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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
AMENDMENT NO. 2
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
December 13, 1996
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Date of Report (Date of Earliest Event Reported)
CONTINENTAL MORTGAGE AND EQUITY TRUST
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(Exact Name of Registrant as Specified in its Charter)
California 0-10503 94-2738844
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(State of Incorporation) (Commission (IRS Employer
File No.) Identification No.)
10670 North Central Expressway, Suite 300, Dallas, TX 75231
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(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (214) 692-4700
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Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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This Form 8-K/A Amendment No. 2 amends the Registrant's current report on Form
8-K/A dated December 13, 1996 as filed with the Securities and Exchange
Commission on February 11, 1997.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS - pages 6 through 19.
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CONTINENTAL MORTGAGE AND EQUITY TRUST
PRO FORMA
STATEMENT OF OPERATIONS
NINE MONTHS ENDED SEPTEMBER 30, 1996
Northpoint 2626 Cole Other
Oak Run Office Office Property Property
Actual Apartments(1) Building(1) Building(1) Acquisitions(1) Dispositions(1) Pro forma
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(dollars in thousands, except per share)
Income
Rents ................... $ 33,205 $ 662 $ 1,411 $ 1,175 $ 5,770 $ (3,926) $ 38,297
Interest ................ 821 -- -- -- -- -- 821
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34,026 662 1,411 1,175 5,770 (3,926) 39,118
Expenses
Property operations ..... 20,091 465 871 550 3,192 (2,560) 22,609
Interest ................ 9,317 174 410 439 1,827 (1,079) 11,088
Depreciation ............ 3,565 59 133 136 644 (461) 4,076
Provision for losses .... (884) -- -- -- -- -- (884)
Advisory fee to
affiliate ............ 1,300 -- -- -- -- -- 1,300
General and
administrative ....... 1,400 -- -- -- -- -- 1,400
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34,789 698 1,414 1,125 5,663 (4,100) 39,589
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Income (loss) from
operations .............. (763) (36) (3) 50 107 174 (471)
Equity in income of
partnerships ............ 197 -- -- -- -- -- 197
Gain on sale of real
estate .................. 9,397 -- -- -- -- -- 9,397
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Income (loss) before
extraordinary gain ...... 8,831 (36) (3) 50 107 174 9,123
Extraordinary gain ......... 812 -- -- -- -- -- 812
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Net income (loss) .......... $ 9,643 $ (36) $ (3) $ 50 $ 107 $ 174 $ 9,935
============ ============ ============ ============ ============ ============ ============
Earnings per share
Net income before
extraordinary gain ... $ 2.08 $ 2.15
Extraordinary gain ...... .20 .20
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Net income .............. $ 2.28 $ 2.35
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Shares of beneficial
interest outstanding .... 4,243,754 4,243,754
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(1) Assumes acquisition or disposition by the Trust on January 1, 1996. Pro
forma amounts for other property acquisitions are from January 1 through
the date of acquisition only, results subsequent to the date of
acquisition are included in the "Actual" column.
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CONTINENTAL MORTGAGE AND EQUITY TRUST
PRO FORMA
STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 1995
Northpoint 2626 Cole Other
Oak Run Office Office Property Property
Actual Apartments(1) Building(1) Building(1) Acquisitions(1) Dispositions(1) Pro forma
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(dollars in thousands, except per share)
Income
Rents ................... $ 37,586 $ 882 $ 1,881 $ 1,566 $ 7,694 $ (7,339) $ 42,270
Interest ................ 723 -- -- -- -- -- 723
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38,309 882 1,881 1,566 7,694 (7,339) 42,993
Expenses
Property operations ..... 22,682 620 1,161 734 4,255 (4,442) 25,010
Interest ................ 10,009 232 546 584 2,434 (1,990) 11,815
Depreciation ............ 4,279 79 177 182 859 (950) 4,626
Advisory fee to
affiliate ............ 1,264 -- -- -- -- -- 1,264
General and
administrative ....... 1,207 -- -- -- -- -- 1,207
Provision for losses .... 541 -- -- -- -- -- 541
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39,982 931 1,884 1,500 7,548 (7,382) 44,463
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Income (loss) from
operations .............. (1,673) (49) (3) 66 146 43 (1,470)
Equity in income of
partnerships ............ 230 -- -- -- -- -- 230
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Net income (loss) .......... $ (1,443) $ (49) $ (3) $ 66 $ 146 $ 43 $ (1,240)
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Earnings per share
Net income .............. $ (.33) $ (.28)
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Shares of beneficial
interest outstanding .... 4,377,165 4,377,165
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(1) Assumes acquisition or disposition by the Trust on January 1, 1995.
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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (Continued)
(b) Financial statements of properties acquired:
Exhibit
Number Description
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99.0 Oak Run Apartments Audited Statement of Revenues and Direct
Operating Expenses for the year ended December 31, 1995.
99.1 Northpoint Central Office Building Audited Statement of
Revenues and Direct Operating Expenses for the year ended
December 31, 1995.
99.2 2626 Cole Office Building Audited Statement of Revenues and
Direct Operating Expenses for the Year Ended December 31, 1995.
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SIGNATURE
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 hereto duly authorized.
CONTINENTAL MORTGAGE AND EQUITY TRUST
Date: March 11, 1997 By: /s/ Thomas A. Holland
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Thomas A. Holland
Executive Vice President and
Chief Financial Officer
(Principal Financial and
Accounting Officer)
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CONTINENTAL MORTGAGE AND EQUITY TRUST
EXHIBIT TO ITS
CURRENT REPORT ON FORM 8-K
Dated December 13, 1996
Exhibit Page
Number Description Number
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99.0 Oak Run Apartments Audited Statement of 10
Revenues and Direct Operating Expenses for
the year ended December 31, 1995.
99.1 Northpoint Central Office Building Audited 12
Statement of Revenues and Direct Operating
Expenses for the year ended December 31, 1995.
99.2 2626 Cole Office Building Audited Statement 16
of Revenues and Direct Operating Expenses
for the year ended December 31, 1995.