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Previous: COYOTE SPORTS INC, 8-A12G, 1997-09-15 |
Next: AUTHENTIC SPECIALTY FOODS INC, SC 13D, 1997-09-15 |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: September 15, 1997
(Date of earliest event reported)
GS Mortgage Securities Corporation II
(Issuer in Respect of Commercial Mortgage Pass-Through
Certificates Series 1997-GL I)
(Exact name of registrant as specified in charter)
Delaware 33-99774-02 22-3442024
(State or other juris- (Commission (I.R.S. Employer
diction of organization) File No.) Identification No.)
85 Broad Street, New York, New York 10004
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code (212) 902-1000
ITEM 5. OTHER EVENTS
This Current Report on Form 8-K relates to the Trust Fund formed,
and the Commercial Mortgage Pass-Through Certificates Series 1997-GL I issued,
pursuant to a Pooling and Servicing Agreement, dated as of August 11, 1997
(the "Pooling and Servicing Agreement"), by and among GS Mortgage Securities
Corporation II, as depositor, GMAC Commercial Mortgage Corporation, as master
servicer and special servicer, LaSalle National Bank, as trustee and REMIC
administrator, and ABN AMRO Bank, N.V., as fiscal agent. The Class A-1, Class
A-2A, Class A-2B, Class A-2C, Class A-2D, Class X-1A, Class X-2, Class B, Class
C, Class D, Class E, Class F and Class G Certificates have been registered
pursuant to the Act under a Registration Statement on Form S-3 (File No.333-
27083) (the "Registration Statement").
Capitalized terms used herein and not defined herein have the same
meanings ascribed to such terms in the Pooling and Servicing Agreement.
Pursuant to Section 3.20 of the Pooling and Servicing Agreement,
the Trustee is filing this Current Report containing the quarterly financial
statements with respect to Cadillac Fairview S.C.
This Current Report is being filed by the Trustee, in its capacity
as such under the Pooling and Servicing Agreement, on behalf of the
Registrant. The information reported and contained herein has been
supplied to the Trustee by one or more of the Master Servicer, the
Special Servicer or other third parties without independent review
or investigation by the Trustee. Pursuant to the Pooling and
Servicing Agreement, the Trustee is not responsible for the
accuracy or completeness of such information.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
AND EXHIBITS
(c) Exhibits
Exhibit No. Description
99 Quarterly Financial Statements with respect to
Cadillac Fairview S.C. pursuant to Section 3.20 of
the Pooling and Servicing Agreement
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on behalf of the Registrant
by the undersigned thereunto duly authorized.
LASALLE NATIONAL BANK, IN
ITS CAPACITY AS TRUSTEE
UNDER THE POOLING AND
SERVICING AGREEMENT ON
BEHALF OF GS MORTGAGE SECURITIES
CORPORATION II, REGISTRANT
By: /s/ Russell Goldenberg
Russell Goldenberg,
Senior Vice President
Date: September 15, 1997
Exhibit Index
Exhibit No. Description
99 Quarterly Financial Statements with respect to Cadillac
Fairview S.C. pursuant to Section 3.20 of
the Pooling and Servicing Agreement.
<TABLE>
<CAPTION>
Cadillac Fairview S.C. Finance,
as general partner of the Borrowers
(see attached)
Combined Balance Sheet
July 31, 1997
$(000's)
Dover Dover Galleria at
Georgia Northpark Shannon
Commons Mall Esplanade White Plains
Golden East N.Dekalb Mall Southpark Total
<S> <C> <C> <C> <C>
<C> <C> <C> <C> <C>
Assets
Rental properties $ 3,859 $ 36,604 $ 41,977 $ 49,263 $
21,224 $ 29,408 $ 31,266 $ 21,916 $235,515
Amounts receivable 88 2,273 1,754 2,592
795 585 1,490 912 10,489
Other assets (474) 3,038 3,077 6,086
2,328 7,273 5,456 4,184 30,968
-------- -------- -------- -------- -
- ------- -------- -------- -------- --------
$ 3,472 $ 41,915 $ 46,808 $ 57,940 $
24,346 $ 37,266 $ 38,211 $ 27,012 $276,972
======== ======== ======== ========
======== ======== ======== ======== ========
Liabilities
Debt on rental properties $ 2,288 $ 33,022 $ 51,125 $ 68,730 $
21,882 $ 9,947 $ 50,727 $ 20,888 258,609
Accounts payable and
accrued liabilities 24 638 1,163 2,340
400 2,379 1,699 576 9,220
Deferred income 1 48 79 149
119 17 59 17 488
-------- -------- -------- -------- -
- ------- -------- -------- -------- --------
2,313 33,708 52,366 71,219
22,401 12,343 52,485 21,481 268,317
======== ======== ======== ========
======== ======== ======== ======== ========
Owners' Equity / Deficiency
Owners' equity/deficiency 1,159 8,207 (5,558) (13,279)
1,945 24,924 (14,274) 5,532 8,655
-------- -------- -------- -------- -
- ------- -------- -------- -------- --------
$ 3,472 $ 41,915 $ 46,808 $ 57,940 $
24,346 $ 37,266 $ 38,211 $ 27,012 $276,972
======== ======== ======== ========
======== ======== ======== ======== ========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Dover Commons
Statement of Income
for the nine months ended July 31, 1997
Current Quarter
Cumulative
- ------------------------------------------
- ----------------------------------------------
Variance
Variance Variance
as %age Actual Budget Variance
Actual Budget Better(Worse) as a %age
of budget
of budget
- ------------------------------------------
- ----------------------------------------------
<C> <C> <C> <C> <S>
<C> <C> <C> <C>
Revenue
-1.45% $123,576 $125,400 $(1,824) Rent
$340,198 $364,694 $(24,496) -6.72%
-- -- -- Percentage rent
- -- -- --
Recoveries
231.53% 42,211 12,732 29,479 -Property operating
12,476 39,858 (27,382) -68.70%
-1.81% 5,486 5,587 (101) -Realty taxes
16,415 14,557 1,858 12.76%
- -100.00% 1 -- 1 Miscellaneous
- -- -- --
----------------------------------
- -----------------------------------
19.17% 171,274 143,719 27,555
369,089 419,109 (50,020) -11.93%
----------------------------------
- -----------------------------------
Expenses
Recoverable expenses
- -100.00% 7,500 14,522 7,022 Realty taxes
22,500 14,522 (7,978) 100.00%
CAM indoor
100.00% -- 25 25 CAM outdoor
218 125 (93) -74.40%
- -249.08% 44,274 12,683 (31,591) HVAC
69,961 48,411 (21,550) -44.51%
-- -- -- Electric
- -- -- --
-- -- -- Water
- -- -- --
-- -- -- Sprinkler
- -- -- --
-- -- -- Food court
- -- -- --
-- -- -- Insurance
- -- -- --
-- -- -- Trash removal
- -- -- --
-- -- -- Service center
- -- -- --
-- -- -- Non-recoverable expenses
- -- -- --
Administration
- -464.84% 5,270 933 (4,337) Specialty leasing
7,201 3,799 (3,402) -89.55%
-- -- -- Utilities
- -- -- --
- -111.30% 729 345 (384) Maintenance
2,651 3,570 919 25.74%
- -267.00% 367 100 (267) Management fee
686 300 (386) -128.67%
-1.97% 3,836 3,762 (74)
10,189 10,940 751 6.86%
----------------------------------
- -----------------------------------
-91.46% 61,976 32,370 (29,606)
113,406 81,666 (31,740) -38.87%
----------------------------------
- -----------------------------------
Net income before charges
for interest, depreciation
amortization of
nonrecoverable deferred
-1.84% $109,298 $111,349 $(2,051) expenses and income taxes
$255,683 $337,443 $(81,760) -24.23%
==================================
===================================
</TABLE>
Page 1
<PAGE>
<TABLE>
<CAPTION>
Dover Mall
Statement of Income
for the nine months ended July
31, 1997
Current Quarter
Cumulative
- ------------------------------------------
- ---------------------------------------------
Variance
Variance Variance
as %age Actual Budget Variance
Actual Budget Better(Worse) as a %age
of budget
of budget
- ------------------------------------------
- ---------------------------------------------
<C> <C> <C> <C> <S>
<C> <C> <C> <C>
7.12% $1,190,416 $1,111,277 $ 79,139 Revenue
$3,645,553 $3,550,493 $95,060 2.68%
2632.45% 283,027 10,358 272,669 Rent
543,792 222,674 321,118 144.21%
-- Percentage rent
- -- -- --
-7.38% 505,154 545,379 (40,225) Recoveries
1,538,345 1,476,629 61,716 4.18%
-21.68% 53,542 68,366 (14,824) -Property operating
230,825 198,668 32,157 16.19%
1981.89% 29,667 1,425 28,242 -Realty taxes
54,779 4,275 50,504 1181.38%
---------------------------------- Miscellaneous
- -----------------------------------
18.71% 2,061,806 1,736,805 325,001
6,013,294 5,452,740 560,556 10.28%
----------------------------------
- -----------------------------------
Expenses
Recoverable expenses
Realty taxes
31.66% 71,109 104,047 32,938 CAM indoor
267,889 312,140 44,251 14.18%
25.95% 4,739 6,400 1,661 CAM outdoor
17,645 18,600 955 5.13%
-0.89% 383,344 379,980 (3,364) HVAC
1,097,441 1,228,618 131,177 10.68%
- -172.54% 92,452 33,922 (58,530) Electric
144,625 103,110 (41,515) 40.26%
-- -- -- Water
- -- -- --
-- -- -- Sprinkler
- -- -- --
-- -- -- Food court
- -- -- --
-28.56% 19,175 14,915 (4,260) Insurance
45,425 42,145 (3,280) -7.78%
-- -- -- Trash removal
- -- -- --
-- -- -- Service center
- -- -- --
-- -- -- Non-recoverable expenses
- -- -- --
- -217.31% 132,537 41,769 (90,768) Administration
204,761 122,407 (82,354) -67.28%
-- -- -- Specialty leasing
- -- -- --
- -19. 13% 2,859 2,400 (459) Utilities
12,500 7,850 (4,650) -59.24%
- -440.09% 15,911 2,946 (12,965) Maintenance
43,597 51,138 7,541 14.75%
2.76% 33,303 34,249 946 Management fee
106,727 114,505 7,778 6.79%
----------------------------------
- -----------------------------------
-21.72% 755,429 620,628 (134,801)
1,940,610 2,000,513 59,902 2.99%
----------------------------------
- -----------------------------------
Net income before charges
for interest, depreciation
amortization of
nonrecoverable deferred
17.04% $1,306,377 $1,116,177 $190,200 expenses and income taxes
$4,072,684 $3,452,227 $620,458 17.97%
==================================
===================================
</TABLE>
Page 2
<PAGE>
<TABLE>
<CAPTION>
Esplanade
Statement of Income
for the nine months ended July
31, 1997
Current Quarter
Cumulative
- ------------------------------------------
- ---------------------------------------------
Variance
Variance Variance
as %age Actual Budget Variance
Actual Budget Better(Worse) as a %age
of budget
of budget
- ------------------------------------------
- ---------------------------------------------
<C> <C> <C> <C> <S>
<C> <C> <C> <C>
Revenue
4.40% $1,797,434 $1,721,715 $75,719 Rent
$5,538,179 $5,350,931 $ 187,248 3.50%
972.62% 129,433 12,067 117,366 Percentage rent
344,176 282,442 61,734 21.86%
Recoveries
3.38% 955,648 924,373 31,275 -Property operating
2,683,200 2,834,146 (150,946) 100.00%
3.06% 115,029 111,609 3,420 -Realty taxes
301,921 316,367 (14,446) -4.57%
100.00% 1,156 -- 1,156 Miscellaneous
114,761 -- 114,761 100.00%
----------------------------------
- -----------------------------------
8.27% 2,998,700 2,769,764 228,936
8,982,236 8,783,887 198,352 2.26%
----------------------------------
- -----------------------------------
Expenses
0.00% 125,432 125,432 -- Recoverable expenses
376,297 376,297 -- 0.00%
16.92% 333,495 401,431 67,936 Realty taxes
1,010,796 1,183,973 173,177 14.63%
-43.57% 224,352 156,271 (68,081) CAM indoor
522,719 517,623 (5,096) -0.98%
-- -- -- CAM outdoor
-0.81% 254,032 252,000 (2,032) HVAC
711,126 714,700 3,574 0.50%
32.48% 6,583 9,750 3,167 Electric
19,602 27,950 8,348 29.87%
-6.85% 1,528 1,430 (98) Water
2,828 4,290 1,462 34.08%
3.95% 14,159 14,741 582 Sprinkler
45,088 44,534 (554) -1.24%
-- -- -- Food court
35.83% 5,469 8,523 3,054 Insurance
26,074 27,260 1,186 4.35%
-- 200 200 Trash removal
- -- 400 400 100.00%
Service center
- -- -- --
10.98% 52,016 58,435 6,419 Non-recoverable expenses
152,755 151,143 (1,612) -1.07%
1,612 -- (1,612) Administration
1,821 -- (1,821) -100.00%
Specialty leasing
60 -- (60) Utilities
150 -- (150) -100.00%
91.79% 355 4,326 3,971 Maintenance
2,098 10,278 8,180 79.59%
Management fee
-6.19% 55,235 52,013 (3,222)
174,040 169,001 (5,039) -2.98%
----------------------------------
- -----------------------------------
0.06% 1,074,328 1,084,552 689
176,287 179,278 2,991 1.67%
----------------------------------
- -----------------------------------
Net income before charges
for interest, depreciation
amortization of
nonrecoverable deferred
14.19% $1,924,372 $1,685,212 $239,160 expenses and income taxes
$8,805,948 $8,604,609 $201,343 2.34%
==================================
===================================
</TABLE>
Page 3
<PAGE>
<TABLE>
<CAPTION>
Galleria at White Plains
Statement of Income
for the nine months ended July
31, 1997
Current Quarter
Cumulative
- ------------------------------------------
- ---------------------------------------------
Variance
Variance Variance
as %age Actual Budget Variance
Actual Budget Better(Worse) as a %age
of budget
of budget
- ------------------------------------------
- ---------------------------------------------
<C> <C> <C> <C> <S>
<C> <C> <C> <C>
Revenue
6.85% 2,393,466 $2,240,123 $153,343 Rent
$7,450,620 $6,998,417 $452,203 6.46%
-162.73% (15,159) 24,164 (39,323) Percentage rent
67,023 105,341 (38,318) -36.38%
-3.55% 1,136,548 1,178,371 (41,823) Recoveries
3,537,320 3,547,964 (10,644) -0.30%
-7.27% 536,228 578,238 (42,010) -Property operating
1,584,619 1,650,587 (65,968) -4.00%
2187.92% 186,008 8,130 177,878 -Really taxes
244,553 24,390 220,163 902.68%
----------------------------------
- -----------------------------------
5.16% 4,237,091 4,029,026 208,065 Miscellaneous
12,884,136 12,326,699 557,435 4.52%
----------------------------------
- -----------------------------------
Expenses
Recoverable expenses
2.47% 675,157 692,276 17,119 Realty taxes
2,025,470 2,076,829 51,359 2.47%
-- -- -- CAM indoor
- -- -- --
18.96% 741,778 915,324 173,546 CAM outdoor
2,232,399 2,555,165 322,766 12.63%
23.39% 306,852 400,530 93,678 HVAC
796,586 1,041,760 245,174 23.53%
-- -- -- Electric
- -- -- --
Water
#DIV/OI 250 -- (250) Sprinkler
39,402 39,188 (214) -0.55%
-- -- -- Food court
- -- -- --
-15.35% 94,306 81,755 (12,551) Insurance
229,416 259,765 30,349 11.68%
-- -- -- Trash removal
- -- -- --
-- -- -- Service center
- -- -- --
-- -- -- Non-recoverable expenses
- -- -- --
-24.65% 66,750 53,549 (13,201) Administration
231,065 170,243 (60,822) -35.73%
-100.00% 290 -- (290) Specialty leasing
507 -- (507) -100.00%
-223.97% 9,719 3,000 (6,719) Utilities
31,559 9,000 (22,559) -250.66%
- -5315.43% 17,546 324 (17,222) Maintenance
35,179 972 (34,207) -3519.24%
-14.14% 80,864 70,844 (10,020) Management fee
226,327 218,437 (7,890) -3.61%
----------------------------------
- -----------------------------------
10.11% 1,993,512 2,217,602 224,090
5,847,909 6,371,359 523,450 8.22%
----------------------------------
- -----------------------------------
Net income before charges
for interest, depreciation
amortization of
nonrecoverable deferred
23.86% $2,243,579 $1,811,424 $432,155 expenses and income taxes
$7,036,226 $5,955,340 $1,080,885 18.15%
==================================
===================================
</TABLE>
Page 4
<PAGE>
<TABLE>
<CAPTION>
Golden East
Statement of Income
for the nine months ended July
31, 1997
Current Quarter
Cumulative
- ------------------------------------------
- ---------------------------------------------
Variance
Variance Variance
as %age Actual Budget Variance
Actual Budget Better(Worse) as a %age
of budget
of budget
- ------------------------------------------
- ---------------------------------------------
<C> <C> <C> <C> <S>
<C> <C> <C> <C>
Revenue
4.43% $849,119 $813,118 $36,001 Rent
$2,606,850 $2,548,612 $58,238 2.29%
104.46% 125,841 61,548 64,293 Percentage rent
405,715 348,645 57,070 16.37%
Recoveries
-7.66% 282,015 305,396 (23,381) -Property operating
676,937 924,039 (247,102) -26.74%
-14.33% 57,933 67,624 (9,691) -Realty taxes
169,909 193,882 (23,973) -12.36%
1317.00% 4,251 300 3,951 Miscellaneous
17,523 900 16,623 1847.00%
---------------------------------
- -----------------------------------
5.70% 1,319,159 1,247,986 71,173
3,876,934 4,016,079 (139,144) -3.46%
---------------------------------
- -----------------------------------
Expenses
Recoverable expenses
8.55% 72,280 79,034 6,754 Realty taxes
216,840 237,104 20,264 8.55%
14.73% 179,564 210,580 31,016 CAM indoor
576,286 598,947 22,661 3.78%
28.07% 102,535 142,539 40,004 CAM outdoor
249,374 320,981 71,607 22.31%
-- -- -- HVAC
- -- -- -- --
-- -- -- Electric
- -- -- -- --
-- -- -- Water
- -- -- -- --
-- -- -- Sprinkler
- -- -- -- --
3.89% 6,519 6,783 264 Food court
26,714 22,479 (4,235) -18.84%
-- -- -- Insurance
- -- -- -- --
-- -- -- Trash removal
- -- -- -- --
-- -- -- Service center
- -- -- -- --
Non-recoverable expenses
-115.62% 43,698 20,266 (23,432) Administration
107,174 92,004 (15,170) -16.49%
-100.00% -- -- -- Specialty leasing
216 -- (216) -100 00%
50.90% 1,113 2,267 1,154 Utilities
3,478 5,102 1,624 31.83%
100.00% 201 -- (201) Maintenance
(1,662) -- 1,662 100.00%
4.60% 27,360 26,158 (1,202) Management fee
84,107 86,397 2,290 2.65%
---------------------------------
- -----------------------------------
11.15% 433,270 487,627 54,357
1,262,527 1,363,014 100,487 7.37%
---------------------------------
- -----------------------------------
Net income before charges
for interest, depreciation
amortization of
nonrecoverable deferred
16.51% $885,889 $760,359 $125,530 expenses and income taxes
$ 2,614,407 $2,653,066 $(38,657) -1.46%
=================================
===================================
</TABLE>
Page 5
<PAGE>
<PAGE>
Georgia North Dekalb
Statement of Income
for the nine months ended July 31, 1997
<TABLE>
<CAPTION>
Current Quarter
Cumulative
- ------------------------------------------------
- ----------------------------------------------------
Variance
Variance Variance
as a %age Actual Budget Variance
Actual Budget Better{Worse} as a %age
of budget
of budget
- ------------------------------------------------
- ----------------------------------------------------
<S> <C> <C> <C> <C>
<C> <C> <C> <C>
Revenue
8.15% $ 659,322 $ 609,644 $ 49,678 Rent
$1,925,443 $1,834,868 $ 90,575 4.94%
-52.88% 7,384 15,671 (8,287) Percentage rent
22,151 34,599 (12,448) -35.98%
Recoveries
0.33% 309,127 308,106 1,021 -Property operating
953,272 905,317 47,955 5.30%
-32.06% 60,044 88,379 (28,335) -Really taxes
237,870 239,324 (1,454) -0.61%
#DIV/O! 3,131 -- 3,131 Miscellaneous
18,955 -- 18,955 100.00%
-------------------------------------
- -------------------------------------
1.68% 1,039,008 1,021,800 17,208
3,157,691 3,014,108 143,582 4.76%
-------------------------------------
- -------------------------------------
Expenses
Recoverable expenses
9.59% 110,393 122,098 11,705 Realty taxes
331,180 366,294 35,114 9.59%
0.87% 328,661 331,555 2,894 CAM indoor
959,796 983,425 23,629 2.40%
79.19% 9,710 46,653 36,943 CAM outdoor
133,723 130,957 (2,766) -2.11%
-- -- -- HVAC
- -- -- --
10.48% 115,605 129,135 13,530 Electric
348,317 392,939 44,622 11.36%
-5.97% 3,941 3,719 (222) Water
10,176 10,544 368 3.49%
-- -- -- Sprinkler
-28.42% 31,864 24,813 (7,051) Food court
102,732 95,107 (7,625) -8.02%
-- -- -- Insurance
- -- -- --
-- -- -- Trash removal
- -- -- --
-- -- -- Service center
- -- -- --
Non-recoverable expenses
-33.79% 44,916 33,572 (11,344) Administration
154,953 92,163 (62,790) -68.13%
-100.00% 1,250 -- (1,250) Specialty leasing
7,446 -- (7,446) -100.00%
-4767.24% 2,823 58 (2,765) Utilities
8,568 232 (8,336) -3593.10%
16.00% 315 375 60 Maintenance
7,965 3,125 (4,840) -154.88%
-18.20% 22,122 18,715 (3,407) Management fee
59,747 56,024 (3,723) -6.65%
-------------------------------------
- -------------------------------------
5.50% 671,600 710,693 39,093
2,124,602 2,130,811 6,206 0.29%
-------------------------------------
- -------------------------------------
Net income before charges for
interest, depreciation,
amortiz-
ation of nonrecoverable
deferred
18.10% $ 367,408 $ 311,107 $ 56,301 expenses and income taxes
$1,033,089 $ 883,296 $ 149,789 16.96%
=====================================
=====================================
</TABLE>
Page 6
<PAGE>
Northpark
Statement of Income
for the nine months ended July 31, 1997
<TABLE>
<CAPTION>
Current Quarter
Cumulative
- ------------------------------------------------
- ----------------------------------------------------
Variance
Variance Variance
as a %age Actual Budget Variance
Actual Budget Better{Worse} as a %age
of budget
of budget
- ------------------------------------------------
- ----------------------------------------------------
<S> <C> <C> <C> <C>
<C> <C> <C> <C>
Revenue
6.36% $1,760,063 $1,654,760 $105,303 Rent
$5,276,906 $5,134,206 $ 142,700 2.78%
35.49% 66,544 49,112 17,432 Percentage rent
275,611 227,639 47,972 21.07%
Recoveries
7.26% 1,042,898 972,295 70,603 -Property operating
2,820,303 2,830,750 (10,447) -0.37%
-2.66% 135,409 139,107 (3,698) -Realty taxes
355,538 431,595 (76,057) -17.62%
100.00% 8,234 -- 8,234 Miscellaneous
82,707 -- 82,707 100.00%
------------------------------------
- --------------------------------------
7.03% 3,013,148 2,815,274 197,874
8,811,064 8,624,190 186,875 2.17%
------------------------------------
- --------------------------------------
Expenses
Recoverable expenses
0.00% 139,214 139,214 -- Realty taxes
417,643 417,643 -- 0.00%
13.33% 398,555 351,684 (46,871) CAM indoor
1,132,424 1,132,727 303 0.03%
67.37% 167,022 99,791 (67,231) CAM outdoor
344,455 366,387 21,932 5.99%
12.05% 210,455 239,295 28,840 HVAC
617,548 651,762 34,214 5.25%
-- -- -- Electric
- -- -- --
16.25% 9,222 11,012 1,790 Water
27,789 29,681 1,892 6.37%
-199.96% 7,577 2,526 (5,051) Sprinkler
10,946 7,578 (3,368) -44.44%
-- -- -- Food court
141.08% (3,259) 7,934 11,193 Insurance
8,558 23,803 15,245 64.05%
4.63% 8,712 9,135 423 Trash removal
25,905 26,847 942 3.51%
-- -- -- Service center
- -- -- --
Non-recoverable expenses
31.46% 63,124 92,101 28,977 Administration
177,135 248,819 71,684 28.81%
-- -- -- Specialty leasing
- -- -- --
-- -- -- Utilities
27.68% 486 672 186 Maintenance
2,923 3,034 111 3.66%
-0.62% 51,434 51,116 (318) Management fee
161,686 159,064 (2,622) -1.65%
------------------------------------
- --------------------------------------
-4.78% 1,052,542 1,004,480 (48,062)
2,927,012 3,067,345 140,333 4.58%
------------------------------------
- --------------------------------------
Net income before charges for
interest, depreciation,
amortiz
ation of nonrecoverable
deferred
8.27% $ 1,960,606 $1,810,794 $149,812 expenses and income taxes
$5,884,052 $5,556,845 $ 327,208 5.89%
====================================
======================================
</TABLE>
Page 7
<PAGE>
Southpark
Statement of Income
for the nine months ended July 31, 1997
<TABLE>
<CAPTION>
Current Quarter
Cumulative
- ------------------------------------------------
- ----------------------------------------------------
Variance
Variance Variance
as a %age Actual Budget Variance
Actual Budget Better{Worse} as a %age
of budget
of budget
- ------------------------------------------------
- ----------------------------------------------------
<S> <C> <C> <C> <C>
<C> <C> <C> <C>
Revenue
3.67% $974,831 $940.355 $34,476 Rent
$3,029,295 $3,004,158 $25,137 0.84%
30.11% 27,238 20,934 6,304 Percentage rent
122,100 115,830 6,270 5.41%
Recoveries
1.48% 563,511 555,319 8,192 - Property operating
1,607,384 1,661,509 (54,125) -3.26%
9.24% 71,921 65,836 6,085 - Realty taxes
239,999 193,824 46,1752 23.82%
- -100.00% 10,337 -- 10,337 Miscellaneous
3,696 -- 3,696 -100.00%
---------------------------------------
- --------------------------------------
4.13% 1,647,838 1,582,444 65,394
5,002,473 4,975,320 27,153 0.55%
---------------------------------------
- --------------------------------------
Expenses
Recoverable expenses
-0.57% 91,446 90,927 (519) Realty taxes
274,339 272,781 (1,558) -0.57%
12.68% 4,213 4,825 612 CAM indoor
20,096 15,275 (4,821) -31.56%
4.09% 369,010 354,526 (14,484) CAM outdoor
1,090,103 1,053,973 (36,130) -3.43%
9.92% 48,235 53,549 5,314 HAVC
142,608 154,164 11,556 7.50%
8.63% 147,509 161,435 13,926 Electric
442,504 466,986 24,482 5.24%
-25.74% 13,535 10,764 (2,771) Water
37,728 32,087 (5,641) -17.58%
-- -- -- Sprinkler
- -- -- -- --
1.50% 20,027 20,333 306 Food court
67,105 61,199 (5,906) -9.65%
-- -- -- Insurance
- -- -- --
-- -- -- Trash removal
- -- -- --
-- -- -- Service center
- -- -- --
Non-recoverabte expenses
-46.28% 88,470 60,479 (27,991) Administration
200,460 129,565 (70,895) -54.72%
- -100.00% 9,952 -- (9,952) Specialty leasing
11,334 -- (11,334) -100.00%
-- -- -- Utilities
- -- -- --
- -100.00% 1,248 7,125 5,877 Maintenance
14,277 14,250 (27) -0.19%
-0.17% 29,749 29,699 (50) Management fee
92,165 95,390 3,225 3.38%
---------------------------------------
- --------------------------------------
-3.75% 823,394 793,662 (29,732)
2,392,719 2,295,669 (97,049) 4.23%
---------------------------------------
- --------------------------------------
Net income before charges
for
interest, depreciation,
amortiz
ation of nonrecoverable
deferred
4.52% $824,444 $788,782 $35,662 expenses and income taxes
$2,609,755 $2,679,651 $(69,896) -2.61%
=======================================
======================================
</TABLE>
Page 8
<PAGE>
Cadillac Fairview S.C. Finance
Combined Statement of Income
for the nine months ended July 31, 1997
<TABLE>
<CAPTION>
Current Quarter
Cumulative
- ------------------------------------------------
- ----------------------------------------------------
Variance
Variance Variance
as a %age Actual Budget Variance
Actual Budget Better{Worse} as a %age
of budget
of budget
- ------------------------------------------------
- ----------------------------------------------------
<S> <C> <C> <C> <C>
<C> <C> <C> <C>
Revenue
5.77% $ 9,748,227 $ 9,216,392 $ 531,835 Rent
$ 29,813,044 $ 28,786,379 $ 1,026,665 3.57%
222.05% 624,308 193,854 430,454 Percentage rent
1,780,568 1,337,170 443,398 33.16%
-- -- -- Recoveries
- -- -- --
0.73% 4,837,112 4,801,971 35,141 - Property operating
13,829,237 14,220,212 (390,975) -2.75%
-7.93% 1,035,592 1,124,746 (89,154) - Realty taxes
3,137,096 3,238,804 (101,708) -3.14%
2363.57% 242,785 9,855 232,930 Miscellaneous
536,974 29,565 507,409 1716.25%
--------------------------------------
- ---------------------------------------
7.44% 16,488,024 15,346,818 1,141,206
49,096,919 47,612,131 1,484,790 3.12%
--------------------------------------
- ---------------------------------------
Expenses
Recoverable expenses
5.49% 1,292,531 1,367,550 75,019 Realty taxes
3,932,158 4,073,610 141,452 3.47%
4.38% 1,249,227 1,306,500 57,273 CAM indoor
3,717,261 3,933,072 215,811 5.49%
3.12% 2,042,025 2,107,767 65,742 CAM outdoor
5,740,175 6,222,115 481,940 7.75%
9.53% 657,994 727,296 69,302 HVAC
1,701,367 1,950,796 249,429 12.79%
4.69% 517,146 542,570 25,424 Electric
1,501,947 1,574,625 72,678 4.62%
4.86% 33,531 35,245 1,714 Water
134,697 139,450 4,753 3.41%
- -130.16% 9,105 3,956 (5,149) Sprinkler
13,774 11,868 (1,906) -16.06%
-13.90% 186,050 163,340 (22,710) Food court
516,480 525,229 8,749 1.67%
141.08% (3,259) 7,934 11,193 Insurance
8,558 23,803 15,245 64.05%
19.69% 14,181 17,658 3,477 Trash removal
51,979 54,107 2,128 3.93%
-- 200 200 Service center
- -- 400 400 100.00%
Non-recoverable expenses
-37.57% 496,781 361,104 (135,677) Administration
1,235,504 1,010,143 (225,361) -22.31%
- -100.00% 13,104 -- (13,104) Specialty leasing
21,324 -- (21,324) -100.00%
- -114.41% 17,303 8,070 (9,233) Utilities
58,906 25,754 (33,152) -128.73%
- -129.58% 36,429 15,868 (20,561) Maintenance
105,063 83,097 (21,966) -26.43%
6.05% 303,903 286,556 (17,347) Management fee
914,988 909,758 (5,230) -0.57%
--------------------------------------
- ---------------------------------------
1.23% 6,866,051 6,951,614 85,563
19,654,181 20,537,827 883,645 4.30%
--------------------------------------
- ---------------------------------------
Net income before charges for
interest, depreciation,
amortiz-
ation of nonrecoverable
deferred
14.61% $ 9,621,973 $8,395,204 $1,226,769 expenses and income taxes
$ 29,442,738 $ 27,074,304 $2,368,435 8.75%
======================================
=======================================
</TABLE>
Page 9
<PAGE>
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