SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended:
SEPTEMBER 30, 1999
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from _________________ to __________________.
Commission File Number 33-22805
MASTER REALTY PROPERTIES, INC.
(Exact name of registrant as specified in its charter)
Delaware 48-1056392
(State of jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
410 W. 8th Street
Kansas City, Missouri 64105
(Address of principal offices) (Zip Code)
Registrant's telephone number, including area code:(816) 474-9333
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 for the preceding 12 months (or such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
As of September 30, 1999, the Registrant had 35,925 shares of preferred
stock and 1,202,760 shares of common stock outstanding. The aggregate book
value of all shares of the Registrant, based on the September 30, 1999
unaudited financial statements was $13,406,429.
MASTER REALTY PROPERTIES, INC.
SEPTEMBER 30, 1999 FORM 10Q
INDEX
Part I: Financial Statements
Financial Statements*
A. Balance Sheets as of September 30, 1999 and December 31, 1998
B. Statement of Operations for the three months Ended
September 30, 1999 and 1998
C. Statement of Operations for the nine months Ended
September 30, 1999 and 1998
D. Statement of Changes in Shareholders' Equity for the
nine months ended September 30, 1999 and 1998
E. Statement of Cash Flows for the nine months ended
September 30, 1999 and 1998
Notes to Unaudited Financial Statements
Management's Discussion and Analysis of
Financial Condition and Results of Operations
Signatures
* All financial statements, except the balance
sheet as of December 31, are unaudited
MASTER REALTY PROPERTIES, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
September 30, 1999 and December 31, 1998
September 30, December 31,
1999 1998
A S S E T S
CASH $ 314,644 $ 699,358
RESTRICTED CASH 379,690 1,096,360
MORTGAGE NOTES RECEIVABLE,
net of allowance for loan losses 525,850 1,080,850
NOTE RECEIVABLE 266,496 535,871
PROPERTY HELD FOR INVESTMENT 1,001,688 1,001,688
INVESTMENT IN REAL ESTATE PARTNERSHIPS 563,444 173,456
ACCOUNTS RECEIVABLE 675,130 1,024,066
PROPERTY AND EQUIPMENT,
at cost less accumulated depreciation 41,380,849 43,870,414
OTHER ASSETS 1,45