-----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, UXM4eZkoL4+WSpvl7EslgyxrtsYVWbZQm4/pBR/z77+LG+fG2LTkkmxvOaGomwTv 60Rdbe4lLUkFe4ZXFfKleQ== 0000950134-95-002545.txt : 19951024 0000950134-95-002545.hdr.sgml : 19951024 ACCESSION NUMBER: 0000950134-95-002545 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950731 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19951023 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONTINENTAL MORTGAGE & EQUITY TRUST CENTRAL INDEX KEY: 0000319416 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 942738844 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-10503 FILM NUMBER: 95583139 BUSINESS ADDRESS: STREET 1: 10670 N CENTRAL EXPWY STE 300 CITY: DALLAS STATE: TX ZIP: 75231 BUSINESS PHONE: 2146924700 FORMER COMPANY: FORMER CONFORMED NAME: CONSOLIDATED CAPITAL SPECIAL TRUST DATE OF NAME CHANGE: 19901122 8-K/A 1 FORM 8-K/A AMENDMENT NO. 2 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K/A AMENDMENT NO. 2 TO CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 July 31, 1995 ------------------------------------------------ Date of Report (Date of Earliest Event Reported) CONTINENTAL MORTGAGE AND EQUITY TRUST ------------------------------------------------------ (Exact Name of Registrant as Specified in its Charter) California 0-10503 94-2738844 - -------------------------------------------------------------------------------- (State of Incorporation) (Commission (IRS Employer File No.) Identification No.) 10670 North Central Expressway, Suite 300, Dallas, TX 75231 - -------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's Telephone Number, Including Area Code: (214) 692-4700 Not Applicable ------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) 1 2 This Form 8-K/A amends the Registrant's Current Report on Form 8-K dated July 31, 1995 as amended by a Form 8-K/A dated September 7, 1995 as follows: ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS - pages 5, 9 and 10 3 CONTINENTAL MORTGAGE AND EQUITY TRUST PRO FORMA STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 1994
McCallum Glen Other Property Actual Apartments(1) Acquisition(1) Pro forma ------------- --------------- -------------- --------------- (dollars in thousands) Income Rentals...................... $ 27,042 $ 1,245 $ 2,772 $ 31,059 Interest..................... 2,699 - - 2,699 Other........................ (479) - - (479) ------------- --------------- -------------- --------------- 29,262 1,245 2,772 33,279 Expenses Property operations.......... 16,888 676 1,032 18,596 Interest..................... 7,711 362 1,260 9,333 Depreciation................. 3,214 126 444 3,784 Advisory fee to affiliate.... 1,326 - - 1,326 General and administrative... 1,235 - - 1,235 Provision for losses......... 1,429 - - 1,429 ------------- --------------- -------------- --------------- 31,803 1,164 2,736 35,703 Income (loss) before gain on sale of real estate.......... (2,541) 81 36 (2,424) Gain on sale of real estate... 1,708 - - 1,708 ------------- --------------- -------------- --------------- Net income (loss)............. $ (833) $ 81 $ 36 $ (716) ============= =============== ============== =============== Earnings per share Net (loss)................... $ (.29) $ (.25) ============= =============== Shares of beneficial interest outstanding.................. 2,919,815 2,919,815 ============= ===============
- -------------------- (1) Assumes acquisition by the Trust on January 1, 1994. 5 4 Independent Auditors' Report To the Board of Trustees Continental Mortgage and Equity Trust We have audited the accompanying statement of revenues and direct operating expenses of McCallum Glen Apartments for the year ended December 31, 1994. This statement of revenues and direct operating expenses is the responsibility of the Property's management. Our responsibility is to express an opinion on this statement of revenues and direct operating expenses based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the statement of revenues and direct operating expenses is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the statement of revenues and direct operating expenses. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall statement of revenues and direct operating expenses presentation. We believe that our audit provides a reasonable basis for our opinion. The accompanying financial statement is prepared for the purpose of complying with the rules and regulations of the Securities and Exchange Commission (for inclusion in Form 8-K of Continental Mortgage & Equity Trust) and, as described in Note 1, is not intended to be a complete presentation of the results of operations. In our opinion, the statement of revenues and direct operating expenses referred to above presents fairly, in all material respects, the revenues and direct operating expenses of McCallum Glen Apartments for the year ended December 31, 1994, in conformity with generally accepted accounting principles. Farmer, Fuqua, Hunt & Munselle, P.C. Dallas, Texas August 31, 1995 9 5 MCCALLUM GLEN APARTMENTS STATEMENT OF REVENUES AND DIRECT OPERATING EXPENSES YEAR ENDED DECEMBER 31, 1994 REVENUES Rental revenues $ 1,204,177 Other 40,730 ------------ Total Revenues 1,244,907 ------------ DIRECT OPERATING EXPENSES Administration 21,392 Insurance 27,793 Management Fees 62,579 Marketing 22,960 Payroll & benefits 184,083 Property Taxes 163,161 Repairs & Maintenance 90,773 Utilities 103,062 ------------ Direct Operating Expenses 675,803 ------------ REVENUES IN EXCESS OF DIRECT OPERATING EXPENSES $ 569,104 ============
The accompanying notes are an integral part of this statement. 10 -----END PRIVACY-ENHANCED MESSAGE-----