SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC
20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: August 30, 1995
UNITED INVESTORS GROWTH PROPERTIES
(Exact name of registrant as specified in its charter)
MISSOURI 0-17645 43-1483928
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification
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 (803) 239-1000
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On August 30, 1995, Renaissance Village Apartments located in Seattle,
Washington, was sold to an unaffiliated party, Kauri Investments, Ltd. United
Investors Growth Properties owned a 60% interest in Renaissance Village
Associates. In the General Partner's opinion, it was in the Partnership's best
interest to sell the property. Total consideration was $4,100,000. The
Partnership recognized a gain on the sale of approximately $165,000. The
minority interest share of this gain was approximately $66,000.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(B). PRO FORMA FINANCIAL INFORMATION
Renaissance Village Apartments was sold to Kauri Investments, Ltd. on August
30, 1995. The following pro forma consolidated balance sheet of the Partnership
assumes the property had been sold at June 30, 1995.
PRO FORMA CONSOLIDATED BALANCE SHEET
(UNAUDITED)
June 30, 1995 Pro Forma June 30, 1995
As Reported Adjustments Pro Forma
Cash $ 345,000 $ (22,543) (1) $ 322,457
Other assets 577,885 (29,503) (1) 548,382
Land 2,572,105 (592,918) (1) 1,979,187
Buildings & related
personal property, net 14,761,608 (3,234,454) (1) 11,527,154
Total assets $18,256,598 $(3,879,418) $14,377,180
Accrued liabilities $ 447,908 (27,788) (1) $ 420,120
Mortgage notes payable 16,960,476 (3,878,980) (1) 13,081,496
Total liabilities 17,408,384 (3,906,768) 13,501,616
Minority interest 10,657 (10,657) (1) --
Partner's Capital 837,557 38,007 875,564
Total liabilities and
partners capital $18,256,598 $(3,879,418) $14,377,180
<FN>
(1) Represents pro forma adjustments to reflect the disposition of assets and
settlement of applicable liabilities related to the sale of Renaissance Village
Apartments.
The following pro forma consolidated statements of loss assume Renaissance
Village Apartments had been sold as of June 30, 1995 and December 31, 1994,
respectively. The following pro forma consolidated statements of loss do not
reflect the gain realized from the sale.
PRO FORMA CONSOLIDATED STATEMENTS OF LOSS
(UNAUDITED)
For the six months ended For the year ended
June 30, 1995 December 31, 1994
Adjustment Adjustments
As Reported (2) Pro Forma As Reported (2) Pro Forma
Total revenues $1,837,835 $(412,259) $1,425,576 $ 3,521,603 $ (769,515) $2,752,088
Operating expenses 494,381 (119,634) 374,747 966,341 (228,999) 737,342
General and administrative 35,495 -- 35,495 67,236 -- 67,236
Property management fees 97,189 (19,659) 77,530 187,351 (38,474) 148,877
Maintenance 148,633 (30,937) 117,696 387,343 (68,305) 319,038
Depreciation and
amortization 358,491 (74,183) 284,308 753,409 (192,603) 560,806
Interest 818,133 (196,431) 621,702 1,710,239 (394,524) 1,315,715
Property taxes 202,859 (39,923) 162,936 388,209 (76,281) 311,928
Provision for value
impairment -- -- -- 1,362,212 (1,362,212) --
Tenant reimbursements (77,024) -- (77,024) (131,989) -- (131,989)
Total expenses 2,078,157 (480,767) 1,597,390 5,690,351 (2,361,398) 3,328,953
Minority interest in net
loss ofjoint venture 27,403 (27,403) -- 636,753 (636,753) --
Net (loss) income $ (212,919) $ 41,105 $ (171,814) $(1,531,995) $ 955,130 $ (576,865)
Net ( loss) income
allocated to general
partner (1%) $ (2,129) $ 411 $ (1,718) $ (15,320) $ 9,551 $ (5,769)
Net (loss) income
allocated to
limited partner (99%) (210,790) 40,694 (170,096) (1,516,675) 945,579 (571,096)
$ (212,919) $ 41,105 $ (171,814) $(1,531,995) $ 955,130 $ (576,865)
Net (loss) income per
limited
partnership unit $ (5.36) $ 1.03 $ (4.33) $ (38.60) $ 24.07 $ (14.53)
<FN>
(2) Represents pro forma adjustments to remove the consolidated revenues and expenses related to Renaissance
Village Apartments as a result of the sale.
Certain reclassifications have been made to the 1994 balances to conform to the 1995 presentation.
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
UNITED INVESTORS GROWTH PROPERTIES
(A Missouri Limited Partnership)
By: United Investors Real Estate, Inc., a
Delaware corporation, its General Partner
By: /s/Carroll D. Vinson
Carroll D. Vinson
President
By: /s/Robert D. Long, Jr.
Robert D. Long, Jr.
Controller and Principal
Accounting Officer
Date: September 14, 1995
(C) EXHIBITS
Exhibit No. Description
10.16 Purchase and Sale Agreement, made as of the 19th of
July, 1995, by and between Kauri Investments, Ltd., a
Washington corporation, and Renaissance Village
Associates, JV, a Kansas joint venture.
10.17 Amendment to Purchase and Sale Agreement, made as of the
10th day of August, 1995, by and between Kauri
Investments, Ltd., a Washington corporation, and
Renaissance Village Associates, JV, a Kansas joint
venture.