-----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, EzE749J8MEoTG8d5Q3Vr3M++5RI4rZy8+wFKV/DiXw16q05WK3FUkn3sQxVQVHt0 41nk0m5kRQGs25uKuZMbPA== 0000950149-98-000032.txt : 19980114 0000950149-98-000032.hdr.sgml : 19980114 ACCESSION NUMBER: 0000950149-98-000032 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971231 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980113 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: GRUBB & ELLIS REALTY INCOME TRUST LIQUIDATING TRUST CENTRAL INDEX KEY: 0000763977 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 946649376 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-13647 FILM NUMBER: 98505530 BUSINESS ADDRESS: STREET 1: 433 CALIFORNIA ST STE 610 STREET 2: STE 1150 CITY: SAN FRANCISCO STATE: CA ZIP: 94104 BUSINESS PHONE: 4153919800 MAIL ADDRESS: STREET 1: 433 CALIFORNIA ST STE 610 CITY: SAN FRANCISCO STATE: CA ZIP: 94104 FORMER COMPANY: FORMER CONFORMED NAME: GRUBB & ELLIS REALTY INCOME TRUST DATE OF NAME CHANGE: 19920703 8-K 1 FORM 8-K FOR GRUBB & ELLIS REALTY TRUST 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ------------------- FORM 8-K CURRENT REPORT Pursuant to Section 13 of 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) December 31, 1997 GRUBB & ELLIS REALTY INCOME TRUST, LIQUIDATING TRUST ---------------------------------------------------- (Exact name of registrant as specified in charter) California 0-13647 94-2960376 - -------------------------------------------------------------------------------- State of other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No. 433 California Street, Suite 610 San Francisco, California 94104 - -------------------------------------------------------------------------------- (Address of Principal executive office) Company's telephone number, including area code (415) 391-9800 - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report.) Total pages: 4 Exhibit Index: p.3 1 2 ITEM 5. OTHER EVENTS Pursuant to Section 5.10 of the Liquidating Agreement, an interim report to unit holders was mailed on December 31, 1997, which reported information incorporated herein by reference to Exhibit 28.1 of this Report. A final liquidating distribution of $.025 per unit was sent to unit holders along with the above referenced report. This distribution completes the distribution of all of the remaining assets of the Trust and thus terminates the Trust effective December 31, 1997. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (c) EXHIBITS 28.1 Grubb and Ellis Realty Income Trust, Liquidating Trust Report to unit holders mailed December 31, 1997 2 3 GRUBB & ELLIS REALTY INCOME TRUST, LIQUIDATING TRUST Form 8-K Exhibit Index
Exhibit Page - ------- ---- 28.1 Grubb & Ellis Realty Income Trust Liquidating Trust 3 Report to Unit holders mailed December 31, 1997.
3 4 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant had duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. GRUBB & ELLIS REALTY INCOME TRUST LIQUIDATING TRUST Date: January 12, 1998 BY: /s/ HAROLD A. ELLIS, JR. ---------------------------- Harold A. Ellis, Jr. Managing Partner Ellis Partners, Inc. Liquidating Agent 4 EX-99.1 2 LIQUIDATING TRUST LETTER TO UNIT HOLDERS 1 EXHIBIT 28.1 GRUBB & ELLIS REALTY INCOME TRUST, L.T. FINAL REPORT TO BENEFICIARIES December 31, 1997 Enclosed is the final distribution of $0.25 per unit which represents the remaining funds of the Trust. Effective December 31, 1997 the Trust was terminated. We finally reached agreement on December 17, 1997 with the purchaser of the Trust's last asset, the Vintner Square Shopping Center in Livermore, California, on a dispute over post-closing adjustments. We have been involved in negotiations on this matter since April, 1997 which is the reason it has taken so long to complete the liquidation. A summary financial report is included with this letter on the reverse side. The financial statements from Coopers & Lybrand along with the final K-1 report will both be completed and mailed at the end of January. The change in revenue reflects the closing of the shopping center sale in September, 1996. General and administrative expenses for 1997 are audit and K-1 tax preparation costs for 1996 and 1997, unit holder mailing costs; SEC filings; transfer agent fees and legal fees in connection with the shopping center sale and subsequent dispute. These expenses were partially offset by post-closing recoveries of rental operating expenses and the reduction of excess reserve for beneficiaries' receivables. We at Ellis Partners, Inc. have done everything possible to complete a very difficult liquidation assignment as quickly and efficiently as possible. We appreciate your patience and understanding throughout this process. Sincerely yours, Ellis Partners, Inc., Liquidating Agent for Grubb & Ellis Realty Income Trust, L.T. By: /s/ HAROLD A. ELLIS, JR. ------------------------ Harold A. Ellis, Jr. President 2 Grubb and Ellis Realty Income Trust, Liquidating Trust STATEMENT OF INCOME (Unaudited)
Period from Period from 1-Jan-97 1-Jan-96 to 31-Dec-97 to 31-Dec-96 - ------------------------------------------------------------------------------ Revenue Rental income $ -- $ 712,000 Short term investment interest and other income 11,000 20,000 - ------------------------------------------------------------------------------ Total Revenue 11,000 732,000 - ------------------------------------------------------------------------------ Expenses Rental operating expenses 0 279,000 Interest 0 443,000 Directors' fees and expenses 0 15,000 General and administrative expenses 56,000 96,000 Reserve for beneficiaries' receivables 0 186,000 - ------------------------------------------------------------------------------ Total Expenses 56,000 1,019,000 - ------------------------------------------------------------------------------ Net income (Loss) before loss on sale of real estate investment (45,000) (287,000) Loss on sale of real estate investment (163,000) (1,508,000) - ------------------------------------------------------------------------------ Net income (Loss) $ (208,000) $ (1,795,000) - ------------------------------------------------------------------------------ Net income (Loss) per unit of beneficial interest $ (0.08) $ (0.64) - ------------------------------------------------------------------------------ Number of units of beneficial interest outstanding 2,653,169 2,803,169 ============================================================================== BALANCE SHEET Unaudited 31-Dec-97 31-Dec-96 - ------------------------------------------------------------------------------ Assets Cash and cash equivalents $ 3,000 $ 308,000 Restricted cash 0 1,845,000 Prepaid expenses and other assets 41,000 27,000 - ------------------------------------------------------------------------------ Total Assets $ 44,000 $ 2,180,000 - ------------------------------------------------------------------------------ Liabilities and Beneficiaries' Equity Liabilities: Other liabilities 44,000 1,041,000 - ------------------------------------------------------------------------------ Total Liabilities 44,000 1,041,000 - ------------------------------------------------------------------------------ Beneficiaries' Equity: Units of beneficial interest 12,737,000 12,737,000 Notes receivable from beneficiaries (175,000) (251,000) Reserve for beneficiaries' notes receivable 175,000 186,000 Distributions in excess of accumulated earnings (12,737,000) (11,533,000) - ------------------------------------------------------------------------------ Total beneficiaries' equity 0 1,139,000 - ------------------------------------------------------------------------------ Total liabilities and beneficiaries' equity $ 44,000 $ 2,180,000 ==============================================================================
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