-----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, MVaZLQSdmd2a/JyO2k+Ih4GdYYaQe+9aZAmgPLBE1vepcvMWKIJE4wT0UKgL/ItA 5Ls3KuujAr0txC4Je5Z44g== 0000950134-96-004096.txt : 19960813 0000950134-96-004096.hdr.sgml : 19960813 ACCESSION NUMBER: 0000950134-96-004096 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960812 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: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-10503 FILM NUMBER: 96608735 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 10-Q 1 FORM 10-Q PERIOD END JUNE 30, 1996 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTER ENDED JUNE 30, 1996 ------------- Commission File Number 0-10503 ------- CONTINENTAL MORTGAGE AND EQUITY TRUST ------------------------------------------------------ (Exact Name of Registrant as Specified in Its Charter) California 94-2738844 -------------------------------- ---------------------- (State or Other Jurisdiction of (I.R.S. Employer Incorporation or Organization) Identification No.) 10670 North Central Expressway, Suite 300, Dallas, TX 75231 ----------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) (214) 692-4700 -------------------------------- (Registrant's Telephone Number, Including Area Code) 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, no par value 4,185,240 ------------------------------ -------------------------------- (Class) (Outstanding at July 26, 1996) 1 2 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS The accompanying Consolidated Financial Statements have not been audited by independent certified public accountants, but in the opinion of the management of Continental Mortgage and Equity Trust (the "Trust"), all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of consolidated results of operations, consolidated financial position and consolidated cash flows at the dates and for the periods indicated, have been included. CONTINENTAL MORTGAGE AND EQUITY TRUST CONSOLIDATED BALANCE SHEETS
June 30, December 31, 1996 1995 ---------- ------------ (dollars in thousands) Assets ------ Notes and interest receivable Performing........................................ $ 6,520 $ 4,240 Nonperforming, nonaccruing........................ 2,287 2,299 ----------- ------------ 8,807 6,539 Less - allowance for estimated losses............... (1,081) (1,188) ----------- ------------ 7,726 5,351 Foreclosed real estate held for sale, net of accumulated depreciation ($738 in 1996 and 1995).. 10,616 11,553 Real estate under contract for sale, net of accumulated depreciation ($602 in 1995)........... - 1,268 Less - allowance for estimated losses............... (5,047) (5,117) ----------- ------------ 5,569 7,704 Real estate held for investment, net of accumulated depreciation ($16,634 in 1996 and $16,395 in 1995) 175,859 174,713 Investment in marketable equity securities, at market (including $4,742 in 1996 and $3,812 in 1995 of affiliates)............................... 5,926 4,753 Investments in partnerships......................... 2,146 12,970 Cash and cash equivalents........................... 14,870 6,386 Other assets (including $638 in 1996 and $469 in 1995 from affiliates)............................. 9,728 6,691 ----------- ------------ $ 221,824 $ 218,568 =========== ============
The accompanying notes are an integral part of these Consolidated Financial Statements. 2 3 CONTINENTAL MORTGAGE AND EQUITY TRUST CONSOLIDATED BALANCE SHEETS - Continued
June 30, December 31, 1996 1995 ----------- ------------ (dollars in thousands) Liabilities and Shareholders' Equity ------------------------------------ Liabilities Notes and interest payable.......................... $ 135,205 $ 135,590 Other liabilities (including $923 in 1995 to affiliates)....................................... 6,451 6,993 ------------ ------------ 141,656 142,583 Commitments and contingencies Shareholders' equity Shares of Beneficial Interest, no par value; authorized shares, unlimited; issued and out- standing, 4,193,914 in 1996 and 4,377,141 shares in 1995.................................... 8,402 8,766 Paid-in capital..................................... 258,641 260,060 Accumulated distributions in excess of accumulated earnings.......................................... (191,077) (195,870) Net unrealized gains on marketable equity securities 4,202 3,029 ------------ ------------ 80,168 75,985 ------------ ------------ $ 221,824 $ 218,568 ============ ============
The accompanying notes are an integral part of these Consolidated Financial Statements. 3 4 CONTINENTAL MORTGAGE AND EQUITY TRUST CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months For the Six Months Ended June 30, Ended June 30, --------------------------- ------------------------ 1996 1995 1996 1995 ---------- ----------- ----------- ---------- (dollars in thousands, except per share) Revenue Rents....................... $ 11,063 $ 9,345 $ 21,770 $ 17,706 Interest.................... 302 204 553 404 ---------- ----------- ----------- ---------- 11,365 9,549 22,323 18,110 Expenses Property operations......... 6,693 5,575 12,903 10,560 Equity in (income) loss of partnerships............... 219 (78) 194 (185) Interest.................... 3,136 2,411 6,063 4,517 Depreciation................ 1,157 1,067 2,294 2,030 Provision for losses........ - - - 541 Advisory fee to affiliate... 469 393 851 745 General and administrative.. 590 264 939 629 ---------- ----------- ----------- ---------- 12,264 9,632 23,244 18,837 ---------- ----------- ----------- ---------- (Loss) before gain on sale of real estate.............. (899) (83) (921) (727) Gain on sale of real estate... 4,724 - 6,169 - Extraordinary gain............ 663 - 663 - ---------- ----------- ----------- ---------- Net income (loss)............. $ 4,488 $ (83) $ 5,911 $ (727) ========== =========== =========== ========== Earnings per share Income (loss) before extraordinary gain......... $ 1.05 $ (.02) $ 1.37 $ (.17) Extraordinary gain.......... .02 - .02 - ---------- ----------- ----------- ---------- Net income (loss)........... $ 1.07 $ (.02) $ 1.39 $ (.17) ========== =========== =========== ========== Weighted average shares of beneficial interest used in computing earnings per share 4,214,062 4,377,167 4,273,916 4,377,177 ========== =========== =========== ==========
The accompanying notes are an integral part of these Consolidated Financial Statements. 4 5 CONTINENTAL MORTGAGE AND EQUITY TRUST CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
Accumulated Unrealized Shares of Distributions Gains on Beneficial Interest in Excess of Marketable ------------------------- Paid-in Accumulated Equity Shareholders' Shares Amount Capital Earnings Securities Equity --------- ---------- ----------- ------------- -------------- ------------ (dollars in thousands) Balance, January 1, 1996................ 4,377,141 $ 8,766 $ 260,060 $ (195,870) $ 3,029 $ 75,985 Repurchase of shares of beneficial interest............ (183,227) (364) (1,419) - - (1,783) Distributions ($.26 per share).......... - - - (1,118) - (1,118) Unrealized gains on marketable equity securities.......... - - - - 1,173 1,173 Net income............ - - - 5,911 - 5,911 ----------- --------- ----------- ---------- ---------- -------- Balance, June 30, 1996................ 4,193,914 $ 8,402 $ 258,641 $ (191,077) $ 4,202 $ 80,168 =========== ========= =========== ========== ========== ========
The accompanying notes are an integral part of these Consolidated Financial Statements. 5 6 CONTINENTAL MORTGAGE AND EQUITY TRUST CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Six Months Ended June 30, ------------------------- 1996 1995 --------- ---------- (dollars in thousands) Cash Flows from Operating Activities Rents collected.................................. $ 21,660 $ 17,733 Interest collected............................... 334 232 Interest paid.................................... (5,389) (4,123) Payments for property operations................. (12,453) (10,601) General and administrative expenses paid......... (1,394) (673) Advisory fee paid to affiliate................... (851) (745) Distributions from partnerships' operating cash flow......................................... 941 517 Other............................................ 1,559 183 --------- ---------- Net cash provided by operating activities.... 4,407 2,523 Cash Flows from Investing Activities Acquisition of real estate....................... (13,372) (3,178) Funding of capital improvement escrows........... (1,500) (1,252) Real estate improvements......................... (194) (881) Proceeds from sale of real estate................ 10,737 33 Funding of note receivable....................... (1,500) - Collections on notes receivable.................. 43 1,040 Distributions from a partnership's investing activities................................... 10,720 - --------- ---------- Net cash provided by (used in) investing activities................................. 4,934 (4,238) Cash Flows from Financing Activities Distributions to shareholders.................... (1,118) (874) Proceeds from notes payable and margin borrowings 18,331 4,219 Payments on notes payable........................ (16,287) (2,541) Repurchase of shares of beneficial interest...... (1,783) - --------- ---------- Net cash provided by (used in) financing activities................................. (857) 804 --------- ---------- Net increase (decrease) in cash and cash equivalents...................................... 8,484 (911) Cash and cash equivalents, beginning of period.... 6,386 7,478 --------- ---------- Cash and cash equivalents, end of period.......... $ 14,870 $ 6,567 ========= ==========
The accompanying notes are an integral part of these Consolidated Financial Statements. 6 7 CONTINENTAL MORTGAGE AND EQUITY TRUST CONSOLIDATED STATEMENTS OF CASH FLOWS - Continued
For the Six Months Ended June 30, ------------------------- 1996 1995 ----------- ---------- (dollars in thousands) Reconciliation of net income (loss) to net cash provided by operating activities Net income (loss)................................... $ 5,911 $ (727) Adjustments to reconcile net income (loss) to net cash provided by operating activities Depreciation and amortization...................... 2,294 1,949 Provision for loss................................. - 541 Gain on sale of real estate........................ (6,169) - Extraordinary gain................................. (663) - (Increase) in interest receivable.................. (50) (94) Decrease in other assets........................... 2,399 133 Increase (decrease) in other liabilities........... (543) 82 Increase in interest payable....................... 93 307 Distributions from partnerships' operating cash flow........................................... 941 517 Equity in (income) loss of partnerships............ 194 (185) ----------- --------- Net cash provided by operating activities...... $ 4,407 $ 2,523 =========== ========= Noncash investing and financing activities Notes payable from acquisition of real estate...... $ 3,200 $ 16,640 Interest on wraparound mortgage loan paid directly to underlying lienholder.............. 12 - Unrealized gain on marketable equity securities.... 1,173 55 Note receivable from the sale of real estate....... 750 - Carrying value of real estate acquired through insubstance foreclosure in satisfaction of a note receivable with a carrying value of $891.. - 891
The accompanying notes are an integral part of these Consolidated Financial Statements. 7 8 CONTINENTAL MORTGAGE AND EQUITY TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1. BASIS OF PRESENTATION The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Operating results for the six month period ended June 30, 1996 are not necessarily indicative of the results that may be expected for the year ending December 31, 1996. Dollar amounts in tables are in thousands. For further information, refer to the Consolidated Financial Statements and Notes thereto included in the Trust's Annual Report on Form 10-K for the year ended December 31, 1995 ("1995 Form 10-K"). Shares and per share data have been restated for the three for two forward share split effected February 15, 1996. NOTE 2. INVESTMENTS IN PARTNERSHIPS The Trust's investments in partnerships accounted for using the equity method consisted of the following at June 30, 1996: Sacramento Nine....................... $ (34) Indcon, L.P........................... 2,093 ------------- $ 2,059 =============
The Trust and National Income Realty Trust ("NIRT") are partners in Sacramento Nine, the Trust having a 30% interest in the partnership's earnings, losses and distributions. The Trust and NIRT are also partners in Income Special Associates ("ISA"), a joint venture partnership in which the Trust has a 60% interest in earnings, losses and distributions. ISA in turn owns a 100% interest in Indcon, L.P. The partnership agreements require the consent of both the Trust and NIRT for any material changes in the operations of the partnerships' properties, including sales, refinancings and changes in property management. The Trust, as a noncontrolling partner, accounts for its investment in the partnerships using the equity method. In February and March 1996, Indcon sold 25 of its industrial warehouses for a total of $36.2 million in cash. Indcon received net cash of $14.2 million, of which the Trust's equity share was $8.5 million, after the payoff of existing mortgage debt with a principal balance of $23.4 million. Indcon recognized a gain of $617,000 on the sale, of which the Trust's equity share was $370,000. Indcon paid a real estate sales commission of $585,000 to Carmel Realty, Inc. ("Carmel Realty"), an affiliate of Basic Capital Management, Inc. ("BCM"), the Trust's advisor, based upon the $36.2 million sales price of the properties. In March 1996, Indcon reached a settlement with an insurance company on the fire loss of one of its industrial warehouses. Indcon received a 8 9 CONTINENTAL MORTGAGE AND EQUITY TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) NOTE 2. INVESTMENTS IN PARTNERSHIPS (Continued) total of $2.2 million in cash. Indcon does not intend to rebuild the destroyed warehouse and accordingly has recognized a gain of $1.2 million, of which the Trust's equity share was $663,000. In April 1996, Indcon sold two additional industrial warehouses for $1.8 million in cash, of which the Trust's equity share was $1.1 million. Indcon paid a real estate sales commission of $16,000 to Carmel Realty based upon the $1.8 million sales price of the properties. Set forth below is summarized results of operations for the partnerships the Trust accounts for using the equity method for the six months ended June 30, 1996: Rents................................... $ 1,788 Depreciation............................ (232) Property operations..................... (583) Interest expense........................ (746) ------------- Income before gain on sale of real estate............................... 227 Gain on sale of real estate............. 928 ------------- Net income.............................. $ 1,155 =============
NOTE 3. MORTGAGE NOTES RECEIVABLE In February 1996, the Trust funded a $1.5 million second lien mortgage secured by the Signature Athletic Club Building in Dallas, Texas. The note bears interest at 12% per annum and requires monthly interest only payments to the extent of available cash flow. Any accrued but unpaid interest is added to the principal balance of the note annually. In addition, the note requires quarterly principal payments equal to the excess property cash flow for the quarter. The note matures in October 1998 with an option to extend the note to December 2000. The Trust has also guaranteed the underlying $3.0 million first mortgage secured by the property. The Trust has an option to purchase a 50% interest in the partnership which owns the Signature Athletic Club Building for $100 at any time. The option expires in December 2005. NOTE 4. REAL ESTATE In February 1996, the Trust sold the Rivertree Apartments in Hurst, Texas for $1.8 million, a property under contract for sale at December 31, 1995. In conjunction with the sale, the Trust provided $750,000 of purchase money financing in the form of a wraparound mortgage note. The Trust received net cash of $959,000 after the payment of various closing costs associated with the sale. The Trust paid a real estate sales commission of $70,000 to Carmel Realty based on the $1.8 million sales price of the property. The Trust recognized a gain of $378,000 on the sale. 9 10 CONTINENTAL MORTGAGE AND EQUITY TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) NOTE 4. REAL ESTATE (Continued) In March 1996, the Trust purchased the Hampton Court Office Building, a 104,001 square foot office building in Dallas, Texas, for $7.7 million. The Trust paid $1.4 million in cash and obtained new mortgage financing of $6.3 million. The first mortgage bears interest at 8.0% per annum, requires monthly payments of principal and interest of $42,000 and matures in March 2001. In conjunction with the financing, the Trust established various escrow accounts in the amount of $1.5 million. The Trust paid a real estate brokerage commission of $205,000 to Carmel Realty and an acquisition fee of $77,000 to BCM based on the $7.7 million purchase price of the property. In April 1996, the Trust purchased the Amoco Building, a 378,244 square foot office building in New Orleans, Louisiana, for $5.9 million in cash. The Trust paid a real estate brokerage commission of $188,000 to Carmel Realty and an acquisition fee of $59,000 to BCM based on the $5.9 million purchase price of the property. Also in April 1996, the Trust purchased the Central Storage Warehouse, a 216,035 square foot warehouse in Dallas, Texas, for $2.2 million in cash. The Trust paid a real estate brokerage commission of $86,000 to Carmel Realty and an acquisition fee of $22,000 to BCM based on the $2.2 million purchase price of the property. In May 1996, the Trust sold the Sunset Towers Apartments in San Francisco, California for $24.1 million in cash. The Trust received $9.7 million after the payoff of $14.0 million in existing mortgage debt and the payment of various closing costs associated with the sale. The Trust paid a real estate sales commission of $482,000 to Carmel Realty based on the $24.1 million sales price of the property. The Trust recognized a gain of $5.4 million on the sale. In June 1996, the Trust purchased the Grove Park Apartments, a 188 unit apartment complex in Plano, Texas for $4.4 million. The Trust paid $1.2 million in cash and assumed the existing first lien mortgage of $3.2 million. The mortgage bears interest at a rate of 8.9% per annum, requires monthly payments of principal and interest of $26,315 and matures in March 1998. The Trust paid a $153,000 real estate brokerage commission to Carmel Realty and a $44,000 acquisition commission to BCM based on the $4.4 million purchase price of the property. Also in June 1996, the Trust sold the Crystal Court Apartments, a foreclosed property held for sale, in Detroit, Michigan for $700,000. The Trust paid a real estate sales commission of $28,000 to Carmel Realty based on the $700,000 sales price of the property. The Trust recognized no loss on the property beyond that which had already been provided. NOTE 5. NOTES PAYABLE In February 1995, after determining that further investment in Genesee Towers Office Building in Flint, Michigan, could not be justified 10 11 CONTINENTAL MORTGAGE AND EQUITY TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) NOTE 5. NOTES PAYABLE (Continued) without a substantial modification of the mortgage debt, the Trust ceased making debt service payments on the $8.8 million nonrecourse mortgage secured by the property. Accordingly, as of December 31, 1994, the Trust wrote down the carrying value of the property by $1.2 million, which is included in the 1994 provision for losses, to the amount of the nonrecourse mortgage. In February 1996, the Trust and the lender entered into a forbearance agreement that provides, among other things, that until August 20, 1996, the Trust make monthly payments of the greater of regular scheduled principal and interest or cash flow from the property. The deed to the property has been placed in escrow during the term of the forbearance agreement. The Trust anticipates that the property will be returned to the lender at the expiration of the agreement. The Trust does not anticipate incurring a loss as the carrying value of the property has been written down to the amount of the nonrecourse mortgage debt, which approximates fair value of the property at June 30, 1996. In April 1996, the Trust refinanced the mortgage debt secured by the Edgewood Apartments in Lansing, Illinois in the amount of $8.1 million. The Trust received net cash of $1.3 million after the payoff of $6.7 million in existing mortgage debt, including a $60,000 prepayment penalty. The remainder of the refinancing proceeds were used to pay various closing costs associated with the refinancing. The new mortgage bears interest at the rate of 8.65% per annum, requires monthly payments of principal and interest of $66,000 and matures in May 2006. The Trust paid BCM a mortgage brokerage and equity refinancing fee of $81,000 based upon the new $8.1 million mortgage. Also in April 1996, the Trust refinanced the mortgage debt secured by the In the Pines Apartments in Gainesville, Florida in the amount of $6.0 million. The Trust received net cash of $415,000 after the payoff of $5.3 million in existing mortgage debt. The remainder of the refinancing proceeds were used to pay various closing costs associated with the refinancing. The new mortgage bears interest at the rate of 8.65% per annum, requires monthly payments of principal and interest of $49,000 and matures in May 2006. The Trust paid BCM a mortgage brokerage and equity refinancing fee of $60,000 based upon the new $6.0 million mortgage. Also in April 1996, the Trust refinanced the mortgage debt secured by the Quail Oaks Apartments in Balch Springs, Texas in the amount of $1.3 million. The Trust received net cash of $413,000 after the payoff of $753,000 in existing mortgage debt. The remainder of the refinancing proceeds were used to pay various closing costs associated with the refinancing. The new mortgage bears interest at 8.875% per annum, requires monthly payments of principal and interest of $10,798 and matures in May 2006. The Trust paid BCM a mortgage brokerage and equity refinancing fee of $13,000 based on the new $1.3 million mortgage. 11 12 CONTINENTAL MORTGAGE AND EQUITY TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) NOTE 5. NOTES PAYABLE (Continued) In June 1996, the Trust refinanced the mortgage debt secured by the Fairways Apartments in Longview, Texas in the amount of $2.0 million. The Trust received net cash of $210,000 after the payoff of $1.7 million in existing mortgage debt. The remainder of the refinancing proceeds were used to pay various closing costs associated with the refinancing. The new mortgage bears interest at 8.9375% per annum, requires monthly payments of principal and interest of $16,003 and matures in July 2006. The Trust paid BCM a mortgage brokerage and equity refinancing fee of $20,000 based on the new $2.0 million mortgage. NOTE 6. COMMITMENTS AND CONTINGENCIES The Trust is involved in various lawsuits arising in the ordinary course of business. Management of the Trust is of the opinion that the outcome of these lawsuits would have no material impact on the Trust's financial condition, results of operations or liquidity. NOTE 7. SUBSEQUENT EVENTS In July 1996, the Trust purchased the Promenade Shopping Center, a 133,558 square foot shopping center in Highlands Ranch, Colorado for $8.1 million. The Trust paid $2.3 million in cash and obtained new mortgage financing for the remaining $6.3 million of the purchase price. The first lien mortgage bears interest at 9.0% per annum, requires monthly payments of principal and interest of $50,385 and matures July 1, 1999. The second lien bears interest at 9.0% per annum and matures June 30, 1997, at which time all principal and interest is due. The Trust paid a $232,000 real estate brokerage commission to Carmel Realty and a $81,000 acquisition commission to BCM based on the $8.1 million purchase price of the property. Also in July 1996, the Trust refinanced the mortgage debt secured by the Woodbridge Apartments in Denver, Colorado in the amount of $3.0 million. The Trust received net cash of $2.0 million after the payoff of $903,000 in existing mortgage debt. The remainder of the refinancing proceeds were used to pay various closing costs associated with the refinancing. The new mortgage bears interest at 9.125% per annum, requires monthly payments of principal and interest of $25,433 and matures August 1, 2006. The Trust paid BCM a mortgage brokerage and equity refinancing fee of $30,000 based on the new $3.0 million mortgage. Also in July 1996, the Trust purchased the Park at Colonnade Apartments, a 211 unit apartment complex in San Antonio, Texas for $4.2 million. The Trust paid $700,000 in cash and obtained new mortgage financing for the remaining $3.5 million of the purchase price. The mortgage bears interest at 10.0% per annum, through July 1997, increasing to 10.5% per annum thereafter, requires monthly payments of interest only, and matures January 1, 1998. The Trust paid a $146,000 real estate brokerage commission to Carmel Realty and a $42,000 acquisition commission to BCM based on the $4.2 million purchase price of the property. 12 13 CONTINENTAL MORTGAGE AND EQUITY TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) NOTE 7. SUBSEQUENT EVENTS (Continued) Also in July 1996, the Trust obtained mortgage financing for the unencumbered Forest Ridge Apartments in Denton, Texas in the amount of $1.2 million. The Trust received net cash of $1.1 million after payment of various closing costs associated with the financing. The mortgage bears interest at 8.875% per annum, requires monthly payments of principal and interest of $10,175 and matures August 1, 2006. The Trust paid BCM a mortgage brokerage and equity refinancing fee of $12,000 based on the $1.2 million mortgage. Also in July 1996, the Trust purchased the 3400 Carlisle Building in Dallas, Texas for $5.3 million. The Trust paid $800,000 in cash and obtained new mortgage financing for the remaining $4.5 million of the purchase price. The mortgage bears interest at 8.93% per annum, requires monthly payments of principal and interest of $33.488 through July 31, 1998 increasing to $38,457 through maturity and matures March 31, 2001. The Trust paid a $177,000 real estate brokerage commission to Carmel Realty and a $53,000 acquisition commission to BCM based on the $5.3 million purchase price of the property. In August 1996, the Trust obtained mortgage financing for the unencumbered Central Storage Warehouse in Dallas, Texas in the amount of $1.4 million. The Trust received net cash of $1.4 million after the payment of various closing costs associated with the financing. The mortgage bears interest at 8.5% through July 30, 1999 and at variable rate thereafter, requires monthly payments of principal and interest of $13,786 through July 30, 1999 adjusted thereafter based on the interest rate and matures July 31, 2011. The Trust paid BCM a mortgage brokerage and equity refinancing fee of $14,000 based on the new $1.4 million mortgage. Also in August 1996, the Trust sold the Southgate Apartments in Round Rock, Texas for $6.1 million in cash. The Trust received net cash of $3.0 million after the payoff of $2.9 million in existing mortgage debt and the payment of various closing costs associated with the sale. The Trust paid a real estate sales commission of $192,000 to Carmel Realty based on the $6.1 million sales price. The Trust will recognize a gain of approximately $3.5 million on the sale. ------------------------- ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Introduction Continental Mortgage and Equity Trust (the "Trust") was formed to invest in real estate through acquisitions, leases and partnerships and in mortgage loans on real estate, including first, wraparound and junior mortgage loans. The Trust was organized on August 27, 1980 and commenced operations on December 3, 1980. 13 14 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) Liquidity and Capital Resources Cash and cash equivalents aggregated $14.9 million at June 30, 1996, compared with $6.4 million at December 31, 1995. The principal reasons for the increase in cash are discussed in the paragraphs below. The Trust's principal sources of cash have been and will continue to be property operations, proceeds from property sales, collections of mortgage notes receivable and borrowings. The Trust expects that net cash provided by operating activities and from anticipated external sources, such as property sales and refinancings, will be sufficient to meet the Trust's various cash needs, including, but not limited to, property acquisitions, debt service obligations, shareholder distributions and property maintenance and improvements. The Trust's cash flow from property operations (rents collected less payments for expenses applicable to rental income) increased from $7.1 million in the first six months of 1995 to $9.2 million in the first six months of 1996. Of this net increase, $1.3 million is the result of the Trust acquiring eight additional income producing properties subsequent to June 30, 1995 and $307,000 is due to the acquisition of two income producing properties in March 1995. The remainder of the increase is due to increased rental and occupancy rates and lower operating expenses at the Trust's apartment complexes. The Trust's management believes that the Trust's cash flow from property operations will continue to increase as the Trust continues to benefit from the properties acquired in 1995 and first six months of 1996. In February 1996, the Trust funded a $1.5 million second lien mortgage secured by the Signature Athletic Club Building in Dallas, Texas. See NOTE 3. "MORTGAGE NOTES RECEIVABLE." In February 1996, the Trust sold the Rivertree Apartments in Hurst, Texas for $1.8 million. In conjunction with the sale, the Trust provided $750,000 of purchase money financing in the form of a wraparound mortgage note. The Trust received net cash of $959,000 after the payment of various closing costs associated with the sale. In February and March 1996, Indcon, L.P. ("Indcon"), a joint venture partnership in which the Trust has a 60% interest, sold 25 of its industrial warehouses for a total of $36.2 million in cash. Indcon received net cash of $14.2 million, of which the Trust's equity share was $8.5 million, after the payoff of existing mortgage debt with a principal balance of $23.4 million. In March 1996, Indcon reached a settlement with an insurance company on the fire loss of one of its industrial warehouses. Indcon received a total of $2.2 million, of which the Trust's equity share was $1.3 million. In March 1996, the Trust purchased the Hampton Court Office Building, a 104,001 square foot office building in Dallas, Texas, for $7.7 million. The Trust paid $1.4 million in cash and obtained new mortgage financing 14 15 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) Liquidity and Capital Resources (Continued) of $6.3 million. In conjunction with the financing, the Trust established various escrow accounts in the amount of $1.5 million. In April 1996, the Trust purchased the Amoco Building, a 378,244 square foot office building in New Orleans, Louisiana, for $5.9 million in cash. Also in April 1996, the Trust purchased the Central Storage Warehouse, a 216,035 square foot warehouse in Dallas, Texas, for $2.2 million in cash. In April 1996, the Trust refinanced the mortgage debt secured by the Edgewood Apartments in Lansing, Illinois in the amount of $8.1 million. The Trust received net cash of $1.3 million after the payoff of $6.7 million in existing mortgage debt, including a $60,000 prepayment penalty. The remainder of the refinancing proceeds were used to pay various closing costs associated with the refinancing. Also in April 1996, the Trust refinanced the mortgage debt secured by the In the Pines Apartments in Gainesville, Florida in the amount of $6.0 million. The Trust received net cash of $415,000 after the payoff of $5.3 million in existing mortgage debt. The remainder of the refinancing proceeds were used to pay various closing costs associated with the refinancing. Also in April 1996, the Trust refinanced the mortgage debt secured by the Quail Oaks Apartments in Balch Springs, Texas in the amount of $1.3 million. The Trust received new cash of $413,000 after the payoff of $753,000 in existing mortgage debt. The remainder of the refinancing proceeds were used to pay various closing costs associated with the refinancing. In April 1996, Indcon sold two additional of its industrial warehouses for $1.8 million in cash, of which the Trust's equity share was $1.1 million. In May 1996, the Trust sold the Sunset Towers Apartments in San Francisco, California for $24.1 million in cash. The Trust received net cash of $9.7 million after payoff of $14.0 million in existing mortgage debt and the payment of various closing costs associated with the sale. In June 1996, the Trust purchased the Grove Park Apartments, a 188 unit apartment complex in Plano, Texas for $4.4 million. The Trust paid $1.2 million in cash and obtained the property subject to the existing first lien mortgage of $3.2 million. Also in June 1996, the Trust sold the Crystal Court Apartments in Detroit, Michigan for $700,000 in cash. 15 16 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) Liquidity and Capital Resources (Continued) Also in June 1996, the Trust refinanced the mortgage debt secured by the Fairways Apartments in Longview, Texas in the amount of $2.0 million. The Trust received net cash of $210,000 after the payoff of $1.7 million in existing mortgage debt. The remainder of the refinancing proceeds were used to pay various closing costs associated with the refinancing. In July 1996, the Trust purchased the Promenade Shopping Center, a 133,558 square foot shopping center in Highlands Ranch, Colorado for $8.1 million. The Trust paid $2.5 million in cash and obtained new mortgage financing of $5.6 million. Also in July 1996, the Trust refinanced the mortgage debt secured by the Woodbridge Court Apartments in Westminster, Colorado in the amount of $3.0 million. The Trust received net cash of $2.0 million after the payoff of $903,000 in existing mortgage debt and the payment of various closing costs associated with the refinancing. Also in July 1996, the Trust purchased the Park at Colonnade Apartments, a 211 unit apartment complex in San Antonio, Texas for $4.2 million. The Trust paid $700,000 cash and obtained new mortgage financing of $3.5 million. Also in July 1996, the Trust obtained mortgage financing of $1.2 million secured by the unencumbered Forest Ridge Apartments in Denton, Texas. The Trust received net cash of $1.1 million after the payment of various closing costs. Also in July 1996, the Trust purchased the 3400 Carlisle Office Building, a 76,727 square foot office building in Dallas, Texas for $5.3 million. The Trust paid $800,000 in cash and obtained new mortgage financing of $4.5 million. In August 1996, the Trust obtained mortgage financing of $1.4 million secured by the unencumbered Central Storage Warehouse in Dallas, Texas. The Trust received net cash of $1.4 million after the payment of various closing costs associated with the financing. Also in August 1996, the Trust sold the Southgate Apartments in Round Rock, Texas for $6.1 million. The Trust received net cash of $3.0 million after the payoff of $2.9 million in existing mortgage debt and the payment of various closing costs associated with the sale. The Trust's Board of Trustees has authorized the Trust to repurchase a total of 1,465,000 of its shares of beneficial interest, of which 104,048 shares remain to be purchased as of June 30, 1996. Through June 30, 1996, the Trust had repurchased 1,360,952 of its shares at a total cost to the Trust of $6.8 million, of which 183,227 shares were repurchased in 1996 at a total cost of $1.8 million. In the first six months of 1996, the Trust paid quarterly distributions of $.26 per share or a total of $1.1 million. 16 17 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) Liquidity and Capital Resources (Continued) In August 1996, the Trust announced an offer to buy back its shares of beneficial interest from shareholders owning 99 or fewer shares. The Trust will pay a premium of $.50 per share over the average closing price of its shares as reported from August 8, 1996 through September 30, 1996, the expiration date of the offer. On a quarterly basis, the Trust's management reviews the carrying value of the Trust's mortgage notes receivable and properties held for sale and periodically, but no less than annually, its properties held for investment. Generally accepted accounting principles require that the carrying value of such assets cannot exceed the lower of their respective carrying amounts or estimated net realizable value. In the initial instance when estimated net realizable value of a mortgage note receivable or a property held for sale is less than the carrying amount at the time of evaluation, a reserve is established and a corresponding provision for loss is recorded by a charge against earnings. A subsequent revision to estimated net realizable value either increases or decreases such reserve with a corresponding charge against or credit to earnings. In the case of properties held for investment the carrying value of the property is written down and a provision for loss is recorded. The estimate of net realizable value of the Trust's mortgage notes receivable is based on management's review and evaluation of the collateral property securing the mortgage note. The property review generally includes selective property inspections, a review of the property's current rents compared to market rents, a review of the property's expenses, a review of maintenance requirements, discussions with the manager of the property and a review of the surrounding area. See "Recent Accounting Pronouncement," below. Results of Operations For the three and six months ended June 30, 1996, the Trust had net income of $4.6 million and $6.0 million, compared to a net loss of $83,000 and $727,000 for the three and six months ended June 30, 1995. The primary factors contributing to the Trust's net income are discussed in the following paragraphs. Rents increased from $9.3 million and $17.7 million for the three and six months ended June 30, 1995 to $11.1 million and $21.8 million for the three and six months ended June 30, 1996. Of these increases $2.0 million and $3.6 million is attributable to the acquisition of four apartment complexes and four commercial properties subsequent to June 30, 1995. These increases are partially offset by a decrease of $488,000 and $511,000 attributable to two properties sold in 1996. Interest income was $204,000 and $404,000 for the three and six months ended June 30, 1995 compared to $302,000 and $553,000 for the three and six months ended June 30, 1996. This increase is due to the funding of 17 18 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) Results of Operations Continued a $1.5 million second lien mortgage in February 1996 and a $750,000 wraparound mortgage note accepted in February 1996 in conjunction with the sale of Rivertree Apartments. Interest income for the remainder of 1996 is expected to approximate that of the first six months of 1996. The Trust's equity in income (loss) of partnerships was a loss of $216,000 and $194,000 for the three and six months ended June 30, 1996 compared to income of $78,000 and $185,000 for the three and six months ended June 30, 1995. This decrease in equity income is primarily due to the sale of 27 warehouse facilities owned by Indcon, L.P. ("Indcon"), a joint venture partnership in which the Trust owns a 60% interest, in the first quarter of 1996. In addition, interest expense for Sacramento Nine ("Sac 9"), a joint venture partnership in which the Trust owns a 30% interest, increased as a result of new mortgage financing secured on a previously unencumbered office building owned by Sac 9. See NOTE 2. "INVESTMENTS IN PARTNERSHIPS." Equity income is expected to be minimal for the remainder of 1996. Property operating expenses increased from $5.6 million and $10.6 million for the three and six months ended June 30, 1995 to $6.7 million and $12.9 million for the three and six months ended June 30, 1996. Increases of $1.3 million and $1.7 million are due to the acquisition of four apartment complexes and four commercial properties subsequent to June 30, 1995. The remainder of the increase is primarily due to increased repair and maintenance and personnel expenses in an effort to maintain the Trust's increased rental and occupancy rates. These increases are partially offset by decreases of $261,000 and $312,000 due to properties sold in 1996. Interest expense increased from $2.4 million and $4.5 million for the three and six months ended June 30, 1995 to $3.1 million and $6.1 million for the three and six months ended June 30, 1996. Of this increase, $340,000 and $1.0 million for the three and six months, respectively, is due to interest expense recorded on mortgages secured by nine properties, encumbered by debt, acquired during 1996 and 1995. An additional $278,000 and $434,000 for the three and six months, respectively, is due to interest expense recorded on borrowings during 1996 and 1995, secured by mortgages on three previously unencumbered apartment complexes and the refinancing of four existing mortgages. Interest expense is expected to increase in the remainder of 1996, as a result of the Trust's acquisition of other properties and refinancings during the remainder of 1996. Depreciation expense increased from $1.1 million and $2.0 million for the three and six months ended June 30, 1995 to $1.1 million and $2.2 million for the same period in 1996. This increase is due to the acquisition of five apartment complexes and six commercial properties during 1996 and 1995. Depreciation is expected to increase in the remainder of 1996, as a result of the Trust's acquisition of three commercial properties and one apartment complex in 1996, as well as acquisitions subsequent to June 30, 1996. 18 19 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) Results of Operations Continued A provision for losses of $541,000 was recognized in the six months ended June 30, 1995 to provide for the loss on the discounted payoff of the mortgage note receivable secured by Alderwood Apartments. No provision was required in 1996. Advisory fee to affiliate increased from $393,000 and $745,000 for the three and six months ended June 30, 1995 to $469,000 and $851,000 for the three and six months ended June 30, 1996. This increase is due to an increase in the Trust's gross assets, the basis for the advisory fee, as a result of property acquisitions 1995 and 1996. The advisory fee is expected to continue to increase as the Trust makes additional property acquisitions. General and administrative expenses increased from $264,000 and $629,000 for the three and six months ended June 30, 1995 to $590,000 and $939,000 for the three and six months ended June 30, 1996. This increase is primarily attributable to an increase in legal fees and Advisor cost reimbursements. For the three and six months ended June 30, 1996, the Trust recognized gains on the sale of real estate of $378,000 on the sale of Rivertree Apartments in February 1996 and $5.4 million on the sale of Sunset Towers Apartments in May 1996. See NOTE 4. "REAL ESTATE." In addition, the Trust recognized a gain of $370,000, its 60% equity share of the gain recognized by Indcon on the sale of 27 industrial warehouses and an extraordinary gain of $663,000, also its equity share of an insurance settlement from a fire loss on another industrial warehouse owned by Indcon. See NOTE 2. "INVESTMENTS IN PARTNERSHIPS." Tax Matters As more fully discussed in the Trust's 1995 Form 10-K, the Trust has elected and in the opinion of the Trust's management, qualified to be taxed as a Real Estate Investment Trust ("REIT") as defined under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, (the "Code"). To continue to qualify for federal taxation as a REIT under the Code, the Trust is required to hold at least 75% of the value of its total assets in real estate assets, government securities and cash and cash equivalents at the close of each quarter of each taxable year. The Code also requires a REIT to distribute at least 95% of its REIT taxable income plus 95% of its net income from foreclosure property, as defined in Section 857 of the Code, on an annual basis to shareholders. Inflation The effects of inflation on the Trust's operations are not quantifiable. Revenues from property operations fluctuate proportionately with increases and decreases in housing costs. Fluctuations in the rate of inflation also affect the sales values of properties and, correspondingly, the ultimate gains to be realized by the Trust from 19 20 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) Inflation (Continued) property sales. To the extent that inflation affects interest rates, the Trust's earnings from short-term investments and the cost of new borrowings as well as its existing variable rate borrowings will be affected. Environmental Matters Under various federal, state and local environmental laws, ordinances and regulations, the Trust may be potentially liable for removal or remediation costs, as well as certain other potential costs relating to hazardous or toxic substances (including governmental fines and injuries to persons and property) where property-level managers have arranged for the removal, disposal or treatment of hazardous or toxic substances. In addition, certain environmental laws impose liability for release of asbestos-containing materials into the air, and third parties may seek recovery from the Trust for personal injury associated with such materials. The Trust's management is not aware of any environmental liability relating to the above matters that would have a material adverse effect on the Trust's business, assets or results of operations. Recent Accounting Pronouncement In March 1995, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards ("SFAS") No. 121 - "Accounting for the Impairment of Long-lived Assets and for Long-lived Assets to Be Disposed Of". The statement requires that long-lived assets be considered impaired "...if the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount of the asset." If impairment exists, an impairment loss shall be recognized, by a charge against earnings, equal to "...the amount by which the carrying amount of the asset exceeds the fair value of the asset." If impairment of a long-lived asset is recognized, the carrying amount of the asset shall be reduced by the amount of the impairment, shall be accounted for as the asset's "new cost" and such new cost shall be depreciated over the asset's remaining useful life. SFAS No. 121 further requires that long-lived assets held for sale "...be reported at the lower of carrying amount or fair value less cost to sell." If a reduction in a held for sale asset's carrying amount to fair value less cost to sell is required, a provision for loss shall be recognized by a charge against earnings. Subsequent revisions, either upward or downward, to a held for sale asset's fair value less cost to sell shall be recorded as an adjustment to the asset's carrying amount, but not in excess of the asset's carrying amount when originally classified as held for sale. A corresponding charge or credit to earnings is to be recognized. Long-lived assets held for sale are not to be depreciated. The Trust adopted SFAS No. 121 effective January 1, 1996. 20 21 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) Recent Accounting Pronouncement (Continued) The effect of adopting SFAS No. 121 was the discontinuance of depreciation on the Trust's properties held for sale of $26,000 and $50,000 in the three and six months ended June 30, 1996, and a corresponding increase in its reported net income. ------------------------------------------ PART II. OTHER INFORMATION ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS The Trust held its annual meeting of shareholders on May 31, 1996, at which meeting the Trust's shareholders were asked to consider and vote upon (i) the election of Trustees of the Trust, (ii) the renewal of the Trust's advisory agreement with Basic Capital Management, Inc. ("BCM"), (iii) repeal of Subpart (e) of the Trust's Declaration of Trust which limits the Trust's ability to invest in certain unimproved, non-income producing property and (iv) the repeal of Subpart (g) of Section 5.3 of the Trust's Declaration of Trust which limits the time the Trust may hold investments in equity securities. At such meeting the Trust's shareholders elected the following individuals as Trustees of the Trust:
Shares Voting ------------------------- Withheld Trustee For Authority ------- --------- ----------- John P. Parsons 3,018,933 44,661 Bennett B. Sims 3,110,295 43,299 Ted P. Stokely 3,110,346 43,248 Martin L. White 3,106,839 46,775 Edward G. Zampa 3,110,582 43,012
Also at such meeting the Trust's shareholders approved the renewal of the Trust's advisory agreement with BCM until the next annual meeting of the Trust's shareholders with 3,027,397 votes for the proposal, 46,730 votes against the proposal and 60,667 votes abstaining. The Trust's shareholders also approved the repeal of Subpart (e) of Section 5.3 of the Trust's Declaration of Trust with 2,895,151 votes for the proposal, 79,829 votes against the proposal and 82,848 votes abstaining and the repeal of Subpart (g) of Section 5.3 of the Trust's Declaration of Trust with 2,901,429 votes for the proposal, 71,202 votes against the proposal and 86,196 votes abstaining. 21 22 ITEM 5. OTHER EVENTS On August 1, 1996, the Trust announced an offer to buy back shares of Common Stock from shareholders owning 99 or fewer shares as of the record date August 1, 1996. The Trust will pay a premium of $.50 per share over the average of the closing market prices as reported from August 8, 1996 through September 30, 1996. The purpose of the buy back offer is to reduce expenses of servicing the shareholders, including the printing and mailing of investor materials. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits:
Exhibit Number Description - ------- ----------------------------------------------------- 27.0 Financial Data Schedule
(b) Reports on Form 8-K as follows: A Current Report on Form 8-K, dated May 31, 1996, was filed with respect to Item 5. "Other Events," and Item 7. "Financial Statements and Exhibits," which reports the vote by shareholders to approve amendments to the Trust's Declaration of Trust which (i) repealed the limitation to time which the Trust may hold investments in equity securities and (ii) repealed the limitation on the Trust's ability to invest in certain unimproved, non-income producing property. A Current Report on Form 8-K, dated July 9, 1996, was filed with respect to Item 2. "Acquisition or Disposition of Assets," and Item 7. "Financial Statements and Exhibits," which reports the acquisition of the Hampton Court Office Building, the Amoco Office Building, the Grove Park Apartments and the Promenade Shopping Center. 22 23 SIGNATURE PAGE 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. CONTINENTAL MORTGAGE AND EQUITY TRUST Date: August 12, 1996 By: /s/ Randall M. Paulson ------------------------- ----------------------------------- Randall M. Paulson President Date: August 12, 1996 By: /s/ Thomas A. Holland ------------------------- ----------------------------------- Thomas A. Holland Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) 23 24 CONTINENTAL MORTGAGE AND EQUITY TRUST EXHIBITS TO QUARTERLY REPORT ON FORM 10-Q For the Six Months Ended June 30, 1996
Exhibit Page Number Description Number - ------- --------------------------------------------------- ------ 27.0 Financial Data Schedule. 25
24 EX-27 2 FINANCIAL DATA SCHEDULE
5 6-MOS DEC-31-1996 JAN-01-1996 JUN-30-1996 14,870 5,926 8,807 6,128 0 0 203,847 17,372 221,824 0 135,205 0 0 0 80,168 221,824 0 21,770 0 12,903 2,294 0 6,063 (921) 0 (921) 0 663 0 5,911 1.39 1.39
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