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
December 19, 1996
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Date of Report
(Date of earliest event reported)
Metric Income Trust Series, Inc.
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(Exact name of registrant as
specified in its charter)
0-18294 California 94-3087630
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(Registration (State or Other (IRS Employer
File Juririsdiction of Identification
Number) Incorporation) Number)
One California Street, San Francisco, California 94111-5415
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(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 Harris County (Houston), Texas Stop N Go store (the "Property"),
leased to National Convenience Stores.
TERMS OF ORIGINAL ACQUISITION
On November 30, 1989 the Registrant acquired Stop N Go store #3755 in Harris
County (Houston), Texas for $1,812,000, including acquisition fees and other
miscellaneous closing costs. In 1994 a portion of the land was condemned by the
Texas Transportation Commission, and the Registrant was awarded $91,000. The
allocated basis on the land condemned was $123,000, therefore a loss on the sale
of property of $32,000 was reported in the Form 10-K filed by the registrant for
1994.
TERMS OF DISPOSITION AND FINANCING
The Registrant sold the Harris County (Houston) Stop N Go on December 19, 1996.
The net sales price was $1,410,000. After payment of estimated expenses of sale,
the proceeds to the Registrant are approximately $1,310,000.
CARRYING AMOUNT AT DATE OF SALE
At the date of sale, the carrying amount of the land and improvements and
deferred rental income receivable was approximately $1,587,000 for financial
statement purposes. The carrying amount of the land and improvements was
approximately $1,578,000 for tax reporting purposes.
LOSS ON SALE
Under the accrual method of accounting, the estimated loss to be recognized in
the fourth quarter of 1996 from the sale of the Property is approximately
$277,000. Under the tax method of accounting, the estimated loss is
approximately $268,000.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Financial statements
Not applicable.
(b) Pro Forma Financial Information
Not applicable.
(c) Exhibits.
Upon their receipt, Registrant will amend its Form 8-K to include the
disposition documents for the Harris County (Houston) Stop N Go store.
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/ Margot M. Giusti
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Margot M. Giusti
Chief Financial Officer
Date: December 24, 1996
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