSAGE-----