SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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, 1996
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VALUE PROPERTY 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.)
120 Albany Street, 8th Floor
New Brunswick, New Jersey 08901-2163
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (908) 296-3080
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Mortgage and Realty Trust
8380 Old York Road, Suite 300, Elkins Park, Pennsylvania 19117-1590
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(Former name or former address, if changed since last report)
<PAGE>
ITEM 5. OTHER EVENTS.
On February 15, 1996, Value Property Trust, a Maryland real estate
investment trust (the "Registrant"), issued a press release concerning actions
taken at the Annual Shareholders Meeting and reported unaudited operating
results for the first quarter ended December 31, 1995.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(C) Exhibits.
Exhibit
Number Description
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22 Press Release dated February 15, 1996.
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.
VALUE PROPERTY TRUST,
a Maryland real estate investment trust
(Registrant)
/s/ Robert T. English
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Robert T. English
Chief Financial Officer
Date: February 23, 1996
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FOR IMMEDIATE RELEASE: Contact: ROBERT T. ENGLISH
Chief Financial Officer
(908) 296-3081
VALUE PROPERTY TRUST HOLDS ANNUAL MEETING/
REPORTS FIRST QUARTER EARNINGS
New Brunswick, New Jersey...February 15, 1996...Value Property Trust (NYSE: VLP)
formerly Mortgage and Realty Trust (MRT) held its Annual Shareholders Meeting
today. At the meeting, held at the Trust's corporate headquarters in New
Brunswick, New Jersey, shareholders of the Trust approved (i) the election of
seven trustees (ii) voting rights of certain of the Trust's common shares that
may have been precluded from voting under the Maryland General Corporation Law
and (iii) the adoption of the 1995 Share Option Plan.
George R. Zoffinger, who became President and CEO in September 1995, announced
at the meeting that the Trust reported net income of $1.4 million for the first
quarter ended December 31, 1995 compared to a net loss of $5.5 million, after
reorganization expenses, for the same period a year ago. On a per share basis,
first quarter fiscal 1996 earnings were $.13. Earnings per share for any period
prior to October 1, 1995 is not disclosed because such information is not
meaningful due to the implementation on September 30, 1995 of Fresh Start
Reporting.
Mr. Zoffinger stated "I am pleased with the Trust's first quarter performance
and the dramatic improvement from last year's first quarter." Zoffinger
continued, "there is much to accomplish in the weeks and months ahead to ensure
consistent operating performance, but I am confident that the newly assembled
Board of Trustees, management and staff of Value Property Trust are equal to the
challenge."
Value Property Trust is a $230 million asset self-administered real estate
investment trust engaged in the business of managing its portfolio of mortgage
loans and real estate investments. On September 29, 1995, the Trust emerged from
a proceeding under Chapter 11 of the Bankruptcy Code. The Trust maintains
offices in New Brunswick, New Jersey and Woodland Hills, California.
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