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): July 21, 1994
-------------------------
MORTGAGE AND REALTY TRUST
- - -------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Maryland 1-6613 23-1862664
- - -------------------------------------------------------------------------------
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
8380 Old York Road
Suite 300
Elkins Park, Pennsylvania 19027-1590
- - -------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 215/881-1525
N/A
- - -------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
ITEM 5. OTHER EVENTS.
On July 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 third quarter ended
June 30, 1994. It also announced that it did not pay the principal or interest
on its $290 million of Senior Secured Uncertificated Notes due 1995 that was
due on June 30, 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
- - ------- -----------
20 Press Release
<PAGE>
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
--------------------------
Victor H. Schlesinger
Chairman
Date: August 3, 1994
ELKINS PARK, PA - July 21, 1994 . . . Mortgage and Realty Trust ("MRT")
announced today its unaudited operating results for the third quarter ended
June 30, 1994.
<TABLE>
<CAPTION>
Quarter Ended Nine Months Ended
June 30, June 30,
------------------------- --------------------------
1994 1993 1994 1993
----------- ----------- ----------- ------------
<S> <C> <C> <C> <C>
Earnings (loss) before
provision for losses &
reorganization expenses $(4,154,000) $ (2,667,000) $(12,545,000) $ (7,399,000)
Less:
Provision for losses
on real estate loans
& investments - 14,000,000 - 22,000,000
Reorganization expenses 591,000 811,000 2,008,000 1,243,000
----------- ------------ ------------ ------------
Net loss $(4,745,000) $(17,478,000) $(14,553,000) $(30,642,000)
Net loss per share $(.43) $(1.58) $(1.30) $(2.77)
</TABLE>
The Trust also announced that it did not pay the principal or interest on
its $290 million of Senior Secured Uncertificated Notes due 1995 that was due on
June 30, 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 June 30,
1994 will be supplied, when available, upon written request to Mortgage and
Realty Trust, 8380 Old York Road, Suite 300, Elkins Park, PA 19027.
MRT is a self-administered real estate investment trust with offices in
Elkins Park, Pennsylvania and Burbank, California.
