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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K/A
Amendment No. 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) July 14, 2000
Philips International Realty Corp.
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(Exact name of registrant as specified in its charter)
Maryland 000-23463 13-3963667
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(State or other jurisdiction of (Commission File Number) (IRS Employer
incorporation) Identification No.)
417 Fifth Avenue, New York, N.Y. 10016
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 212-545-1100
Not Applicable
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(Former name or former address, if changed since last report)
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Philips International Realty Corp. pursuant to the requirements of the
Securities Exchange Act of 1934, as amended, hereby amends the following item of
its Current Report on Form 8-K dated July 14, 2000 (filed with the Securities
and Exchange Commission on July 31, 2000), as set forth in the pages attached
hereto:
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(b) Pro forma financial information relative to the sales reported on Form
8-K dated July 14, 2000 filed herewith is as follows:
Page
Pro forma Condensed Consolidated Balance
Sheet as of June 30, 2000 (Unaudited) 5
Pro forma Condensed Consolidated Statement
of Income for the Year Ended December 31, 1999
(Unaudited) 6
Pro forma Condensed Consolidated Statement of
Income for the Six Months Ended June 30, 2000
(Unaudited) 7
Notes to Pro Forma Condensed Consolidated
Financial Statements (Unaudited) 8
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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.
Dated: September 27, 2000
PHILIPS INTERNATIONAL REALTY CORP.
(Registrant)
By: /s/ Carl Kraus
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Carl Kraus
Chief Financial Officer
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PHILIPS INTERNATIONAL REALTY CORP.
PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The accompanying Pro Forma Condensed Consolidated Balance Sheet as of
June 30, 2000 assumes the sale of the Properties had occurred as of such date.
The accompanying Pro Forma Condensed Consolidated Statements of Income for the
Year Ended December 31, 1999 and the Six Months Ended June 30, 2000 assume such
sale had occurred as of January 1, 1999.
The Pro Forma Condensed Consolidated Financial Statements have been
prepared by the management of Philips International Realty Corp. These pro forma
statements may not be indicative of the financial position at June 30, 2000 or
the results of operations that would have actually occurred if the sale of the
Properties had occurred as of January 1, 1999. Also, they may not be indicative
of the results that may be achieved in the future. The Pro Forma Condensed
Consolidated Financial Statements should be read in conjunction with the
financial information contained in the Company's Annual Report on Form 10-K for
the year ended December 31, 1999 and quarterly report on Form 10-Q for the
period ended June 30, 2000 and the accompanying notes thereto.
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PHILIPS INTERNATIONAL REALTY CORP.
PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
JUNE 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
SALE OF THE
HISTORIC PROPERTIES PRO FORMA
------------- ------------- -------------
ASSETS
<S> <C> <C> <C>
Rental properties - net $ 274,777,709 $ 61,723,735 $ 213,053,974
Investments in and advances to real estate joint ventures 3,746,942 3,746,942
Cash and cash equivalents 214,166 214,166
Accounts receivable 8,655,329 1,311,486 7,343,843
Deferred charges and prepaid expenses 7,034,053 782,568 6,251,485
Other assets 1,587,311 231,469 1,355,842
------------- --------------------------------
Total Assets $ 296,015,510 $ 64,049,258 $ 231,966,252
============= ================================
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Mortgages and notes payable $ 173,162,494 $ 63,568,772 $ 109,593,722
Accounts payable and accrued expenses 4,814,274 301,480 4,512,794
Dividends payable 2,771,031 2,771,031
Other liabilities 1,447,288 179,006 1,268,282
------------- --------------------------------
Total Liabilities 182,195,087 64,049,258 118,145,829
------------- --------------------------------
Minority interests in Operating Partnership 29,278,296 29,278,296
------------- --------------------------------
Shareholders' Equity
Preferred Stock, $.01 par value; 30,000,000 shares authorized;
no shares issued and outstanding --
Common Stock, $.01 par value; 150,000,000 shares authorized;
7,340,474 shares issued and outstanding 73,405 73,405
Additional paid in capital 92,668,007 92,668,007
Cumulative distributions in excess of net income (7,597,201) (7,597,201)
------------- --------------------------------
85,144,211 85,144,211
Stock purchase loans receivable (602,084) (602,084)
------------- --------------------------------
Total Shareholders' Equity 84,542,127 84,542,127
------------- --------------------------------
Total Liabilities and Shareholders' Equity $ 296,015,510 $ 64,049,258 $ 231,966,252
============= ================================
</TABLE>
See accompanying notes.
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PHILIPS INTERNATIONAL REALTY CORP.
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 1999
<TABLE>
<CAPTION>
SALE OF THE PRO FORMA
HISTORIC PROPERTIES (UNAUDITED)
------------ ------------ ------------
<S> <C> <C> <C>
Revenues from rental property $ 42,457,222 $ 5,361,824 $ 37,095,398
------------ ------------ ------------
Expenses:
Operating expenses 4,902,945 552,979 4,349,966
Real estate taxes 6,319,382 952,107 5,367,275
Management fees to affiliates 1,228,451 128,332 1,100,119
Interest expense 9,552,032 3,158,459 6,393,573
Depreciation and amortization 7,242,960 757,035 6,485,925
General and administrative expenses 2,775,488 1,779 2,773,709
------------ ------------ ------------
32,021,258 5,550,691 26,470,567
------------ ------------ ------------
Operating income 10,435,964 (188,867) 10,624,831
Equity in net income (loss) of real estate joint ventures 2,432,494 1,192,227 1,240,267
Minority interests in income before extraordinary items of Operating Partnership (2,806,967) 38,449 (2,845,416)
Other income (expense), net (1,725,281) (1,155,995) (569,286)
------------ ------------ ------------
Income before extraordinary items $ 8,336,210 $ (114,186) $ 8,450,396
------------ ------------ ------------
Basic and diluted income (loss) per common share:
Income before extraordinary items $ 1.14 $ 1.15
</TABLE>
See accompanying notes.
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PHILIPS INTERNATIONAL REALTY CORP.
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF INCOME
FOR THE SIX MONTHS ENDED JUNE 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
SALE OF THE
HISTORIC PROPERTIES PRO FORMA
------------ ------------ ------------
<S> <C> <C> <C>
Revenues from rental property $ 25,402,830 $ 5,092,973 $ 20,309,857
------------ ------------ ------------
Expenses:
Operating expenses 3,061,178 588,352 2,472,826
Real estate taxes 3,584,335 695,863 2,888,472
Management fees to affiliates 742,128 108,766 633,362
Interest expense 6,493,809 2,599,630 3,894,179
Depreciation and amortization 3,736,717 345,100 3,391,617
General and administrative expenses 1,571,892 6,753 1,565,139
------------ ------------ ------------
19,190,059 4,344,464 14,845,595
------------ ------------ ------------
Operating income 6,212,771 748,509 5,464,262
Equity in net income (loss) of real estate joint ventures 24,919 24,919
Minority interests in income before extraordinary items of Operating Partnership (1,606,721) (188,551) (1,418,170)
Other income (expense), net 140,718 8 140,710
------------ ------------ ------------
Income before extraordinary items $ 4,771,687 $ 559,966 $ 4,211,721
------------ ------------ ------------
Basic and diluted income (loss) per common share:
Income before extraordinary items $ 0.65 $ 0.57
</TABLE>
See accompanying notes.
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PHILIPS INTERNATIONAL REALTY CORP.
NOTES TO PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. Basis of Presentation
The Pro Forma amounts adjust the historic operating results for the
year ended December 31, 1999 and the six months ended June 30, 2000 to
give effect to the July 2000 sale of the Properties, as if this sale
had been completed as of January 1, 1999. The accompanying Pro Forma
Condensed Consolidated Balance Sheet assumes the sale of the
Properties had been completed as of June 30, 2000.
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