-----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, Gqd2WV/KLbtGS2PgB/8f6rJcAQV/wk6ZBoUkX/rzzybtF5/r4CivufmvwxobePEK wUiVg3HnrkUupCKbzEtYYg== 0000948524-98-000020.txt : 19980317 0000948524-98-000020.hdr.sgml : 19980317 ACCESSION NUMBER: 0000948524-98-000020 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980303 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980313 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: METRIC INCOME TRUST SERIES INC CENTRAL INDEX KEY: 0000846722 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 943087630 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-18294 FILM NUMBER: 98564871 BUSINESS ADDRESS: STREET 1: ONE CALIFORNIA ST STREET 2: STE 1400 CITY: SAN FRANCISCO STATE: CA ZIP: 94111-5415 BUSINESS PHONE: 4156782000 MAIL ADDRESS: STREET 1: ONE CALIFORNIA ST STREET 2: SUITE 1400 CITY: SAN FRANCISCO STATE: CA ZIP: 94111-5415 FORMER COMPANY: FORMER CONFORMED NAME: METRIC PARTNERS HIGH INCOME FUND SERIES I INC DATE OF NAME CHANGE: 19890629 8-K 1 FORM 8-K FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 March 3, 1998 ------------- Date of Report (Date of earliest event reported) Metric Income Trust Series, Inc ------------------------------- (Exact name of registrant as specified in its charter) 0-18294 California 94-3087630 - ------------- --------------- -------------- (Registration (State or Other (IRS Employer File Jurisdiction of Identification Number) Incorporation) Number) One California Street, San Francisco, California 94111-5415 ----------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (415) 678-2000 (800) 347-6707 Watts line for all states ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS (a) The Registrant was organized to acquire, hold for investment, manage, and ultimately sell income-producing real properties and investments in securities. In the normal course of its business, the registrant sold the Pearle Express store in Morrow, Georgia on March 3, 1998. TERMS OF ORIGINAL ACQUISITION On November 29, 1989 the Registrant acquired the Pearle Express store in Morrow, Georgia for $1,172,000 including acquisition fees and other miscellaneous closing costs TERMS OF DISPOSITION AND FINANCING The Registrant sold the sold the Pearle Express store in Morrow, Georgia on March 3, 1998. The sales price was $1,005,000. After payment of expenses of sale, the proceeds to the Registrant were $902,000. CARRYING AMOUNT AT DATE OF SALE The carrying amount of the land and improvements approximated $916,000 (net of a $42,000 provision for impairment of value recognized in 1997) and $997,000 on a book basis and tax basis, respectively. GAIN/LOSS ON SALE The loss recognized on the sale approximated $14,000 and $95,000 on a book basis and tax basis, respectively. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS (a) Financial Statements Not applicable. (b) Pro Forma Financial Information Historical financial information and Pro Forma financial information relating to the sale are included in this Form 8-K. (c) Exhibits Upon their receipt, the Registrant will amend its Form 8-K to include the disposition documents for the abovementioned property. SIGNATURE 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. METRIC INCOME TRUST SERIES, INC., a California Corporation By: /s/ William A. Finelli --------------------------- William A. Finelli Chief Financial Officer Date: March 13, 1998 --------------------------- Basis of Presentation Note 1. The Registrant sold the Pearle Express Store located in Morrow, Georgia ("Pearle") on March 3, 1998. Accounts related to Pearle have been eliminated and interest income has been added assuming that the net proceeds from the sale were invested at 5% per annum until distributed as presented by the pro forma adjustments. See Note 2 below. Note 2. The unaudited consolidated statements present the pro forma balance sheet at December 31, 1997, had the Registrant sold Pearle on December 31, 1997, and the pro forma statement of operations for the year ended December 31, 1997 had the Registrant sold Pearle on December 31, 1996. The unaudited consolidated statements also present the historical Balance Sheet at December 31, 1997 and the historical Statement of Operations for the year ended December 31, 1997. No provision for Federal and state income taxes has been made in the historical or pro forma consolidated financial statements because the Registrant qualifies as a REIT and had distributed amounts in excess of its taxable income for the year ending December 31, 1997. METRIC INCOME TRUST SERIES, INC. a California Corporation PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) For the Year Ended December 31, 1997
Pro Forma Adjustments Pro Forma Historical (Note 1) (Note 2) ----------- ----------- ----------- Revenues: Lease income $ 3,052,000 $ (118,000) $ 2,934,000 Interest on mortgage-backed securities 401,000 -- 401,000 Interest and other income 275,000 17,000 292,000 Gain on sale of mortgage-backed securities - net 226,000 -- 226,000 ----------- ----------- ----------- Total Revenues 3,954,000 (101,000) 3,853,000 ----------- ----------- ----------- Expenses (including $389,000 paid or payable to advisor and affiliates in 1997): Depreciation 128,000 (14,000) 114,000 General and administrative 856,000 (8,000) 848,000 Impairment provision for real estate held for sale 42,000 (42,000) -- ----------- ----------- ----------- Total Expenses 1,026,000 (64,000) 962,000 ----------- ----------- ----------- Income before Gain on Sale of Property 2,928,000 (37,000) 2,891,000 Loss on Sale of Properties - Net (469,000) -- (469,000) ----------- ----------- ----------- Net Income $ 2,459,000 $ (37,000) $ 2,422,000 =========== =========== =========== Net Income per Share Income before loss on sale of properties $ 0.46 $ (0.01) $ 0.45 Loss on sale of properties - net (0.07) -- (0.07) ----------- ----------- ----------- Net Income per Share $ 0.39 $ (0.01) $ 0.38 =========== =========== =========== Dividends per Share $ 4.79 $ 0.13 $ 4.92 =========== =========== ===========
METRIC INCOME TRUST SERIES, INC. a California Corporation PRO FORMA CONSOLIDATED BALANCE SHEET (UNAUDITED) December 31, 1997
Pro Forma Adjustments Pro Forma Historical (Note 1) (Note 2) ------------ ------------ ------------ ASSETS Cash $ 19,762,000 $ 902,000 $ 20,664,000 Accounts and Interest Receivable 65,000 -- 65,000 Real Estate Held for Sale 1,744,000 (916,000) 828,000 Prepaid and Other Assets 54,000 -- 54,000 ------------ ------------ ------------ Total Assets $ 21,625,000 $ (14,000) $ 21,611,000 ============ ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Dividends Payable $ 17,385,000 -- $ 17,385,000 Payable to Sponsor and Affiliates 50,000 -- 50,000 Other Accounts Payable and Accrued Liabilities 326,000 -- 326,000 ------------ ------------ ------------ Total Liabilities 17,761,000 -- 17,761,000 ------------ ------------ ------------ Shareholders' Equity Common Stock - no par value, stated at $0.001, 12,250,000 shares authorized and 6,321,641 shares issued and outstanding 6,000 -- 6,000 Additional Paid-in Capital 55,200,000 -- 55,200,000 Accumulated Dividends in Excess of Net Income (51,342,000) (14,000) (51,356,000) ------------ ------------ ------------ Total Shareholders' Equity 3,864,000 (14,000) 3,850,000 ------------ ------------ ------------ Total Liabilities and Shareholders' Equity $ 21,625,000 $ (14,000) $ 21,611,000 ============ ============ ============
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