Property Resources, Inc. 777 Mariners Island Boulevard San Mateo, California 94404 December 31, 1996 Filed Via EDGAR (CIK #0000765195) Securities and Exchange Commission Judiciary Plaza 450 Fifth Street, N.W. Washington, D.C. 20549 Re: Property Resources Equity Trust Form 8-K Ladies and Gentlemen: Pursuant to Regulation S-T, submitted for filing via the EDGAR system please find a Current Report on Form 8-K on behalf of Property Resources Equity Trust. Very truly yours, /s/ David P. Goss David P. Goss President SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K 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) DECEMBER 16, 1996 Property Resources Equity Trust (Exact Name of Registrant as Specified in its Charter) California 0-15880 94-3959770 State or other Commission File Number IRS Employer jurisdiction of Identification incorporation Number 1800 Gateway Drive, San Mateo, CA 94404 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (415)312-3000 ITEM 5: OTHER MATERIAL EVENTS Graham Court Business Park 5963-5981 Graham Court Livermore, California On Monday, December 16, 1996, the Company entered into an Agreement of Purchase and Sale (the "Agreement") with the intent of selling the Graham Court Business Park (the "Property"). The buyer is an unaffiliated third party. The contractual purchase price is $2,200,000. If the Property is sold under the current terms of the Agreement, the Company will net approximately $2,100,000 after real estate commissions and closing costs. Certain contractual contingencies remain and there can be no assurances that the sale will be completed at this price or at all. Dated: December 31, 1996 PROPERTY RESOURCES EQUITY TRUST BY /S/ DAVID P. GOSS David P. Goss President