8-K 1 rpfiling8k82903.txt FORM 8-K DATED 8/29/03 FOR REALTY PARKING FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 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 29, 2003 Realty Parking Properties L.P. (Exact Name of Registrant as Specified in its Charter) Delaware 000-17616 52-1591575 (State or other jurisdiction (Commission File Number) (I.R.S. Employer of incorporation) Identification Number) 225 East Redwood Street, Baltimore, Maryland 21202 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (410) 727-4083 N/A (Former name or former address, if changed since last report.) REALTY PARKING PROPERTIES L.P. Index Page(s) Item 1 Changes in Control of Registrant Inapplicable Item 2 Acquisition or Disposition of Assets 1 Item 3 Bankruptcy or Receivership Inapplicable Item 4 Changes in Registrant's Certifying Accountant Inapplicable Item 5 Other Events Inapplicable Item 6 Resignations of Registrant's Directors Inapplicable Item 7 Financial Statements and Exhibits: Narrative 1 Pro Forma Balance Sheet as of June 30, 2003 2 Pro Forma Statement of Operations for the six months ended June 30, 2003 3 Pro Forma Statement of Operations for the year ended December 31, 2002 4 Notes to Pro Forma Financial Statements 5 Item 8 Change in Fiscal Year Inapplicable Item 9 Sales of Equity Securities Pursuant to Regulation S Inapplicable Signatures 6 REALTY PARKING PROPERTIES L.P. Item 2. Acquisition or Disposition of Assets On August 29, 2003, the Partnership sold its 41,800 square-foot parcel of land, located in Los Angeles, California for $4,500,000. The Partnership's investment in the property was $3,482,360, net of accumulated depreciation of $47,880 and a reserve for impairment loss of $4,409,624. UNAUDITED PRO FORMA FINANCIAL INFORMATION The following unaudited pro forma Balance Sheet assumes the sale of the Los Angeles, California property as of June 30, 2003. The unaudited proforma Statements of Operations assumes the sale of the property on January 1, 2003, and January 1, 2002. This information should be read in conjunction with the Partnership's Form 10-K for the year ended December 31, 2002 and its form 10-Q for the period ended June 30, 2003. 1 REALTY PARKING PROPERTIES L.P. Pro Forma Balance Sheet Unaudited

2 REALTY PARKING PROPERTIES L.P. Pro Forma Statement of Operations Unaudited

3 REALTY PARKING PROPERTIES L.P. Pro Forma Statement of Operations Unaudited

4 REALTY PARKING PROPERTIES L.P. Notes to Pro Forma Financial Statements Unaudited NOTE 1 On August 29, 2003, the Partnership sold its 41,800 square-foot parcel of land, located in Los Angeles, California for $4,500,000. The Partnership's investment in the property was $3,482,360, net of accumulated depreciation of $47,880 and a reserve for impairment loss of $4,409,624. Investment in real estate and partners' capital have been adjusted to reflect the sale of the property as of June 30, 2003. NOTE 2 Cash and accounts payable and accrued expenses have been adjusted to reflect reductions in these items as if the property was sold as of June 30, 2003. NOTE 3 The capital gain realized on the sale of the property is not included in the pro forma statements of operations. Income from continuing operations has been adjusted in the proforma statements of operations, for the six months ended June 30, 2003, and the year ended December 31, 2002, to reflect the net reduction of income to the Partnership as if the property was sold at the beginning of each year. In 2003, the Partnership's income for income tax purposes differs from the net earnings for financial reporting purposes as a result of an impairment loss recorded for financial reporting purposes during 1999, a portion of which will be recognized for income tax purposes in 2003. Impairment losses are not deductible for income tax purposes until they are realized. In 2002, there is no difference between the Partnership's net earnings for income tax purposes and net earnings for financial reporting purposes. NOTE 4 Net earnings per unit and cash distributions per unit, as reflected in the pro forma statements of operations, for the six months ended June 30, 2003, and the year ended December 31, 2002, are based upon 1,909,127 units outstandings. Cash distributions per unit were derived from net earnings and sales proceeds during the six months ended June 30, 2003 and the year ended December 31, 2002. 5 REALTY PARKING PROPERTIES L.P. SIGNATURES 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 hereunto duly authorized. REALTY PARKING PROPERTIES L.P. DATE: 9/10/03 By: /s/ John M. Prugh John M. Prugh President Realty Parking Company, Inc. General Partner DATE: 9/10/03 By: /s/ Timothy M. Gisriel Timothy M. Gisriel Treasurer Realty Parking Company, Inc. General Partner 6

REALTY PARKING PROPERTIES LP 8-K