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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Information to be included in statements filed pursuant to Rule 13d-1(a) and
amendments thereto filed pursuant to Rule 13d-2(a)
(Amendment No. 4)*
USP Real Estate Investment Trust
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(Name of Issuer)
Shares of Beneficial Interest
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(Title of Class of Securities)
903370-10-4
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(CUSIP Number)
Marc C. Krantz, Kohrman Jackson & Krantz P.L.L.,
1375 East 9th Street, Cleveland, Ohio 44114, 216-736-7204
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
April 14, 1998
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following
box [ ].
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7(b) for other
parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
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<TABLE>
SCHEDULE 13D
CUSIP NO. 903370-10-4
<S> <C>
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Turkey Vulture Fund XIII, Ltd.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC, OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Ohio
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NUMBER OF 7 SOLE VOTING POWER
SHARES 363,681
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BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY -0-
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EACH 9 SOLE DISPOSITIVE POWER
REPORTING 363,681
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PERSON 10 SHARED DISPOSITIVE POWER
WITH -0-
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
363,681
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.4%
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14 TYPE OF REPORTING PERSON*
OO
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</TABLE>
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<TABLE>
SCHEDULE 13D
CUSIP NO. 903370-10-4
<S> <C>
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Steven A. Calabrese
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
US
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NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
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BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY -0-
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EACH 9 SOLE DISPOSITIVE POWER
REPORTING -0-
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PERSON 10 SHARED DISPOSITIVE POWER
WITH -0-
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
-0-
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.0%
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14 TYPE OF REPORTING PERSON*
IN
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</TABLE>
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CUSIP No. 903370-10-4
Pursuant to Rule 13d-1(f)(1), this Amendment No. 4 to Schedule 13D
Statement is filed jointly on behalf of Turkey Vulture Fund XIII, Ltd., an Ohio
limited liability company (the "Fund") and Steven A. Calabrese for the purpose
of reporting acquisitions by the Fund, and a disposition by Mr. Calabrese, of
shares of beneficial interest, $1.00 par value per share (the "Shares"), of USP
Real Estate Investment Trust, an Iowa trust ("USP").
Item 3. Source and Amount of Funds or Other Consideration.
Item 3 of Schedule 13D is hereby amended and supplemented as follows:
The Shares reported herein as having been acquired by the Fund were
acquired for the aggregate purchase price of approximately $219,400 with a
combination of working capital of the Fund and margin debt from Everen
Securities, Inc. ("Everen"). A copy of the agreement setting forth the terms
of the Fund's Everen margin debt is attached to the Schedule 13D Statement
filed on June 27, 1997 (the "Original Schedule 13D") as Exhibit 7.1.
Item 5. Interest in Securities of the Issuer.
Item 5 of Schedule 13D is hereby amended and supplemented as follows:
(a) According to the most recently available filing with the Securities
and Exchange Commission by USP, there are 3,880,000 Shares outstanding.
The Fund beneficially owns 363,681 Shares, or approximately 9.4% of the
outstanding Shares and Mr. Calabrese owns no Shares. As sole Manager of the
Fund, Mr. Osborne may be deemed to beneficially own all Shares owned by the
Fund.
(b) Mr. Osborne, as sole Manager of the Fund, has sole power to vote, or
to direct the voting of, and the sole power to dispose or to direct the
disposition of, any Shares owned by the Fund.
Because Mr. Calabrese no longer beneficially owns any Shares, the Voting
Agreement dated July 1, 1997 between Mr. Osborne and Mr. Calabrese, which is
attached as Exhibit 7.5 to Amendment No. 1 to the Schedule 13D Statement filed
on July 14, 1997, has been terminated. Therefore, the Fund and Mr. Calabrese
may no longer be deemed a group within the meaning of Section 13(d)(3) of the
Securities Exchange Act of 1934, as amended.
(c) Since the filing of Amendment No. 3 to the Schedule 13D Statement
filed on December 30, 1997 ("Amendment No. 3"), the Fund has purchased 48,500
Shares in open market transactions as set forth below:
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CUSIP No. 903370-10-4
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Approximate Per Share Price
Date Number of Shares (Excluding Commissions)
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<S> <C> <C>
January 6, 1998 5,000 $4.19
February 19, 1998 15,000 $4.56
March 3, 1998 5,000 $4.63
March 9, 1998 5,000 $4.63
March 13, 1998 4,500 $4.63
April 14, 1998 14,000 $4.50
</TABLE>
Since the filing of Amendment No. 3, Mr. Calabrese sold 8,386 Shares at
approximately $4.54 per Share (including commissions) on March 12, 1998 in an
open market transaction.
(d) Not Applicable.
(e) Mr. Calabrese ceased to be the beneficial owner of more than 5% of
the Shares on March 12, 1998.
Item 7. Materials to be Filed as Exhibits.
Exhibit 7.7 Joint Filing Agreement
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CUSIP No. 903370-10-4
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: April 24, 1998 TURKEY VULTURE FUND XIII, LTD.
By: /s/ Richard M. Osborne
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Richard M. Osborne, Manager
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CUSIP No. 903370-10-4
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: April 24, 1998 STEVEN A. CALABRESE
/s/ Steven A. Calabrese
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CUSIP No. 903370-10-4
Exhibit Index
Exhibit 7.7 Joint Filing Agreement
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EXHIBIT 7.7
AGREEMENT OF JOINT FILING
Pursuant to Rule 13d-1(f) promulgated under the Securities Exchange Act of
1934, as amended, the undersigned persons hereby agree to file with the
Securities and Exchange Commission, the Statement on Schedule 13D (the
"Statement") to which this Agreement is attached as an exhibit, and agree that
such Statement, as so filed, is filed on behalf of each of them.
This Agreement may be executed in counterparts, each of which when so
executed shall be deemed to be an original, and all of which together shall be
deemed to constitute one and the same instrument.
IN WITNESS WHEREOF, the undersigned have executed this Agreement.
Dated: April 24, 1998 TURKEY VULTURE FUND XIII, LTD.
By: /s/ Richard M. Osborne
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Richard M. Osborne, Manager
STEVEN A. CALABRESE
/s/ Steven A. Calabrese
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