-----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, TjLkbezGDn6L6eleRA6j1NLJjQ1YrNk61REwxD9KOjUIFGUKVThNejYGiu/yTCld IXc6NeUM0KpMwFenjulowQ== 0000950134-99-000479.txt : 19990128 0000950134-99-000479.hdr.sgml : 19990128 ACCESSION NUMBER: 0000950134-99-000479 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19981020 ITEM INFORMATION: FILED AS OF DATE: 19990127 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TRANSCONTINENTAL REALTY INVESTORS INC CENTRAL INDEX KEY: 0000733590 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 946565852 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: SEC FILE NUMBER: 001-09240 FILM NUMBER: 99513727 BUSINESS ADDRESS: STREET 1: 10670 N CENTRAL EXPRWY STE 300 CITY: DALLAS STATE: TX ZIP: 75231 BUSINESS PHONE: 2146924700 MAIL ADDRESS: STREET 1: 10670 N CENTRAL EXPRWY STREET 2: SUITE 300 CITY: DALLAS STATE: TX ZIP: 75231 FORMER COMPANY: FORMER CONFORMED NAME: JOHNSTOWN CONSOLIDATED REALTY TRUST /CA/ DATE OF NAME CHANGE: 19890815 FORMER COMPANY: FORMER CONFORMED NAME: JOHNSTOWN CONSOLIDATED REALTY TRUST DATE OF NAME CHANGE: 19861005 8-K/A 1 AMENDMENT TO FORM 8-K 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K/A CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 October 20, 1998 ------------------------------------------------ Date of Report (Date of Earliest Event Reported) TRANSCONTINENTAL REALTY INVESTORS, INC. ------------------------------------------------------ (Exact Name of Registrant as Specified in its Charter) Nevada 0-13291 94-6565852 - ------------------------------------------------------------------------------- (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) 2 This Form 8-K/A amends the Registrant's current report on Form 8-K, dated October 20, 1998 as follows: ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS - EXHIBIT 99.10 - in its entirety. 2 3 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 hereto duly authorized. TRANSCONTINENTAL REALTY INVESTORS, INC. Date: January 27, 1999 By: /s/ Thomas A. Holland ---------------------- ----------------------------- Thomas A. Holland Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) 3 4 INDEX TO EXHIBITS
EXHIBIT NUMBER DESCRIPTION - ------- ----------- 99.10 THE CLIFFS OF ELDORADO STATEMENT OF REVENUES AND DIRECT OPERATING EXPENSES NINE MONTHS ENDED DECEMBER 31, 1997
EX-99.10 2 FINANCIAL STATEMENTS & EXHIBITS 1 EXHIBIT 99.10 THE CLIFFS OF ELDORADO STATEMENT OF REVENUES AND DIRECT OPERATING EXPENSES NINE MONTHS ENDED DECEMBER 31, 1997 2 Independent Auditors' Report To the Board of Trustees Transcontinental Realty Investors, Inc. We have audited the accompanying statement of revenues and direct operating expenses of The Cliffs of Eldorado from inception, April 1, 1997, (date of commencement of marketing and rent-up activities, etc.) through December 31, 1997. 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 Transcontinental Realty Investors, Inc.) 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 The Cliffs of Eldorado for the initial period ended December 31, 1997, in conformity with generally accepted accounting principles. FARMER, FUQUA, HUNT & MUNSELLE, P.C. Dallas, Texas October 30, 1998 3 THE CLIFFS OF ELDORADO STATEMENT OF REVENUES AND DIRECT OPERATING EXPENSES Nine months ended December 31, 1997 REVENUES Net rental revenues $572,693 Other revenues 10,177 -------- Total revenues 582,870 DIRECT OPERATING EXPENSES Repairs and maintenance 162,483 Salaries and benefits 131,774 Utilities 71,995 Property taxes 39,026 Insurance 7,813 -------- Total direct operating expenses 413,091 -------- REVENUES IN EXCESS OF DIRECT OPERATING EXPENSES $169,779 ========
The accompanying notes are an integral part of this statement. 1 4 THE CLIFFS OF ELDORADO NOTES TO STATEMENT OF REVENUES AND DIRECT OPERATING EXPENSES December 31, 1997 NOTE 1: ORGANIZATION AND BASIS OF PRESENTATION The Cliffs of Eldorado is a 208-unit apartment complex located in McKinney, Texas. During 1997, the property was owned by 96 Eldorado I, Ltd. The property began marketing and rent-up activities on April 1, 1997 and the accompanying financial statement presents activity for the nine months beginning then and ending December 31, 1997. The property is operated under the provisions of Section 221(d)(4) of the National Housing Act, with mortgage insurance provided by the Federal Housing Administration (FHA) of the Department of Housing and Urban Development. The accompanying financial statement does not include a provision for depreciation and amortization, bad debt expense, interest expense, or income taxes. Accordingly, this statement is not intended to be a complete presentation of the results of operations. NOTE 2: ACCOUNTING ESTIMATES The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. NOTE 3: OTHER REVENUES Other revenues consists of the following: NSF Fees $ 5,093 Other Income 5,084 ------- $10,177 =======
NOTE 4: SUBSEQUENT EVENT The property was sold to Transcontinental Realty Investors, Inc., a Nevada corporation, on October 20, 1998. 2 -----END PRIVACY-ENHANCED MESSAGE-----