SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) August 19, 1996
Lutheran Brotherhood Realty Fund I, a California limited partnership
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(Exact name of registrant as specified in its charter)
California 0-17617 94-3046442
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
625 Fourth Avenue South, Minneapolis, MN 55415
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (612) 339-8091
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(Former name or former address, if changed since last report.)
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Item 2. Acquisition or Disposition of Assets.
On July 13, 1996, Worthington Green Associates (the "Seller"), a Minnesota
joint venture in which Lutheran Brotherhood Realty Fund I, a California
limited partnership (the "Registrant") is the managing venturer, entered
into a Purchase and Sale Agreement (the "Agreement") with TGM Realty Corp
#5, a Delaware corporation, for the sale by Seller of all its right, title
and interest in and to the Village at Worthington Green (the "Village") in
Columbus, Ohio. The Village is a 176 unit residential apartment complex
which the Seller has owned since September 29, 1989. The Registrant will
receive 19.3% of the net sales proceeds.
The sale of the Village closed on August 19, 1996 and the Seller received
cash consideration in the amount of $6,449,004, subject to certain
adjustments set forth in the Agreement. The Registrant's share of this
consideration is $1,244,658. The Registrant, as the managing venturer of
the Seller, listed the Village through a professional real estate brokerage
firm. The Registrant's Limited Partners approved a liquidation proposal on
July 3, 1996, relating to the sale of the Registrant's owned property and
properties owned by the joint ventures in which the Registrant is a co-
venturer. This sale of the Village is part of the liquidation process.
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Item 7. Financial Statements, Proforma Information and Exhibits.
(a) Financial statements of business acquired - not applicable.
(b) Proforma Financial Information of Lutheran Brotherhood Realty
Fund I
(i) Proforma Balance Sheet at June 30, 1996 (unaudited)
(ii) Proforma Statement of Operations for the year ended
December 31, 1995 (unaudited)
(iii) Proforma Statement of Operations for the six months
ended June 30, 1996 (unaudited)
(b) Exhibits.
(10)(a) Purchase and Sale Agreement for the Village at
Worthington Green dated July 13, 1996.
Item 7(b)(i) Proforma Financial Information
The following unaudited condensed proforma balance sheet presents the
financial position of Lutheran Brotherhood Realty Fund I on June 30, 1996,
assuming that the sale of The Village at Worthington Green occurred on that
date. The Village at Worthington Green was sold on August 19, 1996.
Lutheran Brotherhood Realty Fund I
Proforma Balance Sheet
June 30, 1996
(thousands)
(unaudited)
Sale of The Village Proforma
ASSETS June 30, 1996 at Worthington Green June 30, 1996
Real estate investment, at cost - net $1,903 $1,903
Investments in joint ventures 2,155 (507) 1,648
Cash and cash equivalents 643 1,245 1,888
Deferred charges (net) and other assets 37 37
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Total Assets $4,738 $738 $5,476
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LIABILITIES & PARTNER'S EQUITY
Accounts payable and other liabilities $50 $50
Partners' equity 4,688 738 5,426
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Total Liabilities & Partners' Equity $4,738 $738 $5,476
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See accompanying notes to proforma balance sheet.
Lutheran Brotherhood Realty Fund I
Notes to Proforma Balance Sheet
June 30, 1996
(unaudited)
Note 1. Basis of presentation
The unaudited condensed proforma balance sheet of Lutheran Brotherhood
Realty Fund I ("the Partnership") presents the financial position of the
Partnership on June 30, 1996, assuming that the sale of The Village at
Worthington Green, occurred on that date. The Village at Worthington Green
was sold on August 19, 1996.
Note 2. Proforma adjustments
(a) Investment in Joint Ventures - This adjustment eliminates the
Partnership's net investment in the The Village at Worthington Green
property at June 30, 1996.
(b) Cash - This adjustment represents the Partnership's approximate share
of net proceeds received from the sale of The Village at Worthington
Green.
(c) Partners' Equity - This adjustment represents the net gain on sale
which would have been realized by the Partnership had the The Village
at Worthington Green property been sold on June 30, 1996.
Item 7(b)(ii) Proforma Financial Information
The following unaudited condensed proforma statement of operations presents
the results of operations of Lutheran Brotherhood Realty Fund I (the
Partnership) for the year ended December 31, 1995 assuming that the sale of
The Village at Worthington Green occurred on January 1, 1995. The Village
at Worthington Green was sold on August 19, 1996. The proforma statement of
operations does not present the net gain on sale of investment property
which the Partnership realized from the sale.
This statement should be read in conjunction with the other proforma
financial statements and notes thereto and the discussion of the property
contained in Item 2 included elsewhere in this Form 8-K.
Lutheran Brotherhood Realty Fund I
Proforma Statement of Operations
For the Year Ended December 31, 1995
(thousands except per share amounts)
(unaudited)
Sale of The
Village at Proforma
Year Ended Worthington Year Ended
Dec. 31, 1995 Green Dec. 31, 1995
Revenue:
Rental $516 $516
Interest 30 30
Equity in joint venture capital 168 (52) 116
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Total revenue 714 (52) 662
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Expenses:
Property operations 267 267
Depreciation and amortization 90 90
Administrative 93 93
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Total expenses 450 450
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Net income $264 ($52) $212
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Net income per weighted
average number of limited
partnership units outstanding $4.14 ($0.82) $3.32
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Distributions per weighted
average limited partnership
units outstanding $4.00 $4.00
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See accompanying notes to proforma statement of operations.
Lutheran Brotherhood Realty Fund I
Notes to Proforma Statement of Operations
For the Year Ended December 31, 1995
(unaudited)
Note 1. Basis of presentation
The unaudited condensed proforma statement of operations of Lutheran
Brotherhood Realty Fund I ("the Partnership") presents the results of
operations for the Partnership for the year ended December 31, 1995 assuming
that the sale of The Village at Worthington Green occurred on January 1,
1995. The Village at Worthington Green was sold on August 19, 1996. The
proforma statement of operations does not present the net gain on sale of
investment property which the Partnership realized from the sale.
Note 2. Proforma adjustments
(a) Equity in joint venture capital - This adjustment eliminates net income
relating to the Partnership's interest in the The Village at
Worthington Green for the year ended December 31, 1995.
Item 7(b)(iii) Proforma Financial Information
The following unaudited condensed proforma statement of operations presents
the results of operations of Lutheran Brotherhood Realty Fund I (the
Partnership) for the six months ended June 30, 1996 assuming that the sale
of The Village at Worthington Green occurred on January 1, 1996. The
Village at Worthington Green was sold on August 19, 1996. The proforma
statement of operations does not present the net gain on sale of investment
property which the Partnership realized from the sale.
This statement should be read in conjunction with the other proforma
financial statements and notes thereto and the discussion of the property
contained in Item 2 included elsewhere in this Form 8-K.
Lutheran Brotherhood Realty Fund I
Proforma Statement of Operations
For the six months ended June 30, 1996
(thousands except per share amounts)
(unaudited)
Sale of The Proforma
Six Months Village at Six Months
Ended Worthington Ended
June 30, 1996 Green June 30, 1996
Revenue:
Rental $260 $260
Interest 15 15
Equity in joint venture capital 86 (38) 48
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Total revenue 361 (38) 323
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Expenses:
Property operations 99 99
Depreciation and amortization 46 46
Administrative 104 104
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Total expenses 249 249
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Net income $112 ($38) $74
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Net income per weighted
average number of limited
partnership units outstanding $1.76 ($0.60) $1.16
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Distributions per weighted
average limited partnership
units outstanding $2.00 $2.00
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See accompanying notes to proforma statement of operations.
Lutheran Brotherhood Realty Fund I
Notes to Proforma Statement of Operations
For the Six Months Ended June 30, 1996
(unaudited)
Note 1. Basis of presentation
The unaudited condensed proforma statement of operations of Lutheran
Brotherhood Realty Fund I ("the Partnership") presents the results of
operations for the Partnership for the six months ended June 30, 1996
assuming that the sale of The Village at Worthington Green occurred on
January 1, 1996. The Village at Worthington Green was sold on August 19,
1996. The proforma statement of operations does not present the net gain on
sale of investment property which the Partnership realized from the sale.
Note 2. Proforma adjustments
(a) Equity in joint venture capital - This adjustment eliminates net income
relating to the Partnership's interest in the The Village at
Worthington Green for the six months ended June 30, 1996.
SIGNATURES
Pursuant to the requirement of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
LUTHERAN BROTHERHOOD REALTY FUND I,
a California limited partnership
By: Lutheran Brotherhood Real Estate
Products Company,
Its General Partner
Date: August 28, 1996 By: /s/ Mitchell F. Felchle
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Mitchell F. Felchle
President
Date: August 28, 1996 By: /s/ Anita J.T. Young
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Anita J.T. Young
Treasurer
(Chief Financial Officer)
INDEX TO EXHIBIT
EXHIBIT NUMBER PAGE IN
REGISTRATION
STATEMENT
10(a) Purchase and Sale Agreement
for the Village at Worthington
Green dated July 13, 1996