<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A AMENDMENT NO. 1
QUARTERLY REPORT UNDER SECTIONS 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter Ended: Commission File Number:
MARCH 31, 1996 1-12244
EXCEL REALTY TRUST, INC.
(Exact name of registrant as specified in its charter)
MARYLAND 33-0160389
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification Number)
16955 VIA DEL CAMPO, SUITE 110 SAN DIEGO, CALIFORNIA 92127
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: (619) 485-9400
<PAGE> 2
EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
INDEX
FORM 10-Q
----------
<TABLE>
<CAPTION>
PAGE
----
PART I. FINANCIAL INFORMATION:
Item 1. Financial Statements:
<S> <C>
Consolidated Balance Sheets
March 31, 1996 (Unaudited)
December 31, 1995 .................................................................................3
Consolidated Statements of Income
Three Months Ended March 31, 1996 (Unaudited)
Three Months Ended March 31, 1995 (Unaudited)......................................................4
Consolidated Statements of Changes in Stockholders' Equity
Three Months Ended March 31, 1996 (Unaudited)
Three Months Ended March 31, 1995 (Unaudited)......................................................5
Consolidated Statements of Cash Flows
Three Months Ended March 31, 1996 (Unaudited)
Three Months Ended March 31, 1995 (Unaudited)......................................................6
Notes to Consolidated Financial Statements (Unaudited)................................................7
</TABLE>
2
<PAGE> 3
EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE AMOUNTS)
----------
<TABLE>
<CAPTION>
MARCH 31,
1996 DECEMBER 31,
(UNAUDITED) 1995
ASSETS
Real estate:
<S> <C> <C>
Land $ 135,372 $ 122,394
Buildings 275,145 251,012
Accumulated depreciation (16,677) (14,909)
Real estate held for sale 13,728 13,519
--------- ---------
Net real estate 407,568 372,016
Cash 846 9,812
Escrow and other cash deposits 1,131 14,890
Accounts receivable, less allowance for bad debts of
$803 and $726 in 1996 and 1995, respectively 2,587 2,156
Notes receivable from affiliates 22,976 18,561
Notes receivable - other 8,582 4,289
Loan acquisition costs 2,405 2,662
Other assets 3,368 3,921
--------- ---------
$ 449,463 $ 428,307
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Mortgages payable $ 145,330 $ 123,813
Notes payable 86,484 86,984
Accounts payable and accrued liabilities 3,262 4,806
Deferred rental income 2,345 2,760
Other liabilities 1,920 1,266
--------- ---------
Total liabilities 239,341 219,629
--------- ---------
Commitments and contingencies -- --
Stockholders' equity:
Preferred stock, $.01 par value, 10,000,000 shares authorized -- --
Common stock, $.01 par value, 100,000,000 shares authorized,
13,242,128 and 13,171,353 shares issued and outstanding
in 1996 and 1995, respectively 132 132
Additional paid-in capital 219,996 218,531
Accumulated distributions in excess of net income (10,006) (9,985)
--------- ---------
Total stockholders' equity 210,122 208,678
--------- ---------
$ 449,463 $ 428,307
========= =========
</TABLE>
The accompanying notes are an integral part
of the financial statements.
3
<PAGE> 4
EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
----------
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
1996 1995
-------- --------
Revenue:
<S> <C> <C>
Base rent $ 11,496 $ 12,587
Percentage rent 73 64
Expense reimbursements 1,171 775
-------- --------
Total revenue 12,740 13,426
-------- --------
Operating expenses:
Property taxes 649 609
Repairs and maintenance 567 393
Master lease 351 1,556
Utilities 140 188
Other property expenses 494 393
Depreciation and amortization 1,797 1,649
General and administrative 642 735
-------- --------
Total operating expenses 4,640 5,523
-------- --------
Operating income 8,100 7,903
Other income (expense):
Interest expense (4,772) (4,441)
Interest and other income 2,382 463
-------- --------
Income before real estate sales 5,710 3,925
Gain (loss) on sale of real estate 148 (8)
-------- --------
Net income $ 5,858 $ 3,917
======== ========
Net income per common share $ 0.44 $ 0.36
======== ========
</TABLE>
The accompanying notes are an integral part
of the financial statements.
4
<PAGE> 5
EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - UNAUDITED
(IN THOUSANDS, EXCEPT SHARE AMOUNTS)
----------
<TABLE>
<CAPTION>
ACCUMULATED
ADDITIONAL DISTRIBUTIONS TOTAL
COMMON STOCK PAID-IN IN EXCESS OF STOCKHOLDERS'
NUMBER AMOUNT CAPITAL NET INCOME EQUITY
------ ------ ------- ---------- ------
THREE MONTHS ENDED MARCH 31, 1996:
<S> <C> <C> <C> <C> <C>
Balance at January 1, 1996 13,171,353 $132 $218,531 $ (9,985) $ 208,678
Issuance of new shares of
common stock 70,775 -- 1,465 -- 1,465
Net income -- -- -- 5,858 5,858
Distributions declared -- -- -- (5,879) (5,879)
---------- ---- -------- -------- ---------
Balance at March 31, 1996 13,242,128 $132 $219,996 $(10,006) $ 210,122
========== ==== ======== ======== =========
THREE MONTHS ENDED MARCH 31, 1995:
Balance at January 1, 1995 10,883,570 $109 $175,702 $(11,913) $ 163,898
Issuance of new shares of
common stock 874 -- 12 -- 12
Net income -- -- -- 3,917 3,917
Distributions declared -- -- -- (4,679) (4,679)
---------- ---- -------- -------- ---------
Balance at March 31, 1995 10,884,444 $109 $175,714 $(12,675) $ 163,148
========== ==== ======== ======== =========
</TABLE>
The accompanying notes are an integral part
of the financial statements.
5
<PAGE> 6
EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED
(IN THOUSANDS)
----------
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
----------------------
1996 1995
------- -------
Cash flows from operating activities:
<S> <C> <C>
Net income $ 5,858 $ 3,917
Adjustments to reconcile net income to net cash
provided by operations:
Depreciation 1,796 1,648
Amortized loan costs and leasing commissions 271 486
(Gain) loss on sale of real estate (147) 8
Provision for bad debts, net of accounts written off 77 99
Changes in operating assets and liabilities:
Increase in assets:
Accounts receivable (426) (233)
Other assets (307) (239)
Increase (decrease) in liabilities:
Accounts payable (1,513) (9)
Other liabilities 166 61
------- -------
Net cash provided by operating activities 5,775 5,738
------- -------
Cash flows from investing activities:
Real estate acquisitions and building improvements (2,025) (2,657)
Advances for notes receivable (9,334) (378)
Principal payments on notes receivable 626 4
Escrow deposits paid 736 (5,455)
Escrow deposits collected 814 1,252
Proceeds from real estate sales -- 393
Other 753 (336)
------- -------
Net cash used in investing activities (8,430) (7,177)
------- -------
Cash flows from financing activities:
Distributions paid (5,879) (4,685)
Issuance of common stock 546 11
Principal payments of mortgages and notes payable (1,000) (4,291)
Proceeds from mortgages and notes payable -- 9,800
Loan costs refunded 125 --
Loan costs paid (103) (355)
------- -------
Net cash provided by financing activities (6,311) 480
------- -------
Net decrease in cash (8,966) (959)
Cash at January 1 9,812 4,131
------- -------
Cash at March 31 $ 846 $ 3,172
======= =======
</TABLE>
The accompanying notes are an integral part
of the financial statements.
6
<PAGE> 7
EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
----------
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
The financial statements reflect all adjustments of a recurring nature
which are, in the opinion of management, necessary for a fair presentation
of the financial statements. No adjustments were necessary which were not
of a normal recurring nature. Certain reclassifications have been made to
the consolidated financial statements for the three months ended March 31,
1995 in order to conform with the current period's presentation. These
financial statements should be read in conjunction with the consolidated
financial statements and accompanying footnotes included in the Company's
December 31, 1995 Annual Report on Form 10-K, as amended.
ORGANIZATION
Excel Realty Trust, Inc. (the "Company") was formed in 1985 and is a
Maryland corporation. The Company is in the business of purchasing and
operating commercial real estate. The Company is operated as a
self-administered, self-managed real estate investment trust (REIT).
PRINCIPLES OF CONSOLIDATION
The consolidated financial statements include the accounts of the Company,
its wholly-owned subsidiaries, Excel Mortgage Funding Corporation
("EMFC"), Excel Credit Corporation ("ECC"), Excel Realty Trust - NC, Excel
Realty Trust - TX, Excel Realty - NE, Inc., Excel Realty Trust - ST, Inc.,
and Excel Realty - PA, Inc., and its interest in 50% or more owned
partnerships. All significant intercompany accounts and transactions have
been eliminated. EMFC and ECC were dissolved in 1995.
The equity method of accounting is used for investments in partnerships
which the Company owns less than 50%, but is able to exercise significant
influence over the partnership's operations. The Company also used the
equity method to account for its investment in ERT Development Corporation
("EDV") (see Note 4). These investments were recorded initially at cost
and subsequently adjusted for net equity in income (loss) and
contributions and distributions. Previous to 1996, the Company accounted
for EDV on the cost method but adopted the equity method pursuant to the
Financial Accounting Standards Board Emerging Issues Task Force 95-6.
There was no significant effect from the change of accounting method and
thus, 1995 financial statements have not been restated.
Continued
7
<PAGE> 8
EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED, CONTINUED
----------
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED:
REAL ESTATE
Land, buildings and building improvements, and real estate held for sale
are recorded at cost. Depreciation is computed using the straight-line
method over estimated useful lives of 40 years for buildings and 2 to 40
years for building improvements. Expenditures for maintenance and repairs
are charged to expense as incurred and significant renovations are
capitalized. The Company assesses whether there has been a permanent
impairment in the value of its real estate by considering factors such as
expected future operating income, trends and prospects, as well as the
effects of demand, competition and other economic factors. Such factors
include a lessee's ability to pay rent under the terms of the lease. If a
property is leased at a significantly lower rent, the Company may
recognize a permanent impairment loss if the income stream were not
sufficient to recover its investment. Such a loss would be determined as
the difference between the carrying value and the fair value of the
property. Management believes no permanent impairment has occurred in its
net property values.
LEASE TERMINATION FEES
Revenue recognition of fees received for lease terminations are deferred
and amortized using the straight-line method over the estimated time to
re-lease or sell the related property.
DEFERRED LEASING AND LOAN ACQUISITION COSTS
Costs incurred in obtaining tenant leases and long-term financing are
amortized to leasing commission expense and interest expense,
respectively, on the straight-line method over the terms of the related
leases or debt agreements.
REVENUE RECOGNITION
In general, minimum rent revenues are recognized when due from tenants;
however, the straight-line basis, which averages annual minimum rents over
the terms of the leases, is used to recognize rents under leases which
provide for significant varying rents over their terms. Certain of the
leases provide for additional rental revenue by way of percentage rents to
be paid based upon the level of sales achieved by the lessee. These
percentage rents are recorded on the accrual basis. The leases also
typically provide for tenant reimbursement of common area maintenance and
other operating expenses.
INCOME TAXES
The Company has elected to be treated as a real estate investment trust
under Sections 856 through 860 of the Internal Revenue Code of 1986, as
amended. Under these provisions, the Company and its subsidiaries will not
be subject to federal income tax if 95% of its real estate investment
trust taxable income (before dividends paid deduction) is distributed to
shareholders and certain gross
Continued
8
<PAGE> 9
EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED, CONTINUED
----------
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED:
income, asset diversification, share ownership and disclosure requirements
are met. Accordingly, no provision for federal income taxes is included in
the accompanying consolidated financial statements.
NET INCOME PER COMMON SHARE
Net income per common share is based upon the weighted average number of
common shares and common share equivalents outstanding during each period.
Common share equivalents included in the computation represent shares
issuable upon assumed exercise of common stock options and warrants which
would have a dilutive effect. The weighted average shares outstanding for
the three months ended March 31, 1996 and 1995 were 13,247,774 and
10,908,744 respectively.
USE OF ESTIMATES
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at
the date of the financial statements and the reported amounts of revenues
and expenses during the period. Actual results could differ from those
estimates.
2. REAL ESTATE ACQUISITIONS AND SALES:
In 1996, the Company acquired three shopping centers in North Carolina
remaining under the option agreements described below, and one shopping
center in Georgia. The total cost of the four properties was approximately
$35,983,000 of which the Company assumed $22,016,000 in debt. No
significant real estate acquisitions were made in the three month period
ended March 31, 1995.
In January 1995, the Company entered into a master lease and option
agreement to purchase certain shopping centers in North Carolina. The
master leases required the payment equal to eight percent of the
lessor/sellers' equity and gave the Company all management and operating
responsibilities for the shopping centers. Under the master leases, the
Company received all cash flow in excess of the master lease expense. The
master lease expense included master lease and interest payments from debt
service. All of the rent revenue and related operating expenses from the
master leased properties have been consolidated in the Company's
consolidated financial statements. The option agreement gave the Company
the option to purchase the properties. Upon purchase of the three
remaining shopping centers in 1996, the master lease and option agreements
were terminated.
The Company sold one single tenant property in the three month period
ended March 31, 1996 for a net price of $814,000. During the three month
period ended March 31, 1995, the Company sold two single tenant properties
for a net price of $1,484,000. A gain of $147,000 and a net loss of $8,000
were recognized on real estate sales in the three months ended March 31,
1996 and 1995, respectively.
Continued
9
<PAGE> 10
EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED, CONTINUED
----------
3. NOTES RECEIVABLE (IN THOUSANDS):
The Company had the following notes receivable at March 31, 1996 and
December 31, 1995:
<TABLE>
<CAPTION>
1996 1995
------- -------
<S> <C> <C>
Notes from affiliates, interest at 12-14% per annum,
(see Note 12). Due on demand $22,976 $18,561
Notes from development companies, interest from 10% - 14% per annum
Maturity dates vary based upon the completion
of certain properties 7,801 3,500
Other 781 789
------- -------
Total notes receivable $31,558 $22,850
======= =======
</TABLE>
Notes from affiliates are due from EDV and Excel Realty Partners, L.P.
("ERP"), a Delaware limited partnership. Interest and principal payments
from EDV are received upon the completion of certain development projects.
Interest receivable from EDV was $1,209 at March 31, 1996. Interest and
principal payments from ERP are received on a monthly basis or as excess
cash is available. Interest receivable from ERP was $171 at March 31,
1996.
4. INVESTMENTS:
In April 1995, ERP was formed to own and manage certain real estate
properties. The Company is a 1% partner and the sole general partner of
ERP. In May 1995, ERP entered into an agreement for certain unaffiliated
entities to contribute to the partnership shopping centers in the
southeastern United States. Through March 31, 1996, seven real estate
properties with a basis of approximately $36,000,000 have been contributed
to ERP in exchange for limited partnership units and cash. The Company is
entitled to receive 99% of all earnings, if any, after the limited
partners receive their distributions. Annual distributions approximate
$439,000 based on the limited partner units held at March 31, 1996 (see
Note 7). The partnership had net income of $140,000 and $0 for the three
months ended March 31, 1996 and 1995, respectively. The Company's 1%
investment in the partnership at March 31, 1996 and December 31, 1995 was
$288,000 and $139,000 respectively, and is included in other assets on the
Consolidated Balance Sheets.
In April 1995, ERT Development Corp. ("EDV"), a Delaware Corporation, was
organized. The Company owns 100% of the outstanding preferred shares of
EDV. The preferred shares receive 95% of the dividends, if any, from EDV.
EDV was formed to acquire, develop, hold, and sell real estate in the
short-term for capital gains and/or receive fee income (see Note 12).
Continued
10
<PAGE> 11
EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED, CONTINUED
----------
5. MORTGAGES PAYABLE (IN THOUSANDS):
The Company had the following mortgages payable at March 31, 1996 and
December 31, 1995:
<TABLE>
<CAPTION>
1996 1995
-------- --------
Mortgage notes at 6.86% to 10%, payable in installments through 2018
(monthly payments at March 31, 1996 of $1,345), collateralized by
real estate and an assignment of rents:
<S> <C> <C>
Private bonds $ 29,572 $ 29,907
Insurance companies 67,349 67,356
Banks 45,462 23,603
Other 2,947 2,947
-------- --------
Total mortgages payable $145,330 $123,813
======== ========
</TABLE>
The principal payments required to be made on mortgages payable over the
next five years are as follows:
<TABLE>
<CAPTION>
YEAR
----
<S> <C>
1996, remaining nine months $ 6,744
1997 4,009
1998 6,608
1999 27,108
2000 18,060
Thereafter 82,801
---------
$ 145,330
=========
</TABLE>
Mortgages of $59,792 are fully amortizing with the final monthly payments
to be made between the years 2004 and 2018.
Continued
11
<PAGE> 12
EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED, CONTINUED
----------
6. NOTES PAYABLE (IN THOUSANDS):
The Company had the following notes payable at March 31, 1996 and December
31, 1995:
<TABLE>
<CAPTION>
1996 1995
------- -------
<S> <C> <C>
Unsecured credit agreement of $150,000, interest
at LIBOR +1.75% (7.3% at March 31, 1996) $82,800 $82,800
Line of credit of $4,000 payable to a financial institution, interest at
the lender's base rate plus 1.25% (8.91%
at March 31, 1996) 3,184 3,184
Unsecured revolving line of credit of $1,000,
interest at 9.5% 500 1,000
------- -------
Total notes payable $86,484 $86,984
======= =======
</TABLE>
In December 1995, the Company received a two-year revolving credit
facility of up to $150,000 in unsecured advances through December 1997,
from a consortium of six banks. The actual amount available to the Company
is dependent on certain covenants such as the value of unencumbered assets
and the ratio of earnings before interest, depreciation, and amortization
to fixed charges. The principal outstanding is due in December 1997. The
Company also has a $4,000 line of credit due September 1996 that is
collateralized by certain notes receivables, and an unsecured $1,000
revolving bank line.
In 1996, the Company sold certain interest rate protection agreements
related to the certain variable rate mortgage debt that was repaid in
December 1995. Based upon market quotes obtained, the carrying value of
the interest rate protection agreements was written down by $790 at
December 31, 1995 to the estimated fair market value of $803, and charged
to interest expense. The Company then sold these interest rate protection
agreements in March 1996 for $1,218 and recognized a gain of $415. The
Company also purchased for $50, an additional interest rate protection
agreement in March 1996 which limits $50,000 of the outstanding balance on
the unsecured credit agreement to 10%.
7. COMMITMENTS AND CONTINGENCIES:
As part of an agreement with an unaffiliated developer to contribute
certain properties to ERP for limited partnership units and cash, the
limited partners are guaranteed distributions as defined by the
contribution agreement. The Company is obligated to make advances to ERP
to pay the distributions in the event ERP is unable to make these payments
(see Note 4). Also, at March 31, 1996, ERP mortgage debt of $8,000,000 was
guaranteed by the Company.
The Company has committed to loan $12,000,000 to a developer related to a
development project in Florida. Additionally, the Company has committed to
loan $10,000,000 to a developer secured by an interest in a mixed use
retail and office complex in Toronto, Canada.
Continued
12
<PAGE> 13
EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED, CONTINUED
----------
8. DISTRIBUTIONS:
In April 1995, the Company adopted a policy of declaring distributions to
stockholders of record on the first day of the succeeding quarter, instead
of the last day of the current quarter. The payment date of 15 days
following each quarter remained unchanged. As such, in 1996, a
distribution of $0.445 per share was declared on January 2 and paid on
January 15 and in 1995 a distribution of $0.43 per share was declared on
March 31 and paid on April 15. For the three months ended March 31, 1996
and 1995, approximately 2.9% and 16.3% of the distributions received by
shareholders respectively, were considered to be a return of capital for
tax purposes.
9. STATEMENT OF CASH FLOWS - SUPPLEMENTAL DISCLOSURE:
The amounts paid for interest during the three months ended March 31, 1996
and 1995 were $3,975,000 and $3,930,000 respectively. State income taxes
of $211,000 and $0 were paid in 1996 and 1995 respectively.
For the three months ended March 31, 1996, the Company acquired real
estate and interests in partnerships of $36,001,000 without the use of
cash. The Company assumed $22,070,000 of mortgage debt, used $13,023,000
of escrow and other cash deposits, issued $920,000 of common stock, and
incurred $12,000 of other liabilities. Also, net proceeds of $814,000 and
$1,091,000 from the sale of properties were directly deposited to escrow
accounts in the first quarters of 1996 and 1995, respectively. There were
no other significant non-cash transactions in the three months ended March
31, 1996 or 1995.
10. MINIMUM FUTURE RENTALS (IN THOUSANDS):
The Company leases its shopping centers and single-tenant buildings to
tenants under noncancelable operating leases generally requiring the
tenant to pay a minimum rent adjusted by either (i) fixed increases, (ii)
a percentage of gross sales, or (iii) a CPI index. The leases are either
(i) triple-net, requiring the tenant to pay all expenses of operating the
property such as insurance, property taxes, repairs and utilities, or (ii)
require the tenant to reimburse the Company for the tenant's share of real
estate taxes and other common area maintenance expenses.
Continued
13
<PAGE> 14
EXCEL REALTY TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED, CONTINUED
----------
10. MINIMUM FUTURE RENTALS, CONTINUED (IN THOUSANDS):
Minimum future rental revenue for the next five years for the commercial
real estate currently owned at March 31, 1996 and subject to noncancelable
operating leases is as follows:
<TABLE>
<CAPTION>
YEAR
----
<S> <C>
1996, remaining nine months $ 32,476
1997 41,655
1998 39,239
1999 36,559
2000 34,825
Thereafter 304,199
</TABLE>
11. LEASE TERMINATION FEES
The Company had $1,991,000 and $2,446,000 in deferred lease termination
fees at March 31, 1996 and December 31, 1995, respectively. For the three
months ended March 31, 1996 and 1995, the Company amortized $455,000 and
$225,000 of deferred lease termination fees, respectively, which are
included in base rents on the Consolidated Statements of Income.
Additionally, $300,000 of lease termination fees was recognized as income
in the three months ended March 31, 1995 when a building that the Company
had received lease termination fees was re-leased at greater rents.
12. RELATED PARTY TRANSACTIONS:
Notes receivable at March 31, 1996 and December 31, 1995 included
$15,062,000 and $12,611,000 from EDV and $7,914,000 and $5,950,000 from
ERP, respectively. Total interest income recognized in 1996 from EDV and
ERP amounted to $452,000 and $197,000, respectively. No interest income
was recognized from related parties for the three month period ended March
31, 1995. Also, in 1996 the Company recognized as income $669,000 in fees
from EDV.
14
<PAGE> 15
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.
Dated: June 12, 1996 EXCEL REALTY TRUST, INC.
(Registrant)
By: /s/ David A. Lund
-----------------
David A. Lund
Principal Financial Officer
15
