-----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, SIK9mjl0HtMnLFKTCyP/yJ6BvuVjxVdkFevIIfysgsTT7O2BuhM3Eyxypaxn7zCp D7vmKAndV2bRNfd2jmu6qg== 0000790817-96-000006.txt : 19960503 0000790817-96-000006.hdr.sgml : 19960503 ACCESSION NUMBER: 0000790817-96-000006 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19951219 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19960502 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: BANYAN STRATEGIC REALTY TRUST CENTRAL INDEX KEY: 0000790817 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 363375345 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-15465 FILM NUMBER: 96555537 BUSINESS ADDRESS: STREET 1: 150 S WACKER DR STE 2900 STREET 2: SUITE 2900 CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3125539800 FORMER COMPANY: FORMER CONFORMED NAME: BANYAN STRATEGIC LAND TRUST DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: VMS STRATEGIC LAND TRUST DATE OF NAME CHANGE: 19910325 8-K/A 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K/A-NUMBER 1 CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) December 19, 1995 BANYAN STRATEGIC REALTY TRUST (Exact name of Registrant as specified in its charter) Massachusetts 0-15465 36-3375345 (State of or other (Commission File (I.R.S. Employer jurisdiction of Number) Identification incorporation) Number) 150 South Wacker Drive, Suite 2900, Chicago, IL 60606 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (312) 553-9800 This document consists of 5 pages. Exhibit index is located on page 4. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. Financial Statements and Pro Forma Financial Information: (i) Woodcrest Office Park (See attached). 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 hereunto duly authorized. Date: May 1, 1996 BANYAN STRATEGIC REALTY TRUST (Registrant) By: /s/ Joel L. Teglia --------------------------------- Vice President, Chief Financial and Accounting Officer EX-99 2 Statement of Revenue and Certain Expenses Woodcrest Office Park For the Eleven Months Ended November 30, 1995 with Report of Independent Auditors Report of Independent Auditors Mr. Joel L. Teglia, Chief Financial Officer Banyan Strategic Realty Trust We have audited the Statement of Revenue and Certain Expenses of Woodcrest Office Park (the Property) for the eleven months ended November 30, 1995. The Statement of Revenue and Certain Expenses is the responsibility of the Property's management. Our responsibility is to express an opinion on the Statement of Revenue and Certain 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 Revenue and Certain Expenses is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the Statement of Revenue and Certain Expenses. An audit also includes assessing the basis of accounting used and the significant estimates made by management, as well as evaluating the overall presentation of the Statement of Revenue and Certain Expenses. We believe that our audit provides a reasonable basis for our opinion. The accompanying Statement of Revenue and Certain Expenses was prepared for the purpose of complying with the rules and regulations of the Securities and Exchange Commission as described in Note 2 and is not intended to be a complete presentation of the Property's results of operations. In our opinion, the Statement of Revenue and Certain Expenses referred to above presents fairly, in all material respects, the revenue and certain expenses described in Note 2 of Woodcrest Office Park for the eleven months ended November 30, 1995, in conformity with generally accepted accounting principles. Ernst & Young LLP Chicago, Illinois February 22, 1996 Woodcrest Office Park Statement of Revenue and Certain Expenses For the Eleven Months Ended November 30, 1995 REVENUE Rental revenue $2,851,538 EXPENSES Property operating 441,452 Utilities 473,321 Real estate taxes 204,752 Insurance 39,089 ---------- Total expenses 1,158,614 ---------- Revenue in excess of certain $1,692,924 expenses ========== See accompanying notes. Woodcrest Office Park Notes to Statement of Revenue and Certain Expenses 1. BUSINESS The accompanying statement of revenue and certain expenses relates to the operations of the Woodcrest Office Park (the Property), a group of eighteen office buildings located in Tallahassee, Florida. The property was acquired on December 19, 1995, by BSRT Woodcrest Office Park Limited Partnership of which Banyan Strategic Realty Trust (the Trust) is a general partner with an 85% interest and Mr. Daniel Smith is a limited partner with a 15% interest. The property was previously owned by Alandco, Inc. As of November 30, 1995, the Property was approximately 97% leased on an overall basis and there were forty-five tenants. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION The accompanying statement of revenue and certain expenses was prepared for the purpose of complying with the rules and regulations of the Securities and Exchange Commission. The statement is not representative of the actual operations of the Property for the period presented nor indicative of future operations as certain expenses namely mortgage and other interest expense, depreciation, amortization, and income taxes, if any, which may not be comparable to the expenses expected to be incurred by the Trust in the future operations of the Property, have been excluded. REVENUE RECOGNITION Rental revenue is recognized on a straight-line basis over the term of the leases. 3. RENTALS The Property has entered into tenant leases with terms of up to ten years. Certain leases provide for tenants to share in increases in operating expenses and real estate taxes in excess of base amounts, as defined. Woodcrest Office Park Estimated Pro Forma Statement of Net Operating Income (Unaudited) The Estimated Pro Forma Statement of Net Operating Income represents the amount of estimated income which would be realized by the Registrant during twelve months of ownership of the Property, based upon the assumptions set forth in the accompanying notes (See Note 1). REVENUE Rental revenue $3,110,800 EXPENSES Property operating 481,600 Utilities 516,400 Depreciation (See Note 2) 199,125 Real estate taxes 223,400 Insurance 42,600 ---------- Total expenses 1,463,125 ---------- Pro Forma revenue in excess of expenses $1,647,675 ========== Pro Forma funds from operations (see Note 4) $1,846,800 The accompanying notes are an integral part of the estimated pro forma statement. Woodcrest Office Park Notes to Estimated Pro Forma Statement 1) This statement does not purpose to forecast actual operating results for any period in the future and thus, the following assumptions may not be valid for future years and actual results may differ. These statements should be read in conjunction with the Statement of Revenue and Certain Expenses for the eleven months ended November 30, 1995 which were annualized and modified by Management for known changes in revenues and expenses associated with the Registrant's ownership of the Property in order to estimate the pro forma statement. 2) Depreciation expense which represents a non-cash expenditure has been included for informational purposes only. Depreciation is calculated on a depreciable basis of approximately $7,965,000 using the straight line method based on a useful life of 40 years. 3) The Property will be managed by an unaffiliated third party for an initial management fee of 4.0% of gross revenues. 4) Funds From Operations (or "FFO") has been provided in the Pro Forma Statement as supplemental information to the property's projected operating results. FFO is used by the real estate investment trust industry as a measure of a property's performance and is defined as net operating income from a property's operations, plus certain non-cash items including depreciation and amortization and excluding any extraordinary capital items. -----END PRIVACY-ENHANCED MESSAGE-----