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): April 21, 1994
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MORTGAGE AND REALTY TRUST
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(Exact name of registrant as specified in its charter)
Maryland 1-6613 23-1862664
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
8380 Old York Road
Suite 300
Elkins Park, Pennsylvania 19117-1590
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 215/881-1525
N/A
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS.
On April 21, 1994, Mortgage and Realty Trust, a Maryland real
estate investment trust (the "Registrant"), issued a press release
announcing its unaudited operating results for the second quarter ended
March 31, 1994. It also announced that it did not pay the interest on its
$290 million of Senior Secured Uncertificated Notes due 1995 that was due
on March 31, 1994. A copy of the press release is attached as an exhibit
hereto and is incorporated by reference in its entirety herein.
EXHIBITS
The following exhibit is filed as part of this report:
Exhibit Exhibit
Number Description
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20 Press Release
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SIGNATURES
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 thereunto duly authorized.
MORTGAGE AND REALTY TRUST,
a Maryland real estate investment trust
By: /s/ Victor H. Schlesinger
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Victor H. Schlesinger
Chairman
Date: April 22, 1994
ELKINS PARK, PA - April 21, 1994 . . . Mortgage and Realty Trust ("MRT")
announced today its unaudited operating results for the second quarter ended
March 31, 1994.
<TABLE>
<CAPTION>
Quarter Ended Six Months Ended
March 31, March 31,
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1994 1993 1994 1993
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<S> <C> <C> <C> <C>
Earnings (loss) before
provision for losses &
reorganization expenses $(4,411,000) $(2,323,000) $(8,391,000) $ (4,732,000)
Less:
Provision for losses
on real estate loans
& investments - 5,000,000 - 8,000,000
Reorganization expenses 741,000 344,000 1,417,000 432,000
----------- ----------- ----------- ------------
Net loss $(5,152,000) $(7,667,000) $(9,808,000) $(13,164,000)
Net loss per share $(.46) $(.69) $(.87) $(1.19)
</TABLE>
The Trust also announced that it did not pay the interest on its $290
million of Senior Secured Uncertificated Notes due 1995 that was due on
March 31, 1994. The Trust did so in the context of its continuing negotiations
with the principal holders of the Secured Notes and their advisors in an effort
to reach an agreement on the terms of a restructuring of the Senior Notes. The
prospects, terms and timing of any such restructuring are uncertain at this
time.
A copy of the Trust's report on Form 10-Q for the quarter ended March 31,
1994 will be supplied, when available, upon written request to Mortgage and
Realty Trust, 8380 Old York Road, Suite 300, Elkins Park, PA 19117.
MRT is a self-administered real estate investment trust with offices in
Elkins Park, Pennsylvania and Burbank, California.
