<PAGE>
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935
or Section 30(f) of the Investment Company Act of 1940
/ / Check this box if no longer subject to Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
Levine Sheila
(Last) (First) (Middle)
Philips International Realty Corp.
417 Fifth Avenue
(Street)
New York NY 10016
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Philips International Realty Corp.
3. IRS or Social Security Number of Reporting Person (Voluntary)
###-##-####
4. Statement for Month/Year
May 1998
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
/X/ Director / / 10% Owner
/X/ Officer (give title below) / / Other (specify below)
Chief Operating Officer, Executive Vice President and Secretary
7. Individual or Joint/Group Reporting (Check Applicable Line)
/X/ Form filed by One Reporting Person
/ / Form filed by More than One Reporting Person
* If the form is filed by more than one reporting person, see instruction
4(b)(v).
<TABLE>
<CAPTION>
Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
5. Amount
of Secu-
rities
4. Securities Acquired (A) Bene- 6. Ownership
2. Trans- 3. Trans- or Disposed of (D) ficially Form:
action action (Instr. 3, 4 and 5) Owned Direct 7. Nature of
Date Code ----------------------------- at End (D) or Indirect
(Month/ (Instr. 8) (A) of Month Indirect Beneficial
1. Title of Security Day/ ------------- Amount or Price (Instr. (I) Ownership
(Instr. 3) Year) Code V (D) 3 and 4) (Instr. 4) (Instr. 4)
- ----------------------------- ---------- ------ ----- ------------ --- ---------- ----------- ------------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock 5/8/98 P 2,800 A $17.50 2,800 D
</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
<TABLE>
<CAPTION>
Table II--Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
2. Conver- 5. Number of Deriv- 6. Date Exercisable
sion or 3. Trans- ative Securities and Expiration Date
Exercise action 4. Transac- Acquired (A) or (Month/Day/Year)
Price of Date tion Code Disposed of (D) ----------------------
Deriv- (Month/ (Instr. 8) (Instr. 3, 4, and 5) Date
1. Title of Derivative Security ative Day/ ------------- -------------------------- Exercis- Expiration
(Instr. 3) Security Year) Code V (A) (D) able Date
- ---------------------------------------- ----------- ---------- ------ ----- ------------ ------------ ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Options to purchase Common Stock $50.00(1) 5/13/98 D(2) V 40,000(1) (3) 1/1/08
Options to purchase Common Stock $17.50 5/13/98 A(2) V 68,204 (3) 1/1/08
Options to purchase Common Stock $17.50 5/13/98 A(4) V 31,796 (3) 1/1/08
Partnership Units (5) 5/13/98 D(6) V 114,686(1) 12/31/98 None
Partnership Units (5) 5/13/98 A(6) V 195,551 12/31/98 None
<CAPTION>
9. Number of 10. Ownership
Derivative Form of
Securities Derivative
7. Title and Amount of Underlying Benefi- Security:
Securities (Instr. 3 and 4) cially Direct 11. Nature of
---------------------------------------- 8. Price of Owned at (D) or Indirect
Amount or Derivative End of Indirect Beneficial
1. Title of Derivative Title Number of Security Month (I) Ownership
Security (Instr. 3) Shares (Instr. 5) (Instr. 4) (Instr. 4) (Instr. 4)
- --------------------------- --------------------------- ----------- ------------- ------------- -------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
Options to purchase Common Stock 40,000 -0- D
Common Stock
Options to purchase Common Stock 68,204 68,204 D
Common Stock
Options to purchase Common Stock 31,796 100,000 D
Common Stock
Partnership Units Common Stock 114,686 -0- D
Partnership Units Common Stock 195,551 195,551 D
</TABLE>
Explanation of Responses:
(1) Prior to 1.7051:1.00 stock split effectuated on 5/8/98.
(2) Cancellation of options granted on 1/1/98, replaced by options granted on
5/13/98 reflecting lower exercise price ($17.50) and increased number of
options (68,204) resulting from 1.7051:1.00 stock split effectuated on 5/8/98.
(3) Options will vest 33 1/3% on December 31, of each of 1998, 1999, and 2000.
(4) Additional Grant.
(5) The Partnership Units (the "Units") represent interests in Philips
International Realty. L.P., a Delaware limited partnership, through which
Philips International Realty Corp. (the "Company") conducts its real estate
activities. The Units were originally distributed on December 31, 1997, in
connection with the acquisition of certain properties. The Units are
convertible into shares of Common Stock on a one-for-one basis beginning
December 31, 1998.
(6) Cancellation of the Units granted on 12/31/97, replaced by the Units
granted on 5/13/98 reflecting increased Units (195,551) resulting from
1.7051:1.00 stock split effectuated on 5/8/98.
/s/ Sheila Levine 6/10/98
- --------------------------------------- --------------------------
**Signature of Reporting Person Date
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
