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UNITED STATES | OMB APPROVAL |
SECURITIES AND EXCHANGE COMMISSION --------------------
Washington, D.C. 20549 | OMB Number: |
| 3235-0058 |
FORM 12b-25 | Expires: |
| June 30, 1994 |
NOTIFICATION OF LATE FILING | Estimated |
| average burden |
| hours per |
(Check One): [_] Form 10-K [_] Form 20-F [_] Form 11-K | response....2.50 |
[X] Form 10-Q [_] Form N-SAR --------------------
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For Period Ended: | SEC FILE NUMBER |
------------------------------------ | 001-12684 |
[_] Transition Report on Form 10-K --------------------
[_] Transition Report on Form 20-F --------------------
[_] Transition Report on Form 11-K | CUSIP NUMBER |
[_] Transition Report on Form 10-Q | |
[_] Transition Report on Form N-SAR --------------------
For the Transition Period Ended:
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Read Instruction (on back page) 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.
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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
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Full Name of Registrant
COLUMBUS REALTY TRUST
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Former Name if Applicable
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Address of Principal Executive Office (Street and Number)
15851 DALLAS PARKWAY, SUITE 855
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City, State and Zip Code
DALLAS, TEXAS 75248
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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 box if appropriate)
(a) The reasons described in reasonable detail in Part III of this form
| could not be eliminated without unreasonable effort or expense;
| (b) The subject annual report, semi-annual report, transition report
| on Form 10-K, Form 20-F, 11-K, Form N-SAR, or portion thereof, will
[X] | be filed on or before the fifteenth 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
The Registrant is unable to file its quarterly report on Form 10-Q for the three
months ended March 31, 1997, within the prescribed period without unreasonable
effort and expense due to its desire to comply with and respond to the
Commission staff's review of and comments to the Company's annual report on Form
10-K for the year ended December 31, 1996. The Company desires to make
disclosures in the Form 10-Q consistent with those that are required pursuant to
the review of the Form 10-K. The Company desires to conform the Form 10-Q
disclosures to comparable disclosures on Form 10-K which are currently being
prepared by the Company for submission to and review by the Commission.
(ATTACH EXTRA SHEETS IF NEEDED)
SEC 1344 (11-91)
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PART IV--OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
RICHARD R. REUPKE (972) 770-5168
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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 (or for such shorter) period that the
registrant was required to file such reports) 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
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.
COLUMBUS REALTY TRUST
(Unaudited)
(In thousands, except share and per share data)
<TABLE>
<CAPTION>
Three Months Ended March 31,
1997 1996
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<S> <C> <C>
Revenue:
Rental $12,861 $10,301
Property management 33 75
Interest and other 594 558
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Total revenue 13,488 10,934
Expenses:
Repairs and maintenance 914 790
Other property operating 617 590
Advertising 236 113
General and administrative - properties 842 811
General and administrative - corporate 646 508
Real estate taxes 1,976 1,421
Interest 2,152 1,495
Interest related to amortization of deferred
financing costs 102 67
Depreciation and amortization 2,956 2,443
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Total expenses 10,441 8,238
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Income from operations 3,047 2,696
Gain on sale of real estate 285 -
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Net income $ 3,332 $2,696
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Net income per common share, primary and
fully diluted:
Income from operations $0.23 $0.23
Gain on sale of real estate 0.02 -
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Net income $0.25 $0.23
===========================
</TABLE>
THE COMPANY'S NET INCOME INCREASED APPROXIMATELY $636,000 TO APPROXIMATELY
$3.3 MILLION OR $0.25 PER COMMON SHARE FOR THE THREE MONTHS ENDED MARCH 31,
1997, COMPARED WITH NET INCOME OF APPROXIMATELY $2.7 MILLION OR $0.23 PER
COMMON SHARE IN THE THREE MONTHS ENDED MARCH 31, 1996, PRIMARILY AS A
RESULT OF NET GAINS FROM THE SALES OF TEN CONDOMINIUM UNITS IN TWO OF THE
COMPANY'S PROPERTIES AND NET INCOME PROVIDED FROM OPERATIONS OF FIVE
DEVELOPMENT PROJECTS COMPLETED IN 1996. THE FIVE DEVELOPMENT PROJECTS WERE
COMPLETED IN THE SECOND AND THIRD QUARTERS OF 1996. DURING THE THREE MONTHS
ENDED MARCH 31, 1997, RENTAL REVENUE TOTALED APPROXIMATELY $12.9 MILLION,
AN INCREASE OF APPROXIMATELY $2.6 MILLION OR 24.8% OVER RENTAL REVENUE OF
APPROXIMATELY $10.3 MILLION IN 1996. THE FIVE DEVELOPMENT PROJECTS
COMPLETED IN 1996 GENERATED COMBINED RENTAL REVENUE OF APPROXIMATELY $2.2
MILLION IN THE FIRST QUARTER OF 1997. THE REMAINING $383,000 INCREASE IN
RENTAL REVENUE IS THE RESULT OF RENTAL RATE INCREASES AND HIGHER AVERAGE
OCCUPANCY RATES AT SEVERAL OF THE COMPANY'S PROPERTIES, AND ADDITIONAL
RENTAL REVENUE FROM A PROPERTY ACQUIRED IN FEBRUARY 1997. PROPERTY
MANAGEMENT INCOME DECREASED $42,000 OR 56.0% IN THE FIRST QUARTER OF 1997
FROM THE COMPARABLE PRIOR PERIOD DUE TO A DECREASE IN APARTMENT UNITS
MANAGED FOR THIRD-PARTY OWNERS. INTEREST AND OTHER REVENUE INCREASED
$36,000 OR 6.5% IN 1997 OVER 1996, PARTIALLY OFFSET BY A $50,000 NON-
RECURRING MARKETING COMMISSION EARNED IN THE FIRST QUARTER OF 1996.
TOTAL EXPENSES DURING THE THREE MONTHS ENDED MARCH 31, 1997, WERE
APPROXIMATELY $10.4 MILLION, AN INCREASE OF APPROXIMATELY $2.2 MILLION OR
26.7% OVER TOTAL EXPENSES OF APPROXIMATELY $8.2 MILLION IN 1996. THE
INCREASE IN TOTAL EXPENSES IS PRIMARILY DUE TO THE GROWTH IN THE SIZE OF
THE COMPANY'S RESIDENTIAL OPERATING PORTFOLIO AS A RESULT OF ITS
ACQUISITION AND DEVELOPMENT ACTIVITIES. THE INCREASE IN THE NUMBER OF
STABILIZED APARTMENT UNITS WAS THE PRIMARY REASON FOR THE $124,000 OR 15.7%
INCREASE IN REPAIRS AND MAINTENANCE EXPENSES DURING THE FIRST QUARTER OF
1997 COMPARED WITH 1996. THE $27,000 OR 4.6% INCREASE IN OTHER PROPERTY
OPERATING EXPENSES AND THE $123,000 OR 108.8% INCREASE IN ADVERTISING COSTS
IN 1997 OVER 1996 IS DUE THE ADDITIONAL APARTMENTS OWNED AND OPERATED IN
1997. PROPERTY ADMINISTRATIVE EXPENSES INCREASED $31,000 OR 3.8% IN THE
THREE MONTHS ENDED MARCH 31, 1997, OVER 1996 DUE TO SALARIES AND BENEFITS
FOR PERSONNEL MANAGING THE NEWLY COMPLETED DEVELOPMENT PROPERTIES AND AS A
RESULT OF ANNUAL SALARY INCREASES. GENERAL AND ADMINISTRATIVE EXPENSES
INCURRED FOR THE COMPANY'S CORPORATE ACTIVITIES INCREASED $138,000 OR 27.2%
IN 1997 OVER 1996 PRIMARILY AS A RESULT OF HIGHER SALARY AND BENEFITS
EXPENSES. REAL ESTATE TAX EXPENSE INCREASED $555,000 OR 39.1% IN THE FIRST
QUARTER OF 1997 OVER THE RESPECTIVE PRIOR PERIOD PRIMARILY DUE TO THE
ADDITIONAL PROPERTIES OPERATED IN 1997.
INTEREST EXPENSE INCREASED $657,000 OR 43.9% IN THE FIRST THREE MONTHS OF
1997 COMPARED WITH THE FIRST THREE MONTHS OF 1996 AS A RESULT OF THE
INCREASE IN NON-DEVELOPMENT DEBT OUTSTANDING IN THE TWO PERIODS. INTEREST
RELATED TO AMORTIZATION OF DEFERRED FINANCING COSTS INCREASED $35,000 OR
52.2% IN 1997 FROM 1996 AS A RESULT OF LOAN FEES PAID IN THE FIRST QUARTER
OF 1997.
THE $513,000 OR 21.0% INCREASE IN DEPRECIATION AND AMORTIZATION EXPENSES IN
1997 OVER 1996 RELATES PRIMARILY TO THE FIVE DEVELOPMENT PROPERTIES ADDED
TO THE COMPANY'S OPERATING PORTFOLIO IN 1996, A 1997 PROPERTY ACQUISITION,
AND AN INCREASE IN DEPRECIABLE ASSETS AFTER CAPITAL IMPROVEMENT PROGRAMS AT
CERTAIN OF THE OTHER PROPERTIES.
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COLUMBUS REALTY 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
hereunto duly authorized.
Date MAY 15, 1997 By /s/ RICHARD R. REUPKE
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CHIEF FINANCIAL OFFICER
INSTRUCTION: The form may be signed by an executive officer of the registrant
or by any other duly authorized representative. The name and title of the
person signing the form shall be typed or printed beneath the signature. If the
statement is signed on behalf of the registrant by an authorized representative
(other than an executive officer), evidence of the representative's authority to
sign on behalf of the registrant shall be filed with the form.
- --------------------------------- ATTENTION ------------------------------------
| INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT |
| CONSTITUTE FEDERAL CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001). |
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GENERAL INSTRUCTIONS
1. This form is required by Rule 12b-25 (17 CFR 240,12b-25) of the General
Rules and Regulations under the Securities Exchange Act of 1934.
2. One signed original and four conformed copies of this form and amendments
thereto must be completed and filed with the Securities and Exchange
Commission, Washington, D.C. 20549, in accordance with Rule 0-3 of the
General Rules and Regulations under the Act. The information contained in
or filed with the form will be made a matter of public record in the
Commission files.
3. A manually signed copy of the form and amendments thereto shall be filed
with each national securities exchange on which any class of securities of
the registrant is registered.
4. Amendments to the notifications must also be filed on form 12b-25 but need
not restate information that has been correctly furnished. The form shall
be clearly identified as an amended notification.
5. Electronic Filers. This form shall not be used by electronic filers unable
to timely file a report solely due to electronic difficulties. Filers
unable to submit a report within the time period prescribed due to
difficulties in electronic filing should comply with either Rule 201 or
Rule 202 of Regulation S-T or apply for an adjustment in filing date
pursuant to Rule 13(b) of Regulation S-T.
