News Column

BEHRINGER HARVARD SHORT-TERM LIQUIDATING TRUST FILES (8-K) Disclosing Completion of Acquisition or Disposition of Assets, Financial Statements and Exhibits

August 12, 2014

Item 2.01 Completion of Acquisition or Disposition of Assets.

On August 6, 2014, Behringer Harvard Mockingbird Commons, LLC, a 70% owned subsidiary of Behringer Harvard Short-Term Liquidating Trust (which may be referred to as the "Registrant", "we", "our", or "us"), sold a 198 room hotel and retail project located in Dallas, Texas ("Hotel Palomar") to an unaffiliated buyer. The contract sales price for the Hotel Palomar was $48 million, exclusive of closing costs. A portion of the proceeds was used to pay off existing indebtedness. As a result of the sale we have two remaining investments: five acres of land and a back-end promoted interest in a previously sold asset. We continue to work towards the liquidation of the trust in an orderly and expeditious manner. Item 9.01 Financial Statements and Exhibits. Page (a) Pro Forma Financial Information. Unaudited Pro Forma Consolidated Financial Information 3 Unaudited Pro Forma Consolidated Statement of Net Assets as of 4 December 31, 2013 (Liquidation Basis) Unaudited Pro Forma Consolidated Statement of Changes in Net 5 Assets for the year ended December 31, 2013 (Liquidation Basis) Unaudited Notes to Pro Forma Financial Statements 6 2 Behringer Harvard Short-Term Opportunity Liquidating Trust Unaudited Pro Forma Consolidated Financial Information

On August 6, 2014, Behringer Harvard Mockingbird Commons, LLC, a 70% owned subsidiary, sold Hotel Palomar, an 198 room hotel and retail project located in Dallas, Texas to an unaffiliated buyer. The contract sales price for the Hotel Palomar was $48 million, exclusive of closing costs. The following unaudited pro forma consolidated financial information gives effect to the disposition of Hotel Palomar, including the receipt of proceeds from the sale. In our opinion, all material adjustments necessary to reflect the effects of the above transaction have been made. 3 Behringer Harvard Short-Term Value Opportunity Liquidating Trust Unaudited Pro Forma Consolidated Statement of Net Assets (Liquidation Basis) As of December 31, 2013 (in thousands) The following unaudited Pro Forma Consolidated Statement of Net Assets is presented as if we had disposed of Hotel Palomar as of December 31, 2013. This Pro Forma Consolidated Statement of Net Assets should be read in conjunction with our Pro Form Consolidated Statement of Changes in Net Assets and our historical financial statements and notes thereto as filed in our annual report on Form 10-K for the year ended December 31, 2013. The Pro Forma Consolidated Statement of Net Assets is unaudited and is not necessarily indicative of what would have been realized had we completed the above transaction on December 31, 2013, nor does it purport to represent future results. December 31, 2013 Sale of As reported (a) Hotel Palomar (b) Pro Forma Assets

Real estate held for sale $ 47,978 (47,280 ) $ 698 Cash and cash equivalents 4,826 17,106 21,932 Restricted cash 783 (783 ) 0 Accounts receivable, net 7,758 (509 ) 7,249 Prepaid expenses and other assets 720

(720 ) - Total assets $ 62,065 (32,186 ) $ 29,879 Liabilities Notes payable $ 31,876 (31,000 ) 876

Notes payable to related party 8,801 - 8,801 Accounts payable 325 - 325 Payables to related parties 2,503 - 2,503 Accrued liabilities 1,488 655 2,143 Liability for estimated costs in excess of estimated receipts during liquidation 858 58 916 Total liabilities 45,851 (30,287 ) 15,564 Net assets in liquidation $ 16,214

(1,899 ) 14,315



The accompanying notes are an integral part of these pro forma consolidated

financial statements. 4 Behringer Harvard Short-Term Opportunity Liquidating Trust Unaudited Pro Forma Consolidated Statement of Net Changes (Liquidation Basis) For the Year Ended December, 31, 2013 (in thousands)

The following unaudited Pro Forma Consolidated Statement of Changes in Net Assets is presented as if we had disposed of Hotel Palomar as of January 1, 2013. This Pro Forma Consolidated Statement of Changes in Net Assets should be read in conjunction with our historical financial statements and notes thereto as filed in our annual report on Form 10-K for the year ended December 31, 2013. The Pro Forma Consolidated Statement of Changes in Net Assets is unaudited and is not necessarily indicative of what the actual results of operations would have been had we completed the above transaction on January 1, 2013, nor does it purport to represent our future operations. Year Ended December 31, 2013 Sale of As Reported (a) Hotel Palomar (b) Pro Forma Statement of Changes in Net Assets: Net assets in liquidation at beginning of period $ 11,417 $ (1,987 ) $ 9,430 Change in estimated costs in excess of estimated receipts during liquidation (214 ) (703 ) (917 ) Net increase (decrease) in fair value (1,624 ) (180 ) (1,804 ) Changes in other assets/liabilities 6,635 131 6,766 Change in net assets in liquidation 4,797 (752 ) 4,045 Net assets in liquidation at end of period $ 16,214 $

(2,739 ) $ 13,475



The accompanying notes are an integral part of these pro forma consolidated

financial statements. 5 Behringer Harvard Short-Term Opportunity Liquidating Trust Unaudited Notes to Pro Forma Consolidated Financial Statements



Unaudited Pro Forma Consolidated Statement of Net Assets

a. As reported in our Annual Report on Form 10-K for the year ended December 31,

2013.



b. Reflects our disposition of Hotel Palomar. Amounts represent the necessary

adjustments to remove Hotel Palomar from real estate held for sale and the

associated assets and liabilities to reflect the disposition. The proceeds

received are reflected as an addition to cash and cash equivalents, as applicable.



c. The unaudited pro forma consolidated statement of net assets as of December

31, 2013 is presented as if the disposition of Hotel Palomar had occurred on

December 31, 2013. The unaudited pro forma consolidated statement of changes

in net assets for the year ended December 31, 2013 is presented as if the

disposition of Hotel Palomar had occurred on January 1, 2013. As such, there

is a difference in the net assets in liquidation as of December 31, 2013

between these two statements.



Unaudited Pro Forma Consolidated Statement of Changes in Net Assets

a. Reflects our historical operations for the year ended December 31, 2013.

b. The adjustments reflect the elimination of the changes in net assets in

liquidation attributable to Hotel Palomar, as if the disposition occurred on

January 1, 2013.



c. The unaudited pro forma consolidated statement of net assets as of December

31, 2013 is presented as if the disposition of Hotel Palomar had occurred on

December 31, 2013. The unaudited pro forma consolidated statement of changes

in net assets for the year ended December 31, 2013 is presented as if the

disposition of Hotel Palomar had occurred on January 1, 2013. As such, there

is a difference in the net assets in liquidation as of December 31, 2013

between these two statements. 6


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Edgar Glimpses


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters