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 July 24, 1997 ------------- Date of Report (Date of earliest event reported) Metric Income Trust Series, Inc. -------------------------------- (Exact name of registrant as specified in its charter) 0-18294 California 94-3087630 --------- ----------- ----------- (Registration (State or Other (IRS Employer File Jurisdiction of Identification Number) Incorporation) Number) One California Street, San Francisco, California 94111-5415 ----------------------------------------------------------- (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 Arlington (Green Oaks Boulevard), Texas Stop N Go on July 24, 1997. TERMS OF ORIGINAL ACQUISITION On November 30, 1989 the Registrant acquired Stop N Go store #2378 in Arlington, Texas for $1,462,000 including acquisition fees and other miscellaneous closing costs. TERMS OF DISPOSITION AND FINANCING The Registrant sold the Arlington (Green Oaks Boulevard), Texas Stop N Go on July 24, 1997. The net sales price was $1,413,000. After payment of expenses of sale, the proceeds to the Registrant were $1,303,000. CARRYING AMOUNT AT DATE OF SALE At the date of sale, the carrying amount of the land and improvements approximated $1,408,000 (including $73,000 deferred lease income receivable) and $1,353,000 on a book basis and tax basis, respectively. LOSS ON SALE The loss recognized on the sale approximated $105,000 and $50,000 on a book basis and tax basis, respectively. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS (a) Exhibits. 1. Earnest Money Contract for Stop N Go store located in Arlington (Green Oaks Boulevard), Texas dated June 5, 1997 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/ William A. Finelli ------------------------ William A. Finelli Chief Financial Officer Date: November 10, 1997 ------------------------