-----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, DP67Z/SbwapSup/HpeWndtAzGDrkqr6yriEXkOPuHUC4/97fT9XOqOlcqgNM8Xav vVtSBRh6EJ/mvKYan/otuA== 0000769129-97-000004.txt : 19970818 0000769129-97-000004.hdr.sgml : 19970818 ACCESSION NUMBER: 0000769129-97-000004 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970624 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970815 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: GROWTH HOTEL INVESTORS CENTRAL INDEX KEY: 0000769129 STANDARD INDUSTRIAL CLASSIFICATION: HOTELS & MOTELS [7011] IRS NUMBER: 942964750 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-15347 FILM NUMBER: 97664663 BUSINESS ADDRESS: STREET 1: 1 INSIGNIA FINANCIAL PLAZA PO BOX 1089 STREET 2: C/O INSIGNIA FINANCIAL GROUP INC CITY: GREENVILLE STATE: SC ZIP: 29602 BUSINESS PHONE: 8032391000 MAIL ADDRESS: STREET 1: 1 INSIGNIA FINANCIAL PLAZA PO BOX 1089 STREET 2: C/O INSIGNIA FINANCIAL GROUP INC CITY: GREENVILLE STATE: SC ZIP: 29602 FORMER COMPANY: FORMER CONFORMED NAME: MRI BUSINESS HOTEL INVESTORS 85 DATE OF NAME CHANGE: 19850819 8-K/A 1 FORM 8-K - CURRENT REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K/A CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report: June 24, 1997 GROWTH HOTEL INVESTORS (Exact name of registrant as specified in its charter) California 0-15347 94-2964750 (State or other jurisdiction (Commission (I.R.S. Employer of incorporation or File Number) Identification organization) Number) One Insignia Financial Plaza Post Office Box 1089 Greenville, South Carolina 29602 (Address of Principal Executive Office) Registrant's telephone number, including area code (864) 239-1000 ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (b) Pro forma financial information The Partnership's investment properties and the Partnership's joint ventures' investment properties were sold on June 24, 1997, to an unaffiliated third party. The following unaudited condensed balance sheet of the Partnership assumes the properties had been disposed of at March 31, 1997.
Pro Forma Balance Sheet (in thousands except unit data) (Unaudited) March 31, March 31, 1997 Pro Forma 1997 As Reported Adjustments Pro Forma Assets Cash and cash equivalents $ 4,260 $ 34,955 (1) $ 39,215 Restricted cash 298 -- 298 Deferred costs 631 (30) (1) 601 Accounts receivable and other assets 246 (225) (1) 21 Investment in unconsolidated joint venture 7,988 (7,815) (1) 173 Investment properties: Land 3,098 (3,098) (1) -- Buildings and related personal property 22,018 (22,018) (1) -- 25,116 (25,116) (1) -- Less accumulated depreciation (9,941) 9,941 (1) -- 15,175 (15,175) (1) -- Total assets $ 28,598 $ 11,710 (1) $ 40,308 Liabilities and Partners' Equity (Deficit) Accounts payable and other liabilities $ 445 $ 649 (1) $ 1,094 Notes payable 5,403 (5,403) (1) -- Minority interest in joint ventures 27 (27) (1) -- Partners' Equity 22,723 16,491 (1) 39,214 Total liabilities and partners' equity $ 28,598 $ 11,710 (1) $ 40,308 (1) Represents pro forma adjustments to reflect the removal of assets and liabilities related to the sale of the Partnership's investment properties and the Partnership's joint ventures' investment properties.
The following proforma statements of (loss) income assume that the properties had been disposed of December 31, 1996. The following pro forma statements of (loss)income do not reflect the gain for financial statement purposes incurred as a result of the sale.
Pro Forma Statements of (Loss) Income (Unaudited) For the three months ended March 31, 1997 As Reported Adjustments Pro Forma Revenues: Hotel operations $ 1,689 $(1,689) (2) $ -- Equity in unconsolidated joint venture operations 221 (194) (2) 27 Interest income 47 (2) (2) 45 Total revenues 1,957 (1,885) 72 Expenses: Hotel operations 1,166 (1,166) (2) -- Interest 149 (149) (2) -- Depreciation 265 (265) (2) -- General and administrative 113 -- 113 Total expenses 1,693 (1,580) 113 Net income before minority interest in joint ventures' operations 264 (305) (2) (41) Minority interest in joint ventures' operations 14 (14) (2) -- Net income $ 278 $ (319) $ (41) Net income allocated to general partners $ 19 $ (22) (2) $ (3) Net income allocated to limited partners 259 (297) (2) (38) Net income $ 278 $ (319) $ (41) Net income per limited partnership unit $ 7.00 $( 8.04) (2) $ (1.04) (2) Represents pro forma adjustments to remove revenues and expenses related to the sale of the Partnership's investment properties and the sale of the properties in joint ventures.
Pro Forma Statements of (Loss) Income (Unaudited) For the twelve months ended December 31, 1996 As Reported Adjustments Pro Forma Revenues: Hotel operations $ 7,830 $(7,823) (2) $ 7 Equity in unconsolidated joint venture operations 1,851 (1,677) (2) 174 Interest income 150 (8) (2) 142 Total revenues 9,831 (9,508) 323 Expenses: Hotel operations 5,107 (5,107) (2) -- Interest 594 (594) (2) -- Depreciation 941 (941) (2) -- General and administrative 631 -- 631 Total expenses 7,273 (6,642) 631 Net income before minority interest in joint ventures' operations 2,558 (2,866) (2) (308) Minority interest in joint ventures' operations 35 (35) (2) -- Net income $ 2,593 $(2,901) $ (308) Net income allocated to general partners $ 179 $ (200) (2) $ (21) Net income allocated to limited partners 2,414 (2,701) (2) (287) Net income $ 2,593 $(2,901) $ (308) Net income per limited partnership unit $ 65.36 $(73.13) (2) $ (7.77) (2) Represents pro forma adjustments to remove revenues and expenses related to the sale of the Partnership's investment properties and the sale of the properties in the joint ventures investment properties.
(c) Exhibits Agreement of Purchase and Sale dated as of March 14, 1997 by and between the Partnership and Equity Inns Partnership, L.P., as amended as of May 1, 1997 incorported by reference to the Partnership's Proxy Statement dated May 28, 1997. 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. GROWTH HOTEL INVESTORS By: MONTGOMERY REALTY COMPANY 85, its general partner By: NPI REALTY MANAGEMENT CORP. MANAGING GENERAL PARTNER /s/William H. Jarrard, Jr. President and Director Date: August 15, 1997 -----END PRIVACY-ENHANCED MESSAGE-----