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) APRIL 17, 1998 Property Resources Equity Trust (Exact Name of Registrant as Specified in its Charter) California 0-15880 94-3959770 State or other jurisdiction of Commission File Number IRS Employer incorporation 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 5: OTHER MATERIAL EVENTS On Monday, April 17, 1998, the Registrant sent the letter attached hereto as Exhibit "1", to the shareholders of the Registrant. Dated: April 21, 1998 PROPERTY RESOURCES EQUITY TRUST BY: /S/ DAVID P. GOSS David P. Goss President EXHIBIT "1" April 17, 1998 Dear Shareholders, Last fall we announced the beginning of Property Resources Equity Trust's (PRET) liquidation phase. This report is intended to update you on the progress of PRET's liquidation. A note in the amount of $710,491 which was carried back on the sale of the Agora office building has just paid off in full. We intend to make a distribution of these proceeds with the next dividend payable at the end of June. We have also listed for sale the Good Guys Plaza shopping center and anticipate receiving offers shortly. Although we cannot, of course, assure completion of the sale of Good Guys Plaza or the timing of liquidation distributions, we currently anticipate that the property will be sold this year. Assuming, the sale of Good Guys Plaza and the note proceeds mentioned above, we estimate that PRET shareholders could receive an aggregate liquidating distribution of approximately $3.00 per share. It has come to our attention that one or more parties have recently been soliciting PRET shareholders with an offer to purchase their shares at $1.25. In view of the anticipated proceeds from the liquidation of PRET, we believe that such offers do not adequately reflect the current value of your shares. Should you have any questions about your investment please call David Popelka at 650/312-5789. Very truly yours, /S/ DAVID P. GOSS David P. Goss President