|
|
|
|
|
|
|
|
|
|
|
|
|
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
AMENDMENT NO. 2
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
July 9, 1996
------------------------------------------------
Date of Report (Date of Earliest Event Reported)
CONTINENTAL MORTGAGE AND EQUITY TRUST
------------------------------------------------------
(Exact Name of Registrant as Specified in its Charter)
California 0-10503 94-2738844
- --------------------------------------------------------------------------------
(State of Incorporation) (Commission (IRS Employer
File No.) Identification No.)
10670 North Central Expressway, Suite 300, Dallas, TX 75231
- --------------------------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (214) 692-4700
--------------
Not Applicable
-------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
1
<PAGE> 2
This Form 8-K/A Amendment No. 2 amends the Registrant's current report on Form
8-K/A dated July 9, 1996 as filed with the Securities and Exchange Commission
on September 9, 1996.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS - pages 5, 6, 7 and 8
2
<PAGE> 3
CONTINENTAL MORTGAGE AND EQUITY TRUST
PRO FORMA
CONSOLIDATED BALANCE SHEET
JUNE 30, 1996
<TABLE>
<CAPTION>
3400 Park at
Actual Carlisle(1) Colonnade(1) Promenade(1) Pro forma
------------ ------------ ------------ ------------ ------------
(dollars in thousands)
<S> <C> <C> <C> <C> <C>
Assets
------
Notes and interest receivable
Performing ............................ $ 6,520 $ -- $ -- $ -- $ 6,520
Nonperforming, nonaccruing ............ 2,287 -- -- -- 2,287
------------ ------------ ------------ ------------ ------------
8,807 -- -- -- 8,807
Less - allowance for estimated losses .... (1,081) -- -- -- (1,081)
------------ ------------ ------------ ------------ ------------
7,726 -- -- -- 7,726
Foreclosed real estate held for sale,
net of accumulated depreciation ....... 10,616 -- -- -- 10,616
Less - allowance for estimated losses .... (5,047) -- -- -- (5,047)
------------ ------------ ------------ ------------ ------------
5,569 -- -- -- 5,569
Real estate held for investment,
net of accumulated depreciation ....... 175,859 5,300 4,200 8,400 193,759
Investments in marketable equity
securities of affiliates, at market ... 5,926 -- -- -- 5,926
Investments in partnerships .............. 2,146 -- -- -- 2,146
Cash and cash equivalents ................ 14,870 (800) (700) (2,100) 11,270
Other assets ............................. 9,728 -- -- -- 9,728
------------ ------------ ------------ ------------ ------------
$ 221,824 $ 4,500 $ 3,500 $ 6,300 $ 236,124
============ ============ ============ ============ ============
</TABLE>
5
<PAGE> 4
CONTINENTAL MORTGAGE AND EQUITY TRUST
PRO FORMA
CONSOLIDATED BALANCE SHEET
JUNE 30, 1996
<TABLE>
<CAPTION>
3400 Park at
Actual Carlisle(1) Colonnade(1) Promenade(1) Pro forma
------------ ------------ ------------ ------------ ------------
(dollars in thousands)
<S> <C> <C> <C> <C> <C>
Liabilities and Shareholders' Equity
- ------------------------------------
Liabilities
Notes and interest payable ............. $ 135,205 $ 4,500 $ 3,500 $ 6,300 $ 149,505
Other liabilities ...................... 6,451 -- -- -- 6,451
------------ ------------ ------------ ------------ ------------
141,656 4,500 3,500 6,300 155,956
Commitments and contingencies
Shareholders' equity
Shares of Beneficial Interest,
no par value; authorized shares,
unlimited; issued and outstanding,
4,193,914 shares .................... 8,402 -- -- -- 8,402
Paid-in capital ........................ 258,641 -- -- -- 258,641
Accumulated distributions in excess
of accumulated earnings ............. (191,077) -- -- -- (191,077)
Net unrealizable gains on marketable
equity securities ................... 4,202 -- -- -- 4,202
------------ ------------ ------------ ------------ ------------
80,168 -- -- -- 80,168
------------ ------------ ------------ ------------ ------------
$ 221,824 $ 4,500 $ 3,500 $ 6,300 $ 236,124
============ ============ ============ ============ ============
</TABLE>
- ---------
(1) Assumes acquisitions completed by the Trust subsequent to June 30, 1996 to
be on January 1, 1996. The balance sheet effect of all other 1996 property
purchases are included in the June 30, 1996 actual balances presented.
6
<PAGE> 5
CONTINENTAL MORTGAGE AND EQUITY TRUST
PRO FORMA
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1996
<TABLE>
<CAPTION>
Hampton Amoco Grove Park 3400
Actual Court(1) Building(1) Apartments(1) Carlisle(1)
------------ ------------ ------------ ------------- ------------
(dollars in thousands)
<S> <C> <C> <C> <C> <C>
Income(dollars in thousands)
Rentals .................... $ 21,770 $ 218 $ 253 $ 485 $ 351
Interest ................... 553 -- -- -- --
------------ ------------ ------------ ------------ ------------
22,323 218 253 485 351
Expenses
Property operations ........ 12,903 118 242 224 158
Equity in losses of
partnerships ............ 194 -- -- -- --
Interest ................... 6,063 84 -- 143 201
Depreciation ............... 2,294 26 30 44 53
Advisory fee to
affiliate ............... 851 -- -- -- --
General and
administrative .......... 939 -- -- -- --
------------ ------------ ------------ ------------ ------------
23,244 228 272 411 412
------------ ------------ ------------ ------------ ------------
Income (loss) before
gain on sale of real
estate ..................... (921) (10) (19) 74 (61)
Gain on sale of real
estate ..................... 6,169 -- -- -- --
Extraordinary gain ......... 663 -- -- -- --
------------ ------------ ------------ ------------ ------------
Net income (loss) ............. $ 5,911 $ (10) $ (19) $ 74 $ (61)
============ ============ ============ ============ ============
Earnings per share
Net income before
extraordinary gain ......... $ 1.37
Extraordinary gain .......... .02
Net income .................. $ 1.39
============
Shares of beneficial
interest outstanding ....... $ 4,273,916
============
<CAPTION>
Other
Park at Property
Colonnade(1) Promenade(1) Acquisitions(1) Pro forma
------------ ------------ --------------- ------------
(dollars in thousands)
<S> <C> <C> <C> <C>
Income
Rentals .................... $ 501 $ 636 $ 175 $ 24,389
Interest ................... -- -- -- 553
------------ ------------ ------------ ------------
501 636 175 24,942
Expenses
Property operations ........ 347 220 53 14,265
Equity in losses of
partnerships ............ -- -- -- 194
Interest ................... 175 284 -- 6,950
Depreciation ............... 42 81 22 2,592
Advisory fee to
affiliate ............... -- -- -- 851
General and
administrative .......... -- -- -- 939
------------ ------------ ------------ ------------
564 585 75 25,791
------------ ------------ ------------ ------------
Income (loss) before
gain on sale of real
estate ..................... (63) 51 100 (843)
Gain on sale of real
estate ..................... -- -- -- 6,169
Extraordinary gain ......... -- -- -- 663
------------ ------------ ------------ ------------
Net income (loss) ............. $ (63) $ 51 $ 100 $ 5,983
============ ============ ============ ============
Earnings per share
Net income before
extraordinary gain ......... $ 1.38
Extraordinary gain .......... .02
------------
Net income .................. $ 1.40
============
Shares of beneficial
interest outstanding ....... $ 4,273,916
============
</TABLE>
- ---------
(1) Assumes acquisition by the Trust on January 1, 1996. Pro forma amounts for
Hampton Court, Amoco Building and Grove Park are from January 1, through
the date of acquisition only, results subsequent to the date of
acquisition are included in the "Actual" column.
7
<PAGE> 6
CONTINENTAL MORTGAGE AND EQUITY TRUST
PRO FORMA
STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 1995
<TABLE>
<CAPTION>
Hampton Amoco Grove Park 3400
Actual Court(1) Building(1) Apartments(1) Carlisle(1)
------------ ------------ ------------ ------------- ------------
(dollars in thousands)
<S> <C> <C> <C> <C> <C>
Income
Rentals ................... $ 37,586 $ 1,308 $ 1,010 $ 970 $ 701
Interest .................. 723 -- -- -- --
Equity in income
of partnerships ........ 230 -- -- -- --
------------ ------------ ------------ ------------ ------------
38,539 1,308 1,010 970 701
Expenses
Property operations ....... 22,682 707 967 447 316
Interest .................. 10,009 505 -- 285 402
Depreciation .............. 4,279 154 118 88 106
Advisory fee to
affiliate .............. 1,264 -- -- -- --
General and
administrative ......... 1,207 -- -- -- --
Provision for losses ...... 541 -- -- -- --
------------ ------------ ------------ ------------ ------------
39,982 1,366 1,085 820 824
------------ ------------ ------------ ------------ ------------
Net income (loss) ............ $ (1,443) $ (58) $ (75) $ 150 $ (123)
============ ============ ============ ============ ============
Earnings per share
Net loss .................. $ (.33)
============
Shares of beneficial
interest outstanding ...... $ 4,377,165
============
<CAPTION>
Other
Park at Property
Colonnade(1) Promenade(1) Acquisitions(1) Pro forma
------------ ------------ --------------- ------------
(dollars in thousands)
<S> <C> <C> <C> <C>
Income
Rentals ................... $ 1,001 $ 1,271 $ 353 $ 44,200
Interest .................. -- -- -- 723
Equity in income
of partnerships ........ -- -- -- 230
------------ ------------ ------------ ------------
1,001 1,271 353 45,153
Expenses
Property operations ....... 694 440 106 26,359
Interest .................. 350 567 -- 12,118
Depreciation .............. 84 162 44 5,035
Advisory fee to
affiliate .............. -- -- -- 1,264
General and
administrative ......... -- -- -- 1,207
Provision for losses ...... -- -- -- 541
------------ ------------ ------------ ------------
1,128 1,169 150 46,524
------------ ------------ ------------ ------------
Net income (loss) ............ $ (127) $ 102 $ 203 $ (1,371)
============ ============ ============ ============
Earnings per share
Net loss .................. $ (.31)
============
Shares of beneficial
interest outstanding ...... $ 4,377,916
============
</TABLE>
- ---------
(1) Assumes acquisition by the Trust on January 1, 1995.
8
<PAGE> 7
SIGNATURE
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 hereto duly authorized.
CONTINENTAL MORTGAGE AND
EQUITY TRUST
Date: February 7, 1997 By: /s/ Thomas A. Holland
----------------- ----------------------------
Thomas A. Holland
Executive Vice President and
Chief Financial Officer
(Principal Financial and
Accounting Officer)
9
|
|