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Previous: BOWMAR INSTRUMENT CORP, 8-K, 1997-12-18 |
Next: CASCADE NATURAL GAS CORP, DEF 14A, 1997-12-18 |
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________________
FORM 8
AMENDMENT TO APPLICATION OR REPORT
FILED PURSUANT TP SECTION 12, 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
BRT REALTY TRUST
(Exact name of registrant as specified in charter)
AMENDMENT NO. 1
The undersigned registrant hereby amends the following items, financial
statements, exhibits or other portions of its Current Report on Form 8-K dated
November 28, 1997, filed electronically on December 1, 1997 and reporting an
event which occurred on August 22, 1997.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) None
(b) Pro forma Balance Sheet (Unaudited) as of June 30, 1997.
Pro forma Statements of Income (Unaudited)for the nine months
ended June 30, 1997 and the year ended September 30, 1996.
Notes to Pro forma financial statements.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this amendment to be signed on its behalf by the
undersigned thereunto duly authorized.
BRT REALTY TRUST
Dated: December 18, 1997
By:_______________________
Simeon Brinberg
Secretary
Item 7. Financial Statements and Exhibits
(b) Pro Forma Financial Information
Pro Forma Balance Sheet (Unaudited) as of June 30, 1997.
Pro Forma Statements of Income (Unaudited) for the nine
months ended June 30, 1997 and for the year ended
September 30, 1996.
Notes to Pro Forma Financial Statements
BRT REALTY TRUST
PRO FORMA BALANCE SHEET
AS OF JUNE 30, 1997
(Unaudited)
(Amounts in Thousands)
The following unaudited pro forma balance sheet is presented as if the
Trust had disposed of its general and limited partnership interests in Stobba
Associates LP on June 30, 1997.
This pro forma balance sheet should be read in conjunction with the pro
forma statements of income of the Trust and the historical financial statements
and notes thereto of the Trust as filed on Form 10-K for the year ended
September 30, 1996 and on Form 10-Q for the nine months ended June 30, 1997.
The pro forma balance sheet is unaudited and is not necessarily indicative
of what the actual financial position would have been had the Trust disposed of
its interest on June 30, 1997, nor does it purport to represent the future
financial position of the Trust.
<TABLE>
<CAPTION>
BRT REALTY TRUST
PRO FORMA BALANCE SHEET
AS OF JUNE 30, 1997
(Unaudited)
(Amounts in Thousands)
Pro forma
Historical (a) Adjustments (b) Pro forma
<S> <C> <C> <C>
Assets:
Real estate loans:
Earning interest $37,055 (13) 37,042
Not earning interest 4,326 4,326
----- ------ -----
41,381 (13) 41,368
Less allowance for possible losses 6,447 6,447
----- ------ -----
34,934 (13) 34,921
------ --- ------
Real estate assets:
Foreclosed properties held for sale 47,081 (13,040) 34,041
Investment in real estate venture 1,533 1,533
----- ------- -----
48,614 (13,040) 35,574
Less valuation allowance 2,128 (691) 1,437
----- ---- -----
46,486 (12,349) 34,137
------ ------- ------
Cash and cash equivalents 2,990 (299)
2,787 5,478
Investment in US Government obligations
and securities 2,045 2,045
Interest receivable 399 399
Other Assets 3,737 (858) 2,879
----- ---- -----
Total Assets $90,591 ($10,732) $79,859
======= ======== =======
Liabilities and Shareholders' Equity:
Liabilities
Loans and mortgages payable, nonrecourse $24,677 (9,768) $14,909
Accounts payable and accrued liabilities,
including deposits of $1,586 2,657 (282) 2,375
----- ---- -----
Total Liabilities 27,334 (10,050) 17,284
------ ------- ------
Shareholders' Equity:
Preferred shares - $1 par value:
Authorized 10,000 shares, none issued - -
Shares of beneficial interest, $3 par value:
Authorized number of shares - unlimited,
issued 8,932 shares 26,795 26,795
Additional paid-in capital net of
distributions $5,171 81,717 81,717
Net unrealized gain on available-for-sale
securities 405 405
Accumulated deficit (41,007) (682) (41,689)
------- ---- -------
67,910 (682) 67,228
Cost of 546 treasury shares of
beneficial interest (4,653) (4,653)
------ ---- ------
Total Shareholders Equity 63,257 (682) 62,575
------ ---- ------
Total Liabilities and Shareholders Equity $90,591 ($10,732) $79,859
======= ======== =======
</TABLE>
<PAGE>
BRT REALTY TRUST
PRO FORMA STATEMENT OF INCOME
FOR THE NINE MONTHS ENDED JUNE 30, 1997
(Unaudited)
(Amounts in Thousands except per share data)
The following unaudited pro forma statement of income is presented as if
the Trust had disposed of its general and limited partnership interests in
Stobba Associates LP as of October 1, 1996.
This pro forma statement of income should be read in conjunction with the
pro forma balance sheet of the Trust and the historical financial statements and
notes thereto of the Trust as filed on Form 10-Q for the nine months ended June
30, 1997.
The pro forma statement of income is unaudited and is not necessarily
indicative of what the actual financial position would have been had the Trust
disposed of its interest on October 1, 1996, nor does it purport to represent
the future financial position of the Trust.
<PAGE>
<TABLE>
<CAPTION>
BRT REALTY TRUST
PRO FORMA STATEMENT OF INCOME
FOR THE NINE MONTHS ENDED JUNE 30, 1997
(Unaudited)
(Amounts in Thousands except per share data)
Pro forma
Historical ( c) Adjustments (d) Pro forma
<S> <C> <C> <C>
Revenues:
Interest and fees on real estate loans $ 3,567 (43) $ 3,524
Operating income on real estate assets 6,777 (2,054) 4,723
Reversal of previously provided allowances 1,300 1,300
Other, primarily investment income 231 231
--- ------ ---
Total Revenues 11,875 (2,097) 9,778
------ ------ -----
Expenses:
Interest-notes and loans payable 97 97
Advisor's fee 425 425
General and administrative 1,707 1,707
Operating expenses relating to real estate
assets including interest on mortgages
of $1,506 4,992 (1,558) 3,434
Depreciation and amortization 412 (39) 373
--- --- ---
Total Expenses 7,633 (1,597) 6,036
----- ------ -----
Net Income $ 4,242 ($500) $ 3,742
======== ===== ========
Earnings per share of beneficial interest:
Primary $0.50 $0.44
===== =====
Fully diluted $0.50 $0.44
===== =====
Weighted average number of common
shares outstanding:
Primary 8,573,111 8,573,111
========= =========
Fully diluted 8,573,111 8,573,111
========= =========
</TABLE>
<PAGE>
BRT REALTY TRUST
PRO FORMA STATEMENT OF INCOME
FOR THE YEAR ENDED SEPTEMBER 30, 1996
(Unaudited)
(Amounts in Thousands except per share data)
The following unaudited pro forma statement of income is presented as if
the Trust had disposed of its general and limited partnership interests in
Stobba Associates LP as of October 1, 1995.
This pro forma statement of income should be read in conjunction with the
pro forma balance sheet of the Trust and the historical financial statements and
notes thereto of the Trust as filed on Form 10-k for the year ended September
30, 1996.
The pro forma statement of income is unaudited and is not necessarily
indicative of what the actual financial position would have been had the Trust
disposed of its interest on October 1, 1995, nor does it purport to represent
the future financial position of the Trust.
<PAGE>
BRT REALTY TRUST
PRO FORMA STATEMENT OF INCOME
FOR THE YEAR ENDED SEPTEMBER 30, 1996
(Unaudited)
(Amounts in Thousands except per share data)
<TABLE>
<CAPTION>
Pro forma
Historical (c ) Adjustments (d) Pro forma
<S> <C> <C> <C>
Revenues:
Interest and fees on real estate loans $ 4,586 (65) $ 4,521
Operating income on real estate assets 8,615 (2,508) 6,107
Other, primarily investment income 355 355
--- ------ ---
Total Revenues 13,556 (2,573) 10,983
------ ------ ------
Expenses:
Interest-notes and loans payable 1,134 1,134
Advisor's fee 615 615
General and administrative 2,666 2,666
Operating expenses relating to real estate
assets including interest on mortgages
of $1,968 6,937 (2,376) 4,561
Depreciation and amortization 428 (161) 267
--- ---- ---
Total Expenses 11,780 (2,537) 9,243
------ ------ -----
Income before gain on sale of foreclosed
properties held for sale 1,776 (36) 1,740
Net gain on sale of foreclosed properties
held for sale 470 470
--- ---- ---
Net Income $ 2,246 ($36) $ 2,210
======== ==== ========
Calculation of net income applicable to
common shareholders:
Net income $ 2,246 ($36) $ 2,210
Less: distributions on preferred stock 203 203
--- ---- ---
Net income applicable to common
shareholders $ 2,043 ($36) $ 2,007
========= ==== ========
Earnings per share of beneficial interest:
Primary $0.26 $0.26
===== =====
Fully diluted $0.26 $0.26
===== =====
Weighted average number of common
shares outstanding:
Primary 7,825,557 7,825,557
========= =========
Fully diluted 8,688,508 8,688,508
========= =========
</TABLE>
<PAGE>
BRT REALTY TRUST
NOTES TO PRO FORMA FINANCIAL STATEMENTS
(Unaudited)
(Amounts in Thousands)
Pro Forma Balance Sheet
a. Reflects the Trust's historical balance sheet as of June 30,1997
b. Reflects the sale of the general and limited partnership
interests in Stobba Associates LP in addition to the
elimination of the previously consolidated assets and
liabilities of said entity.
Pro Forma Statements of Income for the year ended September 30,1996 and the
nine months June 30, 1997.
c. Reflects the historical statements of income of the Trust
for the year ended September 30, 1996 and nine
months ended June 30, 1997.
d. Reflects the elimination of the previously consolidated
operations of Stobba Associates LP.
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