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Previous: AMERICAN ELECTRIC POWER SERVICE CORP, U-1, 1996-01-16 |
Next: HOST MARRIOTT CORP/MD, 8-K, 1996-01-16 |
<PAGE> 1
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
20549
Quarterly Report Under Section 13 or 15(d)
of The Securities Exchange Act of 1934
Commission File Number 0-9086
For Quarter Ended November 30, 1995
Bankers Building Land Trust
----------------------------------------------------------
(Exact name of Registrant as specified in its charter)
Illinois 36-6067489
- ------------------------------- ----------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
AMCORE Bank N.A., 501 Seventh Street
Rockford, Illinois 61104, Trustee
--------------------------------------------
(Address of principal executive offices)
815-968-2241
--------------------------------------------------------
(Registrant's telephone number, including area code)
Indicate by check mark whether the Registrant (1) has filed by Section 13 or
15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the Registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days.
Yes _X_ No ___
Page 1 of 8
<PAGE> 2
PART I - ITEM 1
BANKERS BUILDING LAND TRUST
BALANCE SHEETS
as of November 30, 1995
_______
<TABLE>
<CAPTION>
November 30, May 31,
ASSETS 1995 1995
----------- ------------
(Unaudited)
<S> <C> <C>
Cash $ 77,119 $ 79,335
Land subject to operating lease 4,250,000 4,250,000
---------- -----------
Total assets $4,327,119 $4,329,335
========== ===========
LIABILITIES and EQUITY
Due to certificate holders $ 74,539 $ 73,865
Other liabilities 2,080 4,970
---------- ----------
76,619 78,835
---------- ----------
Certificates of beneficial interest,
5,000 units issued and outstanding 4,250,000 4,250,000
Retained earnings 500 500
---------- ----------
4,250,500 4,250,500
---------- ----------
Total liabilities and equity $4,327,119 $4,329,335
========== ==========
</TABLE>
The accompanying notes are an integral
part of the financial statements.
Page 2 of 8
<PAGE> 3
BANKERS BUILDING LAND TRUST
STATEMENTS OF OPERATIONS
for the three-months and six-months ended
November 30, 1995 and 1994
(Unaudited)
_______
<TABLE>
<CAPTION>
For the Three For the Six
Months Ended Months Ended
November 30, November 30,
------------- -------------
1995 1994 1995 1994
---- ---- ---- ----
<S> <C> <C> <C> <C>
Operating revenues:
Rent $68,750 $68,750 $137,500 $137,500
Servicing fees 1,987 1,987 3,974 3,974
------- ------- -------- --------
Total operating revenues 70,737 70,737 141,474 141,474
------- ------- -------- --------
Operating expenses:
Trustee fees and other expenses 1,987 1,987 3,974 3,974
------- ------- -------- --------
Net Income 68,750 68,750 137,500 137,500
------- ------- -------- --------
Retained earnings, beginning of the year 500 500 500 500
------- ------- -------- --------
69,250 69,250 138,000 138,000
------- ------- -------- --------
Distributions to certificate holders 68,750 68,750 137,500 137,500
------- ------- -------- --------
Retained earnings, end of year $ 500 $ 500 $ 500 $ 500
======= ======= ========= ========
</TABLE>
The accompanying notes are an integral
part of the financial statements.
Page 3 of 8
<PAGE> 4
BANKERS BUILDING LAND TRUST
STATEMENTS OF CASH FLOWS
for the six-month ended
November 30, 1995 and 1994
(Unaudited)
________
<TABLE>
<CAPTION>
November 30,
------------
1995 1994
---- ----
<S> <C> <C>
Cash flows from operating activities:
Net income $68,750 $68,750
Adjustments to reconcile net income
to net cash provided by operating
activities:
Changes in assets and liabilities:
Due to certificate holders 674 (3,632)
Other liabilities (2,890) 2,030
------- -------
Net cash provided by operating activities 66,534 67,148
Cash flows from financing activities:
Distributions to certificate holders (68,750) (68,750)
------- -------
Net cash used in financing activities (68,750) (68,750)
------- -------
Net change in cash (2,216) (1,602)
Cash balance, beginning of period 79,335 79,575
------- -------
Cash balance, end of period $77,119 $77,973
======= =======
</TABLE>
The accompanying notes are an integral
part of the financial statements.
Page 4 of 8
<PAGE> 5
BANKERS BUILDING LAND TRUST
NOTE TO FINANCIAL STATEMENTS
_______
1. The balance sheet as of November 30, 1995, the statements of operations
for the three-month and six-month periods ended November 30, 1995 and
1994, and the statements of cash flows for the six-month periods ended
November 30, 1995 and 1994, have been prepared without audit. In the
opinion of management, all adjustments (which include only normal
recurring adjustments) necessary to present fairly the financial position,
results of operations, and cash flows for all periods presented have been
made. The May 31, 1995 balance sheet was derived from audited financial
statements, but does not include all disclosures required by generally
accepted accounting principles.
Certain footnote disclosures normally included in financial statements
prepared in accordance with generally accepted accounting principles have
been omitted. It is suggested that these financial statements be read in
conjunction with the financial statements and notes thereto included in
the May 31, 1995 annual report. The results of operations for the period
ended November 30, 1995 are not necessarily indicative of the operating
results for the full year.
2. During the quarter, the trustee was informed that the lessee of the
property had filed for reorganization under Chapter 11 of the Bankruptcy
Code on September 22, 1995. The trustee filed a Report on 8-K with the
SEC on October 6, 1995 regarding this matter. Subsequent to the
quarter end, the trustee was informed that the lessee failed timely to pay
the Cook County, Illinois collector the real estate taxes of $780,385
(including penalties as of 12/1/95). The trustee has delivered notice to
the lessee and its lender that such failure to pay the real estate taxes
constitutes a default under the lease. The lessee has until February 15,
1996 to rectify the default. The trustee has filed a Report on 8-K with
the SEC on December 19, 1995 regarding this matter.
Page 5 of 8
<PAGE> 6
PART I - ITEM 2
Management's Discussion and Analysis of
Financial Condition and Results of Operations
Due to the passive nature of the Registrant's activities, which generally
include only the collection of rent and the disbursements of these proceeds
less expenses to the certificate holders of the Registrant, there has been no
material variation in the Registrant's financial condition or results of
operations.
However, the lessee of the property owned by the Trust has filed for
reorganization under Chapter 11 of the Bankruptcy Code. The trustee will take
steps to protect the rights of the Trust, including future collection of rent.
The payment of distributions to the certificate holders is dependent upon the
collection of unpaid rent.
In addition, the trustee has delivered notice to the lessee and its lender that
the failure to pay delinquent real estate taxes constitutes a default under the
lease. The lessee has until February 15, 1996 to rectify the default.
Page 6 of 8
<PAGE> 7
PART II - ITEM 6
Exhibits and reports on Form 8-K
(a) Exhibits - None.
(b) A report on Form 8-K was filed October 6, 1995 notifying the SEC of the
bankruptcy of the lessee.
Subsequent to quarter end, a report on Form 8-K was filed December 19,
1995 notifying the SEC of the delinquent real estate tax payment.
Page 7 of 8
<PAGE> 8
SIGNATURES
Pursuant to the requirements of Date January 13, 1996
--------------------------------
the Securities Exchange Act of Bankers Building Land Trust
1934, the Registrant has duly By AMCORE Bank N.A., Trustee
--------------------------------
caused this report to be signed
on its behalf by the undersigned, By /s/ Patricia N. Fong
--------------------------------
thereunto duly authorized. Patricia N. Fong
Vice President
and Trust Officer
Page 8 of 8
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