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FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION OMB APPROVAL
[ ] CHECK THIS BOX IF NO LONGER WASHINGTON, D.C. 20549 OMB NUMBER 3235-0287
SUBJECT TO SECTION 16. FORM 4 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP EXPIRES:SEPTEMBER 30, 1998
OR FORM 5 OBLIGATIONS MAY ESTIMATED AVERAGE BURDEN
CONTINUE. SEE INSTRUCTION 1(B). HOURS PER RESPONSE.....0.5
Filed pursuant to Section 16(a) of the Securities Exchange Act
of 1934, Section 17(a) of the Public Utility Holding Company Act of
1935 or Section 30(f) of the Investment Company Act of 1940
(PRINT OR TYPE RESPONSES)
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1. Name and Address of Reporting Person* 2. Issuer Name AND Ticker or 6. Relationship of Reporting Person(s) to Issuer
Prometheus Southeast Retail Trust ("Trust") Trading Symbol (Check all applicable)
Prometheus Southeast Retail LLC Konover Property Trust, Inc. ______ Director ______10% Owner
("Prometheus") (NYSE:KPT)
LF Strategic Realty Investors II L.P. (formerly FAC Realty Trust, Inc.
("LFSRI II") (NYSE:FAC) ______ Officer ___X___ Other
LFSRI II Alternative Partnership L.P. (give title below) (specify below)
("Alternative")
LFSRI II-CADIM Alternative Partnership L.P.
("CADIM") See (1) and (2) below
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(Last) (First) (Middle) 3. IRS 4. Statement
Identification for
Number of Month/Year
Reporting 9/98
Person, if
an entity
c/o LF Strategic Realty Investors II L.P. (Voluntary)
Lazard Freres
Thirty Rockefeller Plaza, 63rd Floor
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(Street) 5. If 7. Individual or Joint/Group Filing (Check Applicable
Amendment, Line)
Date of ___ Form filed by One Reporting Person
Original X Form filed by More than One Reporting Person
New York NY 10020 (Month/Year)
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(City) (State) (Zip) TABLE I-- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
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1. Title of Security 2.Transaction 3.Transaction 4. Securities 5. Amount 6.Ownership 7. Nature of
(Instr. 3) Date Code Acquired (A) of Form: Indirect
(Instr.8) or Disposed Securities Direct (D) Beneficial
(Month/Day/Year) of (D) Beneficially or Ownership
. (Instr. 3, 4 Owned Indirect (Instr. 4)
and 5) at End (I)
of Month (Instr. 4)
(Instr. 3
and 4)
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Code V Amount (A) Price
or
(D)
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D and I
See (1)-(3) See (1)(2)
Common Stock 9/29/98 below. 10,526,316 A $9.50/sh 21,052,632 and (3) below.
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Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly. (Over) *If the form is filed by more than one
reporting person, SEE Instruction 4(b)(v) SEC 1474 (7-97)
POTENTIAL PERSONS WHO ARE TO RESPOND TO THE COLLECTION OF INFORMATION CONTAINED
IN THIS FORM ARE NOT REQUIRED TO RESPOND UNLESS THE FORM DISPLAYS A CURRENTLY
VALID OMB CONTROL NUMBER
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FORM 4 (CONTINUED) TABLE II -- DERIVATIVE SECURITIES
ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE
SECURITIES)
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1.Title of 2.Conversion 3. Trans- 4.Trans- 5. Number of 6. Date 7.Title and 8.Price 9. Number 10.Ownership 11.Nature
Derivative or action action Derivative Exercisable Amount of of of Form of of
Security Exercise Date Code Securities and Underlying Derivative Derivative Derivative Indirect
(Instr. 3) Price (Month (Instr. Acquired Expiration Securities Security Securities Security: Benefi-
of Day/ 8) (A) or (Instr. 3 Benefi- Direct cial
Derivative Year) Disposed Date and 4) (Instr. cially (D) or Owner-
Security of (D) (Month/Day/ 5) Owned at Indirect ship
Year) End of (I) (Instr.
(Instr. 3, Month (Instr. 4)
4 and 5) (Instr. 4)
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Amount
or
Expira- Number
Date tion of
Code V (A) (D) Exercisable Date Title Shares
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Explanation of Responses:
(1) Trust is the direct owner of the interest in the Issuer and Trust is solely
owned by Prometheus. Prometheus has three managing members: LFSRI II is a
86.1592% managing member, Alternative is a 10.3806% managing member and CADIM is
a 3.4602% managing member. As a consequence of the foregoing, Prometheus, LFSRI
II, Alternative and CADIM each have an indirect interest in the Issuer, as
described above.
(2) Following the approval of the holders of the requisite number of shares of
outstanding Common Stock of the Issuer, Trust acquired 8,176,316 shares of
Common Stock from the Issuer (the"Second Closing"). As a consequence of the
foregoing, as of August 10, 1998, Trust had a direct interest in 10,526,316
shares of the Issuer and Prometheus, LFSRI II, Alternative and CADIM each had an
indirect interest in 10,526,316 shares of the Issuer.
(3) Following the Second Closing, the Issuer was obligated to sell to Trust at
one or more subsequent closings (the"Subsequent Purchase") an aggregate of
10,526,316 shares of Common Stock. The Subsequent Purchases for all of the
10,526,316 shares occurred on September 29, 1998.
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** Intentional misstatements or omissions of /s/ Murry N. Gunty 10/8/98
facts constitute Federal Criminal Violations. -------------------------------- ------------
SEE 18 U.S.C. 1001 and 15 U.S.C. 78ff(a) ** Signature of Reporting Person Date
Murry N. Gunty
Note: File three copies of this Form, one Principal,
of which must be manually signed.
If space is insufficient, SEE Lazard Freres Real Estate Investors L.L.C.,
Instruction 6 for procedure. as general partner of LF Strategic Realty Investors II L.P.,
LFSRI II Alternative Partnership L.P. and
LFSRI II - CADIM Alternative Partnership L.P.
as one managing member of Prometheus Southeast Retail L.L.C.,
as sole shareholder of Prometheus Southeast Retail Trust
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Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB Number.
Page 2
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FORM 4 (ATTACHMENT)
REPORTING PERSONS: PROMETHEUS SOUTHEAST RETAIL TRUST,PROMETHEUS SOUTHEAST RETAIL
L.L.C., LF STRATEGIC REALTY INVESTORS II L.P., LFSRI II ALTERNATIVE PARTNERSHIP
L.P. AND LFSRI II - CADIM ALTERNATIVE PARTNERSHIP L.P.
ISSUER NAME: KONOVER PROPERTY TRUST, INC. (NYSE: KPT) FORMERLY FAC REALTY TRUST,
INC. (NYSE: FAC)
MONTHLY PERIOD: SEPTEMBER 1998
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ALL REPORTING PERSONS:
Name and Address of Reporting Person Issuer Name and Ticker Statement for Month/Year
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Prometheus Southeast Retail Trust Konover Property Trust, 9/98
c/o LF Strategic Realty Investors II L.P. Inc. (NYSE: KPT)
Lazard Freres (formerly known as FAC Realty Trust, Inc.
Thirty Rockefeller Plaza, 63rd Floor (NYSE: FAC)
New York, New York 10020
Prometheus Southeast Retail Trust LLC Konover Property Trust, 9/98
c/o LF Strategic Realty Investors II L.P. Inc. (NYSE: KPT)
Lazard Freres (formerly known as FAC Realty Trust, Inc.
Thirty Rockefeller Plaza, 63rd Floor (NYSE: FAC)
New York, New York 10020
LF Strategic Realty Investors II L.P. Konover Property Trust, 9/98
Lazard Freres Inc. (NYSE: KPT)
Thirty Rockefeller Plaza, 63rd Floor (formerly known as FAC Realty Trust, Inc.
New York, New York 10020 (NYSE: FAC)
LFSRI II Alternative Partnership L.P. Konover Property Trust, 9/98
Lazard Freres Inc. (NYSE: KPT)
Thirty Rockefeller Plaza, 63rd Floor (formerly known as FAC Realty Trust, Inc.
New York, New York 10020 (NYSE: FAC)
LFSRI II-CADIM Alternative Partnership L.P. Konover Property Trust, 9/98
Lazard Freres Inc. (NYSE: KPT)
Thirty Rockefeller Plaza, 63rd Floor (formerly known as FAC Realty Trust, Inc.
New York, New York 10020 (NYSE: FAC)
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