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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D/A
AMENDMENT NO. 3
Under the Securities Exchange Act of 1934
EXCAL ENTERPRISES, INC.
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(Name of Issuer)
Common Stock, Par Value $.001 Per Share
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(Title of Class of Securities)
300902 10 3
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(CUSIP Number)
Judith D. Fryer, Esq.
Greenberg Traurig Hoffman Lipoff Rosen & Quentel
The MetLife Building, 200 Park Avenue - 15th Floor
New York, New York 10166
(212) 801-9200
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
January 8 and 20, 1998
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(Dates of Events which Require Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
(Continued on following pages)
(Page 1 of 9 Pages)
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Page 2 of 9 Pages
CUSIP No. 300902 10 3
(1) Name of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
National Income Realty Trust
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(2) Check the Appropriate Box if a Member of a Group
(a) | | (b) |_|
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(3) SEC Use Only
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(4) Source of Funds WC
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(5) Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e)
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(6) Citizenship or Place of Organization California, USA
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Number of (7) Sole Voting Power 0
Shares Bene- -----------------------------------------------------
ficially (8) Shared Voting Power 0
Owned by Each -----------------------------------------------------
Reporting (9) Sole Dispositive Power 0
Person With -----------------------------------------------------
(10) Shared Dispositive Power 0
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
0
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares
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(13) Percent of Class Represented by Amount in Row (11) 0%
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(14) Type of Reporting Person OO
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Page 3 of 9 Pages
CUSIP No. 300902 10 3
(1) Name of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Person
William S. Friedman
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(2) Check the Appropriate Box if a Member of a Group
(a) | | (b) |_|
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(3) SEC Use Only
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(4) Source of Funds PF
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(5) Check Box if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e)
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(6) Citizenship or Place of Organization USA
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Number of (7) Sole Voting Power 0
Shares Bene- -----------------------------------------------------
ficially (8) Shared Voting Power 0
Owned by Each -----------------------------------------------------
Reporting (9) Sole Dispositive Power 0
Person With -----------------------------------------------------
(10) Shared Dispositive Power 0
- --------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
0
- --------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
- --------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11) 0%
- --------------------------------------------------------------------------------
(14) Type of Reporting Person IN
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Page 4 of 9 Pages
Item 1. Security and Issuer.
(a) Title and Class of Security: This statement relates to the
shares of common stock, par value $.001 per share, of Excal
Enterprises, Inc. ("Excal"), a Delaware corporation (the "Common
Stock").
(b) Issuer: EXCAL ENTERPRISES, INC.
100 N. Tampa Street
Suite 3575
Tampa, Florida 33602
Item 2. Identity and Background.
I. National Income Realty Trust
2(a) Name: National Income Realty Trust (the "Trust")
2(b) State or Place of Organization: California
2(c)(i) Principal Business: The Trust is a California business trust
that has elected to be treated as a Real Estate Investment Trust
under the Internal Revenue Code of 1986. The Trust's business is
investing in real estate through direct acquisitions and
partnerships and, to a lesser extent, financing real estate and
real estate related activities through mortgage loans.
2(c)(ii) Address of Principal Business: 280 Park Avenue, East Building,
20th Floor, New York, New York 10017
2(c)(iii) Address of Principal Office: 280 Park Avenue, East Building,
20th Floor, New York, New York 10017
2(d) Criminal Convictions: The Trust has not, during the past five
years, been convicted in a criminal proceeding (excluding
traffic violations or similar misdemeanors).
2(e) Violations of Federal or State Securities Laws: The Trust was
not, during the past five years, a party to a civil proceeding
of a judicial or administrative body of competent jurisdiction
and as a result of such proceeding was or is subject to a
judgment, decree or final order enjoining future violations of,
or prohibiting or mandating activities subject to, federal or
state securities laws or finding any violation with respect to
such laws.
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Page 5 of 9 Pages
II. William S. Friedman
2(a) Name: William S. Friedman
2(b) Business Address: 280 Park Avenue, East Building, 20th Floor,
New York, New York 10017
2(c)(i) Present Principal Employment: (a) President, Chief Executive
Officer and Trustee of the Trust, (b) Director and Chief
Executive Officer of Tarragon Realty Advisors, Inc., a company
responsible for the day-to-day management of the Trust and (c)
officer and director of Tarragon Management, Inc., a
wholly-owned subsidiary of Tarragon Realty Advisors, a company
responsible for management of the Trust's properties.
2(c)(ii) Principal Business and Address of Mr. Friedman: Officer and
Trustee of The Trust, 280 Park Avenue, East Building, 20th
Floor, New York, New York 10017.
2(d) Mr. Friedman has not, during the past five years, been convicted
in a criminal proceeding (excluding traffic violations or
similar misdemeanors).
2(e) Mr. Friedman was not, during the past five years, a party to a
civil proceeding of a judicial or administrative body of
competent jurisdiction and as a result of such proceeding was or
is subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject
to, federal or state securities laws or finding any violation
with respect to such laws.
2(f) Mr. Friedman is a citizen of the USA.
Item 3. Source and Amount of Funds or Other Consideration.
I. National Income Realty Trust
During the period from April 17, 1997 through April 25,
1997, the Trust acquired an aggregate of 398,000 shares of
Common Stock in open market purchases using its working
capital. The purchase price per share ranged from $2.6458 to
$3.125 per share. On September 12, 15, and 23, 1997, the Trust
disposed of an aggregate of 300,000 shares of Common Stock in
open market transactions. The sale price per share ranged from
$5.25 to $5.68 per share. On January 8, 1998, the Trust
disposed of its remaining 98,000 shares of Common Stock at a
sale price per share of $4.1875 per share.
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Page 6 of 9 Pages
II. William S. Friedman
On May 1, 1997, Mr. Friedman acquired an aggregate of 202,000
shares of Common Stock at a purchase price of $3.125 per share
in open market purchases using his personal funds. Mr. Friedman
sold the 202,000 shares on January 20, 1998 at a sale price of
$4.3125 per share.
Item 4. Purpose of Transactions.
I. National Income Realty Trust
II. William S. Friedman
Mr. Friedman and the Trust sold the shares in order to realize
the appreciation in the value of the Common Stock;
Item 5. Interest in Securities of the Issuer.
I. National Income Realty Trust
(a) Aggregate Number: No shares of Common Stock. Percentage: N/A.
(b) Power to Vote/Dispose of Securities: Not Applicable.
(c) Not Applicable.
(d) Not Applicable.
(e) Not Applicable.
II. William S. Friedman
(a) Aggregate Number: None. Percentage: N/A.
(b) Power to Vote/Dispose of Securities: Not Applicable.
(c) Not Applicable
(d) Not Applicable
(e) Not Applicable
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Page 7 of 9 Pages
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer.
None.
Item 7. Material to be Filed as Exhibits.
None.
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Page 8 of 9 Pages
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
NATIONAL INCOME REALTY TRUST
DATED: January 30, 1998 /s/ William S. Friedman
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By: William S. Friedman,
Trustee
DATED: January 30, 1998 /s/ William S. Friedman
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William S. Friedman
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Page 9 of 9 Pages
EXHIBIT A
CONSENT TO JOINT FILING
National Income Realty Trust and William S. Friedman hereby consent to
the joint filing of this Amendment No. 3 to Schedule 13D with respect to the
common stock of Excal Enterprises, Inc. and agree that this Amendment No. 3 to
Schedule 13D is filed on behalf of each of them.
NATIONAL INCOME REALTY TRUST
DATED: January 30, 1998 /s/ William S. Friedman
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By: William S. Friedman,
Trustee
/s/ William S. Friedman
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DATED: January 30, 1998 William S. Friedman
