-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OoiQNgkrCEDjjIfny8JinIgBuFwy2IAP+Az127xatH00NurhYLmFKx760nN9aAVl A5yc/Oru90aVAbjIGFnuRA== 0000950152-96-004128.txt : 19960816 0000950152-96-004128.hdr.sgml : 19960816 ACCESSION NUMBER: 0000950152-96-004128 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960814 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: CLEVETRUST REALTY INVESTORS CENTRAL INDEX KEY: 0000020975 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 341085584 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-05641 FILM NUMBER: 96612212 BUSINESS ADDRESS: STREET 1: 2001 CROCKER RD STE 400 CITY: WESTLAKE STATE: OH ZIP: 44145 BUSINESS PHONE: 2168990909 MAIL ADDRESS: STREET 1: 2001 CROCKER ROAD STREET 2: STE 400 CITY: WESTLAKE STATE: OH ZIP: 44145 10-Q 1 CLEVETRUST REALTY QUARTERLY REPORT 1 SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 Form 10-Q (Mark One) X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 1996 OR ____ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________________ to______________________ Commission File Number 0-5641 CLEVETRUST REALTY INVESTORS (Exact name of registrant as specified in its charter)
Massachusetts 34-1085584 (State or other jurisdiction of incorporation (I. R. S. Employer Identification No.) or organization)
2001 Crocker Road, Suite 400 Westlake, Ohio 44145 (Address of Principal Executive Offices) (Zip Code) (216) 899-0909 (Registrant's telephone number, including area code) Not Applicable Former name, former address and former fiscal year if changed since last report Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No --- --- Shares of Beneficial Interest Outstanding at August 13, 1996: 5,179,143 The sequential page in this report where the Exhibit Index is located is page 14. 2 CLEVETRUST REALTY INVESTORS INDEX
Sequential Page Number PART I. FINANCIAL INFORMATION: Item 1. Financial Statements Statement of Financial Condition -- June 30, 1996 and September 30, 1995 3 Statement of Operations -- Three Months and Nine Months ended June 30, 1996 and 1995 4 Statement of Cash Flows -- Nine Months ended June 30, 1996 and 1995 5 Notes to Financial Statements 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 9 PART II. OTHER INFORMATION Item 1. Legal Proceedings 12 Item 2. Changes in Securities 12 Item 3. Defaults upon Senior Securities 12 Item 4. Submission of Matters to a Vote of Security Holders 12 Item 5. Other Information 12 Item 6. Exhibits and Reports on Form 8-K 12
- 2 - 3 CLEVETRUST REALTY INVESTORS STATEMENT OF FINANCIAL CONDITION
JUNE 30, 1996 SEPTEMBER 30, 1995 ------------------------ -------------------------- (in thousands) ASSETS - ----------------------------------------------------------- Invested assets - NOTE B: Investments in real estate: Improved properties $66,503 $63,282 Less: Accumulated Depreciation 23,818 22,543 ------------------------ -------------------------- 42,685 40,739 Land held for sale or development 117 203 ------------------------ -------------------------- 42,802 40,942 Investments in securities - NOTE C 2,634 267 Real estate mortgage loans 141 303 ------------------------ -------------------------- 45,577 41,512 Cash and cash equivalents 590 188 Other assets 1,133 1,376 ------------------------ -------------------------- TOTAL ASSETS $47,300 $43,076 ======================== ========================== LIABILITIES - ----------------------------------------------------------- Mortgage notes payable - NOTE D $9,619 $9,266 Bank notes payable - NOTE E 10,500 6,600 Accrued interest on notes payable 94 23 Accrued expenses and other liabilities 1,764 2,061 ------------------------ -------------------------- TOTAL LIABILITIES 21,977 17,950 SHAREHOLDERS' EQUITY - ----------------------------------------------------------- Shares of Beneficial Interest, par value $1 per Share - NOTE E: Authorized - - Unlimited Issued and outstanding shares (6/30/96 - 5,179,143; 9/30/95 - 5,217,143) 5,179 5,217 Additional paid-in capital 38,850 38,986 Accumulated deficit (19,044) (19,104) ------------------------ -------------------------- 24,985 25,099 Unrealized gains on securities - NOTE C 338 27 ------------------------ -------------------------- TOTAL SHAREHOLDERS' EQUITY 25,323 25,126 ------------------------ -------------------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $47,300 $43,076 ======================== ==========================
See notes to financial statements. -3- 4 CLEVETRUST REALTY INVESTORS STATEMENT OF OPERATIONS The following statement of operations of CleveTrust Realty Investors for the three-month and nine-month periods ended June 30, 1996 and 1995, respectively, are unaudited, but in the opinion of management include all adjustments necessary to present fairly the results of operations. All such adjustments were of a normal recurring nature. The results of operations of the three-month and nine-month periods ended June 30, 1996 are not necessarily indicative of the results of operations for succeeding periods.
Three Months Ended Nine Months Ended ----------------- ------------------ 6/30/96 6/30/95 6/30/96 6/30/95 ------- ------- ------- ------- (in thousands, except per share data) INCOME Real estate operations: Rental Income $2,625 $2,477 $7,774 $7,698 Less: Real estate operating expenses 1,355 1,232 3,889 3,956 Less: Depreciation expense 453 432 1,336 1,389 ------- ------- ------- ------- 1,808 1,664 5,225 5,345 ------- ------- ------- ------- Income from real estate operations 817 813 2,549 2,353 Interest income 12 7 29 47 Dividend income 54 0 174 0 Other 2 2 10 21 ------- ------- ------- ------- 885 822 2,762 2,421 EXPENSES Interest: Mortgage notes payable - NOTE D 223 231 670 766 Bank notes payable - NOTE E 247 150 647 626 ------- ------- ------- ------- 470 381 1,317 1,392 General and administrative 157 186 541 613 ------- ------- ------- ------- 627 567 1,858 2,005 ------- ------- ------- ------- OPERATING INCOME 258 255 904 416 Gain (loss) on sales of real estate - NOTE B 23 91 (221) 2,499 ------- ------- ------- ------- INCOME BEFORE EXTRAORDINARY ITEM 281 346 683 2,915 Extraordinary item - NOTE D 0 52 0 52 ------- ------- ------- ------- NET INCOME $281 $398 $683 $2,967 ======= ======= ======= ======= Per Share of Beneficial Interest - NOTE H: Operating income (loss) $0.05 $0.05 $0.17 $0.08 Gain (loss) on sales of real estate 0.01 0.02 (0.04) 0.46 ------- ------- ------- ------- INCOME BEFORE EXTRAORDINARY ITEM 0.06 0.07 0.13 0.54 Extraordinary item 0.00 0.01 0.00 0.01 ------- ------- ------- ------- NET INCOME PER SHARE $0.06 $0.08 $0.13 $0.55 ======= ======= ======= ======= Weighted Average Number of Shares of Beneficial Interest Outstanding 5,179 5,462 5,192 5,468 ======= ======= ======= =======
See notes to financial statements. -4- 5 CLEVETRUST REALTY INVESTORS STATEMENT OF CASH FLOWS
Nine Months Ended ---------------------------------- 6/30/96 6/30/95 -------------- -------------- (in thousands) CASH FLOW FROM OPERATING ACTIVITIES: Net income $683 $2,967 Non-cash revenues and expenses included in income: Depreciation expense 1,336 1,389 Decrease in other assets 243 54 (Increase) decrease in accrued interest on notes payable 71 (5) Decrease in accrued expenses and other liabilities (297) (425) Reconciliation to net cash flow from operating activities: Loss (gain) on sales of real estate 221 (2,499) Extraordinary item 0 (52) -------------- -------------- Cash Flow From Operating Activities 2,257 1,429 CASH FLOW FROM INVESTING ACTIVITIES: Equity investments: Improvements to existing properties (725) (401) Purchases of properties (3,469) 0 Proceeds from properties sold 778 5,546 Increase in investments in securities (2,057) 0 Net insurance proceeds 0 1,006 Real estate mortgage loan repayments 162 123 -------------- -------------- Cash Flow (Used In) From Investing Activities (5,311) 6,274 CASH FLOW FROM FINANCING ACTIVITIES: Mortgage notes payable: Principal borrowings 500 0 Principal amortization payments (147) (287) Principal prepayments 0 (1,463) Bank notes payable: Borrowings 3,900 0 Repayments 0 (5,549) Principal amortization payments 0 (31) Certificates of deposit 0 500 Shares purchased and subsequently retired (174) (48) Distributions to shareholders (623) (655) -------------- -------------- Cash Flow From (Used In) Financing Activities 3,456 (7,533) -------------- -------------- Increase in cash and short-term investments 402 170 Balance at beginning of year 188 251 -------------- -------------- Balance at end of period $590 $421 ============== ==============
See notes to financial statements. -5- 6 CLEVETRUST REALTY INVESTORS NOTES TO FINANCIAL STATEMENTS June 30, 1996 NOTE A - INCOME TAXES The Trust had no income tax expense for the nine-month period ended June 30, 1995 or for the fiscal year ended September 30, 1995. The Trust had no income tax expense for the nine-month period ended June 30, 1996 and it expects to have no income tax expense for the fiscal year ended September 30, 1996. The Trust had a net deferred tax asset position at June 30, 1996 and September 30, 1995 of approximately $2,366,000 and $2,567,000, respectively. The Trust maintains a valuation reserve equal to its net deferred tax asset as there is doubt as to whether the net deferred tax will be realized. NOTE B - INVESTMENTS IN REAL ESTATE On February 20, 1996 the Trust completed the purchase of the land on which its Englewood Bank Building is located. This land, which was previously leased by the Trust, was purchased for a price of $1,263,000. On March 28, 1996 the Trust purchased a 52,554 square foot suburban office building located in Arlington, Texas for a purchase price of $2,206,000. During January and February, 1996 the Trust completed the sale of three condominium units located in Davie, Florida for a total sales price of $138,000. These sales resulted in a gain of $69,000. On March 28, 1996 the Trust completed a $600,000 sale of the European Crossroads office/retail complex on 11.5 acres of land located in Dallas, Texas. The sale resulted in a loss of $313,000. On April 15, 1996 the Trust completed a $115,000 sale of 7.42 acres of vacant land located in Akron, Ohio. This sale resulted in a gain of $23,000. On February 28, 1995 the Trust completed a $2,650,000 sale of the 197 room Quality Hotel located at the airport in St. Louis, Missouri. This sale resulted in a gain of $452,000. On March 15, 1995 the Trust completed a $2,595, 000 sale of the 224 unit Parkwood Place Apartments located in Greeley, Colorado. This sale resulted in a gain of $1,859,000. On March 20, 1995 the Trust completed a $800,000 sale of the 51,000 square foot Walnut Hill West office building located in Dallas, Texas. This sale resulted in a gain of $97,000. On May 31, 1995 the Trust completed a $212,000 sale of 17.7697 cares of vacant land located in Akron, Ohio. This sale resulted in a gain of $91,000. The Trust received a purchase money mortgage for the total $212,000 purchase price in connection with the sale. - 6 - 7 CLEVETRUST REALTY INVESTORS NOTES TO FINANCIAL STATEMENTS - (Continued) NOTE C - INVESTMENTS IN SECURITIES In 1995 the Trust adopted Statement of Financial Accounting Standards No. 115 "Accounting for Certain Investments in Debt and Equity Securities." The Trust has classified its investments in equity securities as available-for-sale and as a result these investments are stated at fair value at June 30, 1996 and September 30, 1995. The effects of the unrealized gains are included as a component of Shareholders' Equity. There was no cumulative effect adjustment as a result of adoption. NOTE D - MORTGAGE NOTES PAYABLE Effective December 28, 1995 the Trust and its Lender modified the first mortgage loan on the 14800 Quorum Office Building located in Dallas, Texas as follows: The Trust borrowed an additional $500,000, which increased the outstanding borrowings to $2,640,000 at the time of the transaction. Additionally, the base interest rate, which was 1.75% over the prime lending rate (9.5% at the time of the modification) adjusted every two years, was changed to a fixed rate of 8.30%, effective January 1, 1996, until the maturity date of August 19, 2000. On May 1, 1995 the Trust settled at a discount, a $1,017,000 first mortgage loan on its office building located in Englewood, Colorado, which had a maturity date of February 1, 1999. This settlement resulted in an extraordinary gain of $52,000. NOTE E - BANK NOTES PAYABLE The Trust has a revolving line of credit ("1994 Credit") issued by National City Bank of Cleveland ("NCB") and Manufacturer's and Traders Trust Company of Buffalo, New York ("M&T"), which was signed effective November 30, 1994. The 1994 Credit is for up to $25,000,000 (but is limited by the value of the collateral provided). Of this amount a maximum of $15,000,000 is currently available and $10,000,000 will be available upon payment of an activation fee of 3/4 of 1% on the $10,000,000. Interest will be at either i) 1/4 of 1% over the prime rate; ii) 250 basis points over the LIBOR rate; or iii) NCB's fixed interest rate available from time to time. Additionally, a commitment fee of 3/8 of 1% is due on any funds available but not borrowed. The initial term was for three years. Based on their review of the Trust's results for the fiscal year ended September 30, 1995, the lenders have extended the maturity date to March 1, 1999. The lenders have the option to extend the maturity date each year after their review of the then ended fiscal year's results. At June 30, 1996 the outstanding balance was $10,500,000. At September 30, 1995 the outstanding balance was $6,600,000. The 1994 Credit is secured by certain of the Trust's real estate and contains certain covenants including a covenant for a minimum shareholders' equity. At June 30, 1996 the amount of shareholders' equity free from such restrictions was approximately $5,235,000. NOTE F - DISTRIBUTIONS The Trustees at their April 22, 1996 meeting declared a quarterly cash distribution of $.04 per share payable July 19, 1996 to shareholders of record as of July 5, 1996. The Trustees at their July 23, 1996 meeting declared a quarterly cash distribution of $.04 per share payable on September 20, 1996 to shareholders of record as of September 6, 1996. - 7 - 8 CLEVETRUST REALTY INVESTORS NOTES TO FINANCIAL STATEMENTS - (Continued) NOTE G - NET INCOME PER SHARE Net income per Share of Beneficial Interest has been computed using the weighted average number of Shares of Beneficial Interest outstanding each period. - 8 - 9 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. FINANCIAL CONDITION At June 30, 1996 the Trust owned $66,620,000 in real estate investments at cost, had $2,634,000 of investments in securities at market value, and had two real estate mortgage loans with a combined balance of $141,000. These investments, net of accumulated depreciation, totaled $45,577,000. This compared with total real estate investments at cost of $63,485,000, investments in securities at with a market value of $267,000, two real estate mortgage loans with a combined balance of $303,000 and a carrying value after accumulated depreciation of $41,512,000 at September 30, 1995. The change since year end September 30, 1995 was the net result of the following: (i) the March 28, 1996 purchase of a 52,554 square foot suburban office building located in Arlington, Texas for a purchase price of $2,206,000; (ii) the February 20, 1996 purchase for $1,263,000 of the land under the Englewood Bank Building located in Englewood, Colorado, which land was previously leased by the Trust; (iii) the April 15, 1996 sale of 7.42 acres of vacant land located in Akron, Ohio, book value $85,000; (iv) the March 28, 1996 sale of the European Crossroads office/retail complex on 11.5 acres of land located in Dallas, Texas, book value $868,000; (v) the sale during January and February, 1996 of three condominium units located in Davie, Florida, book value $46,000; (vi) the increase in the market value of investments in securities by $2,367,000, which was the result of the purchase of $1,999,000 of new securities and the adjustment of $368,000 to adjust securities owned to market value; (vii) receiving $162,000 in real estate loan repayments; (viii) spending $725,000 on improvements to existing properties; and (ix) recording depreciation expense of $1,336,000. During the nine months ended June 30, 1996 the Trust increased its borrowings under the 1994 Credit Agreement by $3,900,000. These borrowings were primarily used to purchase the above referenced land and suburban office building, in addition to funding a portion of the purchase of securities in real estate companies. Also, in December, 1995 the Trust borrowed an additional $500,000 in a restructuring of the first mortgage loan on the 14800 Quorum Building in Dallas, Texas (see Note D to the financial statements). At June 30, 1996 the balance of accrued expenses and other liabilities was $1,764,000, which was a decrease of $297,000 (14%) from the September 30, 1995 balance of $2,061,000. This decrease was primarily due to the Trust' payments, primarily during the quarter ended March 31, 1996, of calendar 1995 real estate taxes for the majority of the Trust's properties. These taxes were accrued during calendar year 1995. The $197,000 increase in shareholders' equity at June 30, 1996 from September 30, 1995 was the net effect of the Trust's recording net income of $683,000, making distributions to shareholders of $623,000 during the nine month period ended June 30, 1996, repurchasing and retiring 38,000 of the Trust's shares at a total cost of $174,000, and the increase of the unrealized gains on investments in securities by $311,000 during the nine months ended June 30, 1996. At June 30, 1996 the Trust's debt to equity ratio was .80-to-1.00 compared to .63-to-1.00 at September 30, 1995. Management has from time to time undertaken a major renovation of a property in order to keep it competitive within its market. No major renovation projects are currently contemplated or in progress. - 9 - 10 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. RESULTS OF OPERATIONS Quarter ended June 30, 1996 versus June 30, 1995 Income from real estate operations during the quarter ended June 30, 1996 increased $4,000 when compared to the quarter ended June 30, 1995. Rental income for the quarter ended June 30, 1996 increased $148,000 (6%) compared to the quarter ended June 30, 1995. Real estate operating expenses increased $123,000 (10%) while depreciation expense increased $21,000 (5%) in the three months ended June 30, 1996 versus 1995. The primary reason for the increase in all of these categories was the Trust's purchase of a 52,554 square foot suburban office building located in Arlington, Texas on March 28, 1996. The $54,000 of dividend income during the current quarter ended June 30, 1996 represents the dividends earned by the Trust on its investments in securities. The Trust had no like income nor investments during the same period one year earlier. The $89,000 (23%) increase in interest expense for the three-month period ended June 30, 1996 when compared to the same period one year ago was primarily due to the average borrowings outstanding being $20,269,000 for the three months ended June 30, 1996 compared to $15,063,000 for the three months ended June 30, 1995. It should also be noted that the average rate for the three months ended June 30, 1996 was 9.27% compared to 10.1% for the three months ended June 30, 1995. On April 15, 1996 the Trust completed a $115,000 sale of 7.42 acres of vacant land located in Akron, Ohio. This sale resulted in a gain of $23,000. On May 31, 1995 the Trust completed a $212,000 sale of 17.7697 acres of vacant land located in Akron, Ohio. This sale resulted in a gain of $91,000. On May 1, 1995 the Trust settled, at a discount, a $1,017,000 first mortgage loan on its office building located in Englewood, Colorado. This settlement resulted in an extraordinary gain of $52,000. There was no comparable activity during the three months ended June 30, 1996. Nine Months ended June 30, 1996 versus June 30, 1995: Income from real estate operations during the nine months ended June 30, 1996 increased $196,000 (8%) compared to the nine months ended June 30, 1995. Rental income for the nine months ended June 30, 1996 increased $76,000 when compared to the nine months ended June 30, 1995. Real estate operating expenses during the current nine months decreased $67,000 when compared to the same period one year earlier. Depreciation expense declined $53,000 (3.8%) when comparing the two periods. The $174,000 of dividend income during the current nine-month period represents the dividends earned by the Trust on its investments in securities. The Trust had no like income not investments during the same period one year earlier. During January and February, 1996 the Trust sold three condominium units located in Davie, Florida. The $138,000 sales resulted in gains totaling $69,000. On March 28, 1996 the Trust sold the European Crossroads office/retail center located in Dallas, Texas for $600,000. This sale resulted in a loss of $313,000. The April 15, 1996 sale of vacant land resulting in a gain of $23,000 was previously discussed. - 10 - 11 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. RESULTS OF OPERATIONS - (Continued) On February 28, 1995 the Trust completed a $2,650,000 sale of the 197 room Quality Hotel located at the St. Louis, Missouri airport. This sale resulted in a gain of $452,000. On March 15, 1995 the Trust completed a $2,595,000 sale of the 224 unit Parkwood Place Apartments located in Greeley, Colorado. This sale resulted in a gain of $1,859,000. On March 20, 1995 the Trust completed a $800,000 sale of the 51,000 square foot Walnut Hill West office building located in Dallas, Texas. This sale resulted in a gain of $97,000. The $91,000 balance of the gains for the nine months ended June 30, 1995 was from the Akron land sale discussed previously. The $52,000 extraordinary income item for the nine months ended June 30, 1995 was discussed above. OTHER The Trustees and Management of the Trust are continuing to evaluate various business alternatives to maximize value for the Shareholders of the Trust. As a result, the Trustees are seriously considering recommending that the Trust adopt a plan for its orderly liquidation. The Trustees anticipate that such a plan of liquidation would entail sales of individual properties in the Trust's portfolio over a period of approximately three years, but the Trust will also consider proposals for mergers, combinations or offers for a sale of all or a substantial portion of its properties in a single transaction. At this time, it is not possible to predict with certainty what proceeds the Trust will realize from sales of its portfolio of properties. The Trustees and Management of the Trust believe that in the aggregate the total sale proceeds should exceed the net amount at which the properties are currently reflected in the financial statements of the Trust. This is a forward-looking statement and the actual result could be affected by many factors, including demand and availability in the market for real estate of the type held by the Trust in those regions where Trust properties are located and availability and terms of financing for real estate acquisitions. If the Trustees recommend adoption of a plan of liquidation, the plan will be subject to approval by the Shareholders. The effect of an adoption of a plan of liquidation on the financial statements has not been fully determined at this time. However, if adopted, the Trust would be required to classify all investments in real estate as "Assets to be Disposed of" in accordance with Financial Accounting Standards No. 121 "Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed of" ("FAS 121"). FAS 121 requires the Trust to carry all long-lived assets at the lower of current carrying cost or current market value. Although under generally accepted accounting principles the Trust would not be allowed to write up to fair market value those assets which the Trustees and Management currently believes are carried at a cost lower than fair market value, the Trust would be required to write-down the carrying value of certain of its assets which the Trust believes are carried at a cost currently higher than their fair market value. If during the fiscal year 1996 the Trustees adopt a plan of liquidation subject to shareholder approval, the effect of any write-down would be recorded in the current fiscal year's Statement of Operations in the fourth quarter. Currently, the Trustees and Management's best estimate of the range of possible write-downs is between $3 and $4 million. Additionally, if a plan of liquidation is adopted, certain employee related costs will be accrued over the liquidation period, which is estimated to continue through December 31, 1999. - 11 - 12 P A R T I I Item 1. Legal Proceedings There are no items or events requiring reporting with respect to this item. Item 2. Changes in Securities There are no items or events requiring reporting with respect to this item. Item 3. Defaults upon Senior Securities There are no items or events requiring reporting with respect to this item. Item 4. Submission of Matters to a Vote of Security Holders There are no items or events requiring reporting with respect to this item. Item 5. Other Information There are no items or events requiring reporting with respect to this item. Item 6. Exhibits and Reports on Form 8-K There are no items or events requiring reporting with respect to this item. - 12 - 13 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 thereunto duly authorized. CLEVETRUST REALTY INVESTORS (Registrant) Date: August 13, 1996 By: /s/ John C. Kikol -------------------------------- John C. Kikol, President Date: August 13, 1996 By: /s/ Michael R. Thoms -------------------------------- Michael R. Thoms, Vice President and Treasurer - 13 - 14 CLEVETRUST REALTY INVESTORS QUARTERLY REPORT ON FORM 10-Q FOR QUARTER ENDED JUNE 30, 1996 EXHIBIT INDEX
"Assigned" "Sequential" Exhibit No. Description Page No. - ----------- ----------- -------- (27) Financial Data Schedule. 15
- 14 - EX-27 2 EXHIBIT 27
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FORM 10-Q FOR THE PERIOD ENDED JUNE 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 9-MOS SEP-30-1996 OCT-01-1995 JUN-30-1996 590 2,634 533 0 0 741 66,620 23,818 47,300 1,858 20,119 5,179 0 0 20,144 47,300 0 7,987 0 5,225 541 0 1,317 904 0 904 0 (221) 0 683 .13 .13
-----END PRIVACY-ENHANCED MESSAGE-----