-----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, NZZpAuawmegQ1fauCtVDb1UrgD0UrffWDdmNpAFlD14lxLsfgOe5+RmpJ0hz5Pff KGx30Fe5t/QfRm4dBApz2A== 0000765195-98-000010.txt : 19981124 0000765195-98-000010.hdr.sgml : 19981124 ACCESSION NUMBER: 0000765195-98-000010 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19981021 ITEM INFORMATION: FILED AS OF DATE: 19981123 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PROPERTY RESOURCES EQUITY TRUST CENTRAL INDEX KEY: 0000765195 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 953859770 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: SEC FILE NUMBER: 000-15880 FILM NUMBER: 98756767 BUSINESS ADDRESS: STREET 1: 1800 GATEWAY DR STREET 2: 3RD FLOOR CITY: SAN MATEO STATE: CA ZIP: 94404 BUSINESS PHONE: 6503123000 MAIL ADDRESS: STREET 1: P O BOX 7777 CITY: SAN MATEO STATE: CA ZIP: 94404-7777 8-K/A 1 SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K/A CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934 Date of Report (Date of earliest event reported) OCTOBER 21, 1998 PROPERTY RESOURCES EQUITY TRUST - -------------------------------------------------------------------------------- (Exact Name of Registrant as Specified in its Charter) CALIFORNIA 0-15880 95-3859770 - -------------------------------------------------------------------------------- State or other jurisdiction Commission File IRS Employer of incorporation Number Identification Number 1800 GATEWAY DRIVE, SAN MATEO, CA 94404 - -------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (650) 312-3000 - -------------------------------------------------------------------------------- ITEM 7: PRO FORMA FINANCIAL INFORMATION On October 21, 1998, pursuant to a contract entered into on July 10, 1998, Property Resources Equity Trust (the "Registrant") sold the Good Guys Plaza Shopping Center, located in Santa Rosa (the "Property"). The Property was sold for all cash at a gross price of $5,108,000. The unaffiliated purchaser was Sami Khoury and Suad Khoury, trustees of the Sami Khoury and Suad Khoury Living Trust dated 5/21/92 ("Buyer"). A real estate brokerage commission of $102,000.00 was paid to Keegan & Coppin Company, an unaffiliated real estate broker retained by the Registrant under a listing agreement dated May 12, 1998 and $102,000 was paid to Arikat Real Estate & Finance, Inc., as agent for the Buyer. The Registrant purchased the Property in July of 1988 for a total all cash cost (including closing costs and acquisition fees) of $5,834,000. PRET PROFORMA BALANCE PROFORMA SHEET (in thousands) 30-SEP-98 ADJUSTMENTS 30-SEP-98 - --------------------------------------------------------------- Rental property 4,478 (4,478) - Cash and cash 314 2,100 2,414 equivalents Deferred rent receivable 72 (72) - Note receivable - - Other assets, net 304 (304) - =============================================================== Total assets 5,168 (2,754) 2,414 =============================================================== Notes payable 2,804 (2,804) - Tenant deposit and other 37 (33) 4 - --------------------------------------------------------------- Total liabilities 2,841 (2,837) 4 - --------------------------------------------------------------- Common stock 9,394 9,394 Accumulated distributions (7,067) 83 (6,984) - --------------------------------------------------------------- Total equity 2,327 83 2,410 =============================================================== Total liabilities and equity 5,168 (2,754) 2,414 =============================================================== The proforma balance sheet estimates the effect that the sale of Good Guys would have had on the balance sheet as of September 30, 1998, if it had been completed as of that date. The adjustments reflect the removal of the property and its associated debt from the balance sheet and the recognition of the sales proceeds. Following the sale of Good Guys, The REIT has no rental revenues, interest expense, depreciation or property operating expenses. A proforma table showing the effects of the sale on the historical results of operations for the three and nine month periods ended September 30, 1998 follows. Three Nine months months (in thousands) ended ended 9.30.98 Proforma 9.30.98 Proforma - -------------------------------------------------------------------------------- Total revenues $ 175 $ 30 $ 571 $ 118 Net income $ 50 $ 16 $ 96 $ 35 Net income per share $0.05 $ 0.01 $ 0.09 $ 0.03 Proforma net income does not include the estimated gain on sale of $192 thousand from the sale of Good Guys. 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 heretofore duly authorized. Dated: November 20, 1998 PROPERTY RESOURCES EQUITY TRUST BY: /S/ DAVID P. GOSS David P. Goss President -----END PRIVACY-ENHANCED MESSAGE-----