UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12B-25
SEC File Number: 1-12412
NOTIFICATION OF LATE FILING
(Check One): Form 10-K Form 11-K Form 20-F
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x Form 10-Q Form N-SAR
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For Period Ended: September 30, 1996
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Transition Report Transition Report
--- on Form 10-K --- on Form 10-Q
Transition Report Transition Report
--- on Form 20-F --- on Form N-SAR
Transition Report
--- on Form 11-K
For the Transition Period Ended:
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Read attached instruction sheet before preparing form.
Please print or type.
NOTHING IN THIS FORM SHALL BE CONSTRUED TO IMPLY THAT THE
COMMISSION HAS VERIFIED ANY INFORMATION CONTAINED HEREIN.
If the notification relates to a portion of the filing
checked above, identify the Item(s) to which the notification
relates:
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Part I. Registrant Information
Full name of registrant: Arbor Property Trust
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Former name if applicable:
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Address of principal office (Street and number):
Suite 800, One Tower Bridge
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City, State and Zip Code: W. Conshohocken, PA 19428
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<PAGE>
PART II. RULES 12B-25 (B) AND (C)
If the subject report could not be filed without
unreasonable effort or expense and the registrant seeks relief
pursuant to Rule 12b-25(b), the following should be completed.
(Check appropriate box.)
X (a) The reasons described in reasonable detail in Part
- --- III of this form could not be eliminated without
unreasonable effort or expense;
X (b) The subject annual report, semi-annual report,
- --- transition report on Form 10-K, 20-F, 11-K or Form
N-SAR, or portion thereof will be filed on or before
the 15th calendar day following the prescribed due
date; or the subject quarterly report or transition
report on Form 10-Q, or portion thereof will be filed
on or before the fifth calendar day following the
prescribed due date; and
(c) The accountant's statement or other exhibit
- --- required by Rule 12b-25(c) has been attached if
applicable.
PART III. NARRATIVE
State below in reasonable detail the reasons why Form 10-K,
11-K, 10-Q, N-SAR or the transition report portion thereof could
not be filed within the prescribed time period. (Attach extra
sheets if needed.)
The Registrant has recently become aware of facts
that indicate that adjustments to certain income accruals
relating to utility disbursements for prior years are
required during 1996. The Registrant's inquiry into such
facts has made it necessary for the Registrant to delay the
filing of its Form 10-Q.
PART IV. OTHER INFORMATION
(1) Name and telephone number of persons to contact in
regard to this notification Jason M. Shargel (215) 977-2216
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(Name) (Area code)(Telephone number)
(2) Have all other periodic reports required under Section
13 or 15(d) of the Securities Exchange Act of 1934 or Section 30
of the Investment Company Act of 1940 during the preceding 12
months
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or for such shorter period that the registrant was required to
file such report(s) been filed? If the answer is no, identify
report(s).
X Yes No
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(3) Is it anticipated that any significant change in results
of operations from the corresponding period for the last fiscal
year will be reflected by the earnings statements to be included
in the subject report or portion thereof?
X Yes No
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If so: attach an explanation of the anticipated change, both
narratively and quantitatively, and, if appropriate, state the
reasons why a reasonable estimate of the results cannot be made.
It is anticipated that revenues will decline to approximately
$5.3 million and $15.4 million, respectively, for the three
months and nine months ended September 30, 1996 from $5.6 million
and $16.6 million, respectively, for the three months and nine
months ended September 30, 1995. It is also anticipated that net
income will decline to approximately $.71 million and $1.39
million, respectively, for the three months and nine months ended
September 30, 1996 from $.74 million and $1.98 million,
respectively, for the three months and nine months ended
September 30, 1995. It is anticipated that approximately $.48
million of the declines in revenues and net income for the nine
months ended September 30 1996 is attributable to over-accruals
for utility reimbursements during prior years.
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Arbor Property Trust
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(Name of registrant as specified in charter)
Has caused this notification to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: November 14, 1996 By: MYLES H. TANENBAUM
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Myles H. Tanenbaum
President
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT
CONSTITUTE FEDERAL CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001).