-----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, HKCn3a+6dudWBgigJsQmdjStjk6tQXzS/3qH5pubqW8ncVujFEi4+RV2mVUhLu8C 9+tfHwuSrAtRUpf25RiHtg== 0000950134-97-000751.txt : 19970211 0000950134-97-000751.hdr.sgml : 19970211 ACCESSION NUMBER: 0000950134-97-000751 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960709 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970207 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: 97520341 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 AMENDMENT NO. 2 TO FORM 8-K 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K/A AMENDMENT NO. 2 CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 July 9, 1996 ------------------------------------------------ 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 Amendment No. 2 amends the Registrant's current report on Form 8-K/A dated July 9, 1996 as filed with the Securities and Exchange Commission on September 9, 1996. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS - pages 5, 6, 7 and 8 2 3 CONTINENTAL MORTGAGE AND EQUITY TRUST PRO FORMA CONSOLIDATED BALANCE SHEET JUNE 30, 1996
3400 Park at Actual Carlisle(1) Colonnade(1) Promenade(1) Pro forma ------------ ------------ ------------ ------------ ------------ (dollars in thousands) Assets ------ Notes and interest receivable Performing ............................ $ 6,520 $ -- $ -- $ -- $ 6,520 Nonperforming, nonaccruing ............ 2,287 -- -- -- 2,287 ------------ ------------ ------------ ------------ ------------ 8,807 -- -- -- 8,807 Less - allowance for estimated losses .... (1,081) -- -- -- (1,081) ------------ ------------ ------------ ------------ ------------ 7,726 -- -- -- 7,726 Foreclosed real estate held for sale, net of accumulated depreciation ....... 10,616 -- -- -- 10,616 Less - allowance for estimated losses .... (5,047) -- -- -- (5,047) ------------ ------------ ------------ ------------ ------------ 5,569 -- -- -- 5,569 Real estate held for investment, net of accumulated depreciation ....... 175,859 5,300 4,200 8,400 193,759 Investments in marketable equity securities of affiliates, at market ... 5,926 -- -- -- 5,926 Investments in partnerships .............. 2,146 -- -- -- 2,146 Cash and cash equivalents ................ 14,870 (800) (700) (2,100) 11,270 Other assets ............................. 9,728 -- -- -- 9,728 ------------ ------------ ------------ ------------ ------------ $ 221,824 $ 4,500 $ 3,500 $ 6,300 $ 236,124 ============ ============ ============ ============ ============
5 4 CONTINENTAL MORTGAGE AND EQUITY TRUST PRO FORMA CONSOLIDATED BALANCE SHEET JUNE 30, 1996
3400 Park at Actual Carlisle(1) Colonnade(1) Promenade(1) Pro forma ------------ ------------ ------------ ------------ ------------ (dollars in thousands) Liabilities and Shareholders' Equity - ------------------------------------ Liabilities Notes and interest payable ............. $ 135,205 $ 4,500 $ 3,500 $ 6,300 $ 149,505 Other liabilities ...................... 6,451 -- -- -- 6,451 ------------ ------------ ------------ ------------ ------------ 141,656 4,500 3,500 6,300 155,956 Commitments and contingencies Shareholders' equity Shares of Beneficial Interest, no par value; authorized shares, unlimited; issued and outstanding, 4,193,914 shares .................... 8,402 -- -- -- 8,402 Paid-in capital ........................ 258,641 -- -- -- 258,641 Accumulated distributions in excess of accumulated earnings ............. (191,077) -- -- -- (191,077) Net unrealizable gains on marketable equity securities ................... 4,202 -- -- -- 4,202 ------------ ------------ ------------ ------------ ------------ 80,168 -- -- -- 80,168 ------------ ------------ ------------ ------------ ------------ $ 221,824 $ 4,500 $ 3,500 $ 6,300 $ 236,124 ============ ============ ============ ============ ============
- --------- (1) Assumes acquisitions completed by the Trust subsequent to June 30, 1996 to be on January 1, 1996. The balance sheet effect of all other 1996 property purchases are included in the June 30, 1996 actual balances presented. 6 5 CONTINENTAL MORTGAGE AND EQUITY TRUST PRO FORMA STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 1996
Hampton Amoco Grove Park 3400 Actual Court(1) Building(1) Apartments(1) Carlisle(1) ------------ ------------ ------------ ------------- ------------ (dollars in thousands) Income(dollars in thousands) Rentals .................... $ 21,770 $ 218 $ 253 $ 485 $ 351 Interest ................... 553 -- -- -- -- ------------ ------------ ------------ ------------ ------------ 22,323 218 253 485 351 Expenses Property operations ........ 12,903 118 242 224 158 Equity in losses of partnerships ............ 194 -- -- -- -- Interest ................... 6,063 84 -- 143 201 Depreciation ............... 2,294 26 30 44 53 Advisory fee to affiliate ............... 851 -- -- -- -- General and administrative .......... 939 -- -- -- -- ------------ ------------ ------------ ------------ ------------ 23,244 228 272 411 412 ------------ ------------ ------------ ------------ ------------ Income (loss) before gain on sale of real estate ..................... (921) (10) (19) 74 (61) Gain on sale of real estate ..................... 6,169 -- -- -- -- Extraordinary gain ......... 663 -- -- -- -- ------------ ------------ ------------ ------------ ------------ Net income (loss) ............. $ 5,911 $ (10) $ (19) $ 74 $ (61) ============ ============ ============ ============ ============ Earnings per share Net income before extraordinary gain ......... $ 1.37 Extraordinary gain .......... .02 Net income .................. $ 1.39 ============ Shares of beneficial interest outstanding ....... $ 4,273,916 ============ Other Park at Property Colonnade(1) Promenade(1) Acquisitions(1) Pro forma ------------ ------------ --------------- ------------ (dollars in thousands) Income Rentals .................... $ 501 $ 636 $ 175 $ 24,389 Interest ................... -- -- -- 553 ------------ ------------ ------------ ------------ 501 636 175 24,942 Expenses Property operations ........ 347 220 53 14,265 Equity in losses of partnerships ............ -- -- -- 194 Interest ................... 175 284 -- 6,950 Depreciation ............... 42 81 22 2,592 Advisory fee to affiliate ............... -- -- -- 851 General and administrative .......... -- -- -- 939 ------------ ------------ ------------ ------------ 564 585 75 25,791 ------------ ------------ ------------ ------------ Income (loss) before gain on sale of real estate ..................... (63) 51 100 (843) Gain on sale of real estate ..................... -- -- -- 6,169 Extraordinary gain ......... -- -- -- 663 ------------ ------------ ------------ ------------ Net income (loss) ............. $ (63) $ 51 $ 100 $ 5,983 ============ ============ ============ ============ Earnings per share Net income before extraordinary gain ......... $ 1.38 Extraordinary gain .......... .02 ------------ Net income .................. $ 1.40 ============ Shares of beneficial interest outstanding ....... $ 4,273,916 ============
- --------- (1) Assumes acquisition by the Trust on January 1, 1996. Pro forma amounts for Hampton Court, Amoco Building and Grove Park are from January 1, through the date of acquisition only, results subsequent to the date of acquisition are included in the "Actual" column. 7 6 CONTINENTAL MORTGAGE AND EQUITY TRUST PRO FORMA STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 1995
Hampton Amoco Grove Park 3400 Actual Court(1) Building(1) Apartments(1) Carlisle(1) ------------ ------------ ------------ ------------- ------------ (dollars in thousands) Income Rentals ................... $ 37,586 $ 1,308 $ 1,010 $ 970 $ 701 Interest .................. 723 -- -- -- -- Equity in income of partnerships ........ 230 -- -- -- -- ------------ ------------ ------------ ------------ ------------ 38,539 1,308 1,010 970 701 Expenses Property operations ....... 22,682 707 967 447 316 Interest .................. 10,009 505 -- 285 402 Depreciation .............. 4,279 154 118 88 106 Advisory fee to affiliate .............. 1,264 -- -- -- -- General and administrative ......... 1,207 -- -- -- -- Provision for losses ...... 541 -- -- -- -- ------------ ------------ ------------ ------------ ------------ 39,982 1,366 1,085 820 824 ------------ ------------ ------------ ------------ ------------ Net income (loss) ............ $ (1,443) $ (58) $ (75) $ 150 $ (123) ============ ============ ============ ============ ============ Earnings per share Net loss .................. $ (.33) ============ Shares of beneficial interest outstanding ...... $ 4,377,165 ============ Other Park at Property Colonnade(1) Promenade(1) Acquisitions(1) Pro forma ------------ ------------ --------------- ------------ (dollars in thousands) Income Rentals ................... $ 1,001 $ 1,271 $ 353 $ 44,200 Interest .................. -- -- -- 723 Equity in income of partnerships ........ -- -- -- 230 ------------ ------------ ------------ ------------ 1,001 1,271 353 45,153 Expenses Property operations ....... 694 440 106 26,359 Interest .................. 350 567 -- 12,118 Depreciation .............. 84 162 44 5,035 Advisory fee to affiliate .............. -- -- -- 1,264 General and administrative ......... -- -- -- 1,207 Provision for losses ...... -- -- -- 541 ------------ ------------ ------------ ------------ 1,128 1,169 150 46,524 ------------ ------------ ------------ ------------ Net income (loss) ............ $ (127) $ 102 $ 203 $ (1,371) ============ ============ ============ ============ Earnings per share Net loss .................. $ (.31) ============ Shares of beneficial interest outstanding ...... $ 4,377,916 ============
- --------- (1) Assumes acquisition by the Trust on January 1, 1995. 8 7 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereto duly authorized. CONTINENTAL MORTGAGE AND EQUITY TRUST Date: February 7, 1997 By: /s/ Thomas A. Holland ----------------- ---------------------------- Thomas A. Holland Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) 9 -----END PRIVACY-ENHANCED MESSAGE-----