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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES AND EXCHANGE ACT OF 1934
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Date of Report May 27, 1999
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First Union Real Estate Equity and Mortgage Investments
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(Exact name of registrant as specified in its charter)
Ohio 1-6249 34-6513657
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State or other jurisdiction (Commission File Number) (I.R.S. Employer
Identification No.)
Suite 1900, 55 Public Square
Cleveland, Ohio 44113-1937
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (216) 781-4030
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Former name or former address, if changed since last report.
Total number of pages in report 3.
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
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The registrant sold certain assets during the first five months of
1999. The sales of these assets had been previously reported in Form
8-K dated April 15, 1999 as contracts that had been executed with
potential purchasers or as sales that had been completed. The net
proceeds of $98.7 million after repayment of mortgage debt secured by
the sold properties were used to partially repay bank loans and a note
payable. The properties sold and date of sale are as follows:
PROPERTY DATE SOLD
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Woodland Commons February 18, 1999
Beck Building March 17, 1999
Sutter Buttes April 1, 1999
Valley Mall May 5, 1999
Valley North May 5, 1999
Mall 205 May 5, 1999
Plaza 205 May 5, 1999
Somerset Lakes May 12, 1999
Steeplechase May 12, 1999
Briarwood May 12, 1999
Hunter's Creek May 12, 1999
Beechlake May 12, 1999
Woodfield Gardens May 12, 1999
Windgate May 12, 1999
Walden Village May 12, 1999
Magic Mile Parking Lot May 17, 1999
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
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a) Financial Statements
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Not applicable.
b) Proforma Financial Information
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The Proforma Combined Balance Sheet of the registrant
as of March 31, 1999, attached hereto as Exhibit 99.1, the
Proforma Combined Statement of Operations for the three months
ended March 31, 1999, attached hereto as Exhibit 99.2 and the
twelve months ended December 31, 1998, attached hereto as
Exhibit 99.3 and Notes to Proforma Combined Financial
Statements, attached hereto as Exhibit 99.4, reflect proforma
adjustments to the registrant's historical financial
statements for the sale of five shopping centers, eight
apartment complexes, a parking facility and two office
buildings.
The Proforma Combined Statement of Operations for the
twelve months ended December 31, 1998, and for the three
months ended March 31, 1999 are not necessarily indicative of
the actual results that would have occurred had the property
sales been consummated at the beginning of the respective
periods or of future operations of the registrant. The
Proformas do not take into consideration the increase in the
registrant's liquidity or possible uses of those funds.
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These statements should be read in conjunction with
the Notes to Proforma Financial Statements.
c) Exhibits
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99.1) Proforma Combined Balance Sheet as of March 31, 1999.
99.2) Proforma Combined Statement of Operations for the
three months ended March 31, 1999.
99.3) Proforma Combined Statement of Operations for the
twelve months ended December 31, 1998.
99.4) Notes to Proforma Financial Statements.
99.5) Press release dated February 17, 1999 regarding sale of
Woodland Commons.
99.6) Press release dated March 23, 1999 regarding sale of
Beck Building.
99.7) Press release dated April 7, 1999 regarding sale of
Sutter Buttes.
99.8) Press release dated May 6, 1999 regarding sale of
Valley Mall, Valley North Mall, Mall 205 and Plaza 205.
99.9) Press release dated May 13, 1999 regarding sale of
Somerset Lakes, Beechlake, Steeplechase, Hunter's
Creek, Briarwood, Windgate, Woodfield and Walden
Village Apartments.
99.10) Press release dated May 21, 1999 regarding sale of
Magic Mile Parking facility.
SIGNATURES
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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 hereunto duly authorized.
First Union Real Estate Equity
and Mortgage Investments
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(Registrant)
Date: May 27, 1999 By:/S/ Gregory C. Scott
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Gregory C. Scott
Controller