UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Filed Pursuant to Section 13 OR 15(d) of
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): AUGUST 23, 1996
PROPERTY CAPITAL TRUST
(Exact name of registrant as specified in its charter)
MASSACHUSETTS 1-7003 04-2452367
(State or other jurisdiction of (Commission File Number) (IRS Employer
incorporation) Identification
Number)
101 Federal Street
BOSTON, MASSACHUSETTS 02110
(Address of principal executive offices)
Registrant's telephone number, including area code: (617) 737-0100
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Item 5. OTHER EVENTS
On August 23, 1996, Property Capital Trust (the "Trust")
announced in a press release that its management now estimates that the
amount of future distributions its shareholders will receive from
dispositions of the Trust's investments will be approximately $9.25 per
share. The press release further stated that when added to the $2.75 of
disposition proceeds previously distributed, this results in the increase
in management's estimate of distributions to shareholders to
approximately $12.00 per share from approximately $10.00 per share as set
forth in the Trust's 1995 Proxy Statement. A copy of the Trust's press
release is attached as Exhibit 99.1. In addition, in the Trust's press
release the Trust announced that its management now estimates that the
bulk of the Trust's remaining investments will be sold within the next 24
calendar months. The Trust stated that these changed estimates are
attributable primarily to improving real estate markets.
Management's changed estimates constitute "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995 and are subject to all the qualifications to
management's prior estimates which are set forth in the Trust's November
8, 1995 Proxy Statement. Such forward-looking statements involve known
and unknown risks (including, without limitation, changes in the real
estate markets in which the Trust has investments), and uncertainties and
other factors which may cause the actual results, performance or
achievements of the Trust to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements.
2
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Item 7.Financial Statements, Pro Forma
FINANCIAL INFORMATION AND EXHIBITS
(c) The following is an exhibit to this Report and is filed
herewith:
Exhibit 99.1 Press Release dated August 23, 1996 of Property
Capital Trust
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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 hereunto duly authorized.
PROPERTY CAPITAL TRUST
(Registrant)
By: /s/ Robert M. Melzer
Robert M. Melzer
President and Chief Executive
Officer
Dated: August 27, 1996
<PAGE>
EXHIBIT INDEX
PROPERTY CAPITAL TRUST
Current Report on Form 8-K
Dated August 23, 1996
EXHIBIT NO. DESCRIPTION
Exhibit 99.1 Press Release dated August 23, 1996 of Property
Capital Trust
<PAGE>
Exhibit 99.1
PROPERTY CAPITAL TRUST INCREASES ESTIMATE OF BUSINESS PLAN PAYOUT
BOSTON, AUGUST 23, 1996 -- Property Capital Trust (ASE - PCT) today
announced that Management now estimates that the amount of future
distributions its shareholders will receive from dispositions of the
Trust's investments will be approximately $9.25 per share. When added to
the $2.75 of disposition proceeds previously distributed, this results in
an increase in Management's estimate of total distributions to
approximately $12.00 per share from approximately $10.00 per share as set
forth in the Trust's 1995 Proxy Statement. In addition, Management now
estimates that the bulk of the Trust's remaining investments will be sold
within the next twenty-four calendar months. These changed estimates are
attributable primarily to improving real estate markets.
Management's changed estimates constitute "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995 and are subject to all of the qualifications to
Management's prior estimates which are set forth in the Trust's
November 8, 1995 Proxy Statement. Given the many uncertainties involved
in predicting future results, these estimates should in no sense be
considered as a guaranty that they will prove to be accurate.