SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 12B-25
Commission File Number 0-23911
NOTIFICATION OF LATE FILING
(Check One): |_| Form 10-K |_| Form 11-K |_| Form 20-F |X| Form 10-Q
|_| Form N-SAR
For Period Ended: SEPTEMBER 30, 1998
|_| Transition Report on Form 10-K |_| Transition Report on Form 10-Q
|_| Transition Report on Form 20-F |_| Transition Report on From N-SAR
|_| Transition Report on Form 11-K
For the Transition Period Ended: __________________________________________
READ ATTACHED INSTRUCTION SHEET BEFORE PREPARING FORM. PLEASE PRINT OR
TYPE.
Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein.
If the notification related to a portion of the filing checked above,
identify the item(s) to which the notification relates: ________________________
PART I
REGISTRANT INFORMATION
Full name of registrant: WILSHIRE REAL ESTATE INVESTMENT TRUST INC.
Former name if applicable ______________________________________________________
Address of principal executive office (STREET AND NUMBER):1776 SW MADISON ST.
City, state and zip code: PORTLAND, OR 97205
PART II
RULE 12B-25 (B) AND (C)
If the subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed. (Check box if appropriate.)
(a) The reasons described in reasonable detail in Part III of this
form could not be eliminated without unreasonable effort or
expense;
(b) The subject annual report, semi-annual report, transition report
on Form 10-K, 20-F, 11-K or Form N-SAR, or portion thereof will
be filed on or before the 15th calendar day following the
|X| prescribed due date; or the subject quarterly report on
transition report on Form 10-Q, or portion thereof will be filed
on or before the fifth calendar day following the prescribed due
date; and
(c) The accountant's statement or other exhibit required by Rule
12b-25(c) has been attached if applicable.
<PAGE>
PART III
NARRATIVE
The market for mortgage-backed securities and, in particular, subordinate
credit related tranches of these securities has experienced dramatically
widening spreads throughout the last ten weeks. Liquidity problems affecting
certain Wall Street firms, hedge funds and other financial instruments investors
have exacerbated this market phenomenon through forced liquidations of their
assets. This has led to an increased need for liquidity at the Company both to
meet collateral calls and as a preemptive measure to protect against future
mortgage-backed securities' spread distortions that the Company expects may be
experienced by markets in general.
Between October 14 and October 16, 1998, the Company sold certain real
estate related assets to various unrelated third parties for $525.2 million. The
assets sold consisted of 45 classes of subordinate mortgage-backed securities
representing interests in 39 securitizations by 11 different issuers which had a
carrying value at the date of sale of $152.9 million and a $372.3 million pool
of one-to-four family fully amortizing loans secured by first liens.
Due to the significant amount of time that management spent addressing the
need for increased liquidity at the Company both to meet collateral calls and as
a preemptive measure to protect against future mortgage-backed securities'
spread distortions, the Company was unable to complete their review by November
16, 1998 without unreasonable effort and expense.
<PAGE>
PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
CHRIS TASSOS (503) 223-5600
(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of
the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act
of 1940 during the preceding 12 months or for such shorter period that the
registrant was required to file such report(s) been filed? If the answer is no,
identify report(s).
|_| Yes |X| No
(i) Current Report on Form 8-K filed September 29, 1998;
(ii) Current Report on Form 8-K filed September 29, 1998;
(iii) Current Report on Form 8-K filed September 29, 1998;
(iv) Current Report on Form 8-K filed September 29, 1998;
(v) Current Report on Form 8-K filed October 14, 1998; and
(vi) Current Report on Form 8-K filed November 5, 1998.
(3) Is it anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be reflected by the
earnings statements to be included in the subject report or portion thereof?
|_| Yes |X| No
If so: attach an explanation of the anticipated change, both narratively
and quantitatively, and, if appropriate, state the reasons why a reasonable
estimate of the results cannot be made.
WILSHIRE REAL ESTATE INVESTMENT TRUST INC.
- --------------------------------------------------------------------------------
(Name of Registrant as Specified in Charter)
Has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date: November 13, 1998 By /S/ LAWRENCE MENDELSOHN
------------------------
Lawrence Mendelsohn
President
By /S/ CHRIS TASSOS
Chris Tassos
Chief Financial Officer
<PAGE>
