UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-------------------
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 15, 1995
PRUDENTIAL REALTY TRUST
(Exact name of Registrant as specified in its charter)
Massachusetts 1-8965 22-6400284
(State or other (Commission (IRS Employer
jurisdiction) File Number) Identification No.)
Prudential Plaza, Newark, New Jersey 07102
(Address of principal executive offices) (Zip Code)
(201) 802-4302
(Registrant's Telephone Number, including area code)
<PAGE>
Item 5. Other Events
Prudential Realty Trust announced that its Board of Trustees declared a
dividend of $0.09 per Income Share (NYSE symbol - PRTpfd) from
Distributable Cash. The dividend is payable on March 1, 1995 to Income
Shareholders of record on February 21, 1995.
The Trust announced a Net Loss for the quarter ended December 31, 1994 of
approximately $-37,782 and Distributable Cash of approximately $1,002,150.
The amount of cash available for distribution exceeded Net Income due
primarily to non-cash charges for depreciation of properties. The Trust
realized Net Loss per Income Share (PRTpfd) of approximately $-0.003 and
Distributable Cash per Income Share (PRTpfd) of $0.09.
A summary of the Trust's comparative financial results follows:
<TABLE>
Quarter Ended December 31,
1994 1993
<S> <C> <C>
Net loss $ -37,782 $-17,450,171
Distributable Cash $ 1,002,150 $ 445,400
Net loss per Income Share (PRTpfd) $-0.003 $-0.04
Distributable Cash per Income Share $0.09 $0.04
(PRTpfd)
</TABLE>
<TABLE>
Twelve Months Ended December 31,
1994 1993
<S> <C> <C>
Net income $ 197,140 $ -18,783,321
Distributable Cash $ 3,006,450 $ 1,781,600
Net income per Income Share (PRTpfd) $0.02 $-1.69
Distributable Cash per Income Share $0.27 $ 0.16
(PRTpfd)
</TABLE>
Net income of $197,140 for 1994 was $18,980,461 greater than the net loss
of $-18,783,321 for 1993. This was due primarily to the 1993 impairment
loss totalling $16,985,453 on the Trust's Maple Plaza property. There is
no loss on impairment for the year ended December 31, 1994.
<PAGE>
The Trust approved the engagement of J.P. Morgan Securities, Inc. to begin
to solicit bids for the Shares of the Trust or its assets, in the form of
cash and/or stock. This action is consistent with the Trust's finite life
and originally scheduled termination.
The independent appraisal of the Trust's properties estimates the total
appraised value to be $73.7 million as of December 31, 1994. This reflects
a 13.0% increase in market value from the December 31, 1993 appraisal
estimate, attributable principally to the increased occupancy at the
Trust's properties.
Of the 1994 dividends paid to Income Shareholders totalling $.22 per Income
Share, 31.0% is taxable as ordinary income and 69.0% is a return of
capital.
<PAGE>
S I G N A T U R E
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Prudential Realty Trust
(Registrant)
Date: February 15, 1995 By: /s/ Joseph M. Selzer
Joseph M. Selzer
Vice President, Trustee,
Treasurer and Principal
Financial Officer
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