0001437749-12-011670.txt : 20121114 0001437749-12-011670.hdr.sgml : 20121114 20121114130110 ACCESSION NUMBER: 0001437749-12-011670 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20120930 FILED AS OF DATE: 20121114 DATE AS OF CHANGE: 20121114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: USA REAL ESTATE INVESTMENT TRUST /CA CENTRAL INDEX KEY: 0000803771 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 680109347 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-16508 FILM NUMBER: 121202712 BUSINESS ADDRESS: STREET 1: 650 HOWE AVENUE STREET 2: SUITE 730 CITY: SACRAMENTO STATE: CA ZIP: 95825 BUSINESS PHONE: 916-761-4992 MAIL ADDRESS: STREET 1: 2443 FAIR OAKS BLVD. STREET 2: #314 CITY: SACRAMENTO STATE: CA ZIP: 95825 FORMER COMPANY: FORMER CONFORMED NAME: COMMONWEALTH EQUITY TRUST USA DATE OF NAME CHANGE: 19920703 10-Q 1 usre_10q-093012.htm FORM 10-Q usre_10q-093012.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q
(Mark One)
     
þ
 
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
for the quarterly period ended September 30, 2012
or
o
 
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
for the transition period from____________________to ____________________
Commission file number 0-16508

USA REAL ESTATE INVESTMENT TRUST
(Exact Name of Registrant as Specified in Its Charter)
     
California
 
68-0420085
(State or Other Jurisdiction of Incorporation or
 
(I.R.S. Employer Identification No.)
Organization)
   

650 Howe Avenue, Suite 730
Sacramento, CA  95825
(Address of Principal Executive Offices, Including Zip Code)

(916) 761-4992
(Registrant’s Telephone Number, Including Area Code)

     Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  þYes     o No
 
     Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). þ Yes     o No

     Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

             
Large accelerated filer  o
 
 
Accelerated filer o
 
Non-accelerated filer o
 
Smaller reporting company þ
             
    
 Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). o Yes     þ No

     As of November 14, 2012, 15,998 shares of beneficial interest of the registrant were outstanding.
 
 
Page 1 of 11

 
 
PART I.  FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
USA REAL ESTATE INVESTMENT TRUST
Balance Sheets



   
September 30,
2012
(Unaudited)
   
December 31,
2011
 
Assets
           
             
Real estate owned
  $ --     $ 1,786,000  
Real estate loan
    --       --  
Cash
    975,415       718,198  
Other assets
    682,752       78,500  
Total assets
  $ 1,658,167     $ 2,582,698  
                 
Liabilities and Shareholders' Equity
               
                 
Liabilities:
               
Accounts payable
  $ 6,636     $ 102,052  
Note payable
    --       500,000  
Total liabilities
    6,636       602,052  
                 
Shareholders' equity:
               
Shares of beneficial interest, par value $1 per share; 62,500 shares authorized; 15,998 and 18,007 shares outstanding at September 30, 2012 and December 31, 2011, respectively
    15,998       18,007  
Additional paid-in capital
    26,189,993       26,355,335  
Distributions in excess of cumulative net income
    (24,554,460 )     (24,392,696 )
Total shareholders’ equity
    1,651,531       1,980,646  
                 
Total liabilities and shareholders’ equity
  $ 1,658,167     $ 2,582,698  
 
 
See notes to financial statements.
 
 
Page 2 of 11

 

USA REAL ESTATE INVESTMENT TRUST
Statements of Operations
(Unaudited)

 
 
   
Three Months Ended
September 30,
 
   
2012
   
2011
 
 
           
Revenues:
           
Interest income
  $ --     $ --  
                 
Expenses:
               
General and administrative expenses
    36,080       56,630  
Operating expense
    --       27,911  
Provision for loan loss
    --       150,800  
Total expenses
    36,080       235,341  
                 
Other income     --       --  
                 
Net loss
  $ (36,080 )   $ (235,341 )
                 
Net loss per share
  $ (2.26 )   $ (13.07 )
                 
Weighted-average number of shares outstanding
    15,998       18,007  
 
 
See notes to financial statements.
 
 
Page 3 of 11

 
 
USA REAL ESTATE INVESTMENT TRUST
Statements of Operations
(Unaudited)
 

 
   
Nine Months Ended
September 30,
 
   
2012
   
2011
 
 
           
Revenues:
           
Interest income
  $ --     $ --  
                 
Expenses:
               
General and administrative expenses
    157,019       166,030  
Operating expense
    4,745       60,841  
Provision for loan loss
    --       150,800  
Total expenses
    161,764       377,671  
                 
Other income
            279,750  
                 
Net loss
  $ (161,764 )   $ (97,921 )
                 
Net loss per share
  $ (9.45 )   $ (5.44 )
                 
Weighted-average number of shares outstanding
    17,114       18,007  

 
See notes to financial statements.
 
 
Page 4 of 11

 
 
USA REAL ESTATE INVESTMENT TRUST
Statements of Cash Flows
(Unaudited)

   
Nine Months Ended
September 30,
 
   
2012
   
2011
 
CASH FLOWS FROM OPERATING ACTIVITIES:
           
Net loss
  $ (161,764 )   $ (97,921 )
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
               
Reserve for loan loss
    --       150,800  
                 
Changes in operating assets and liabilities:
               
Decrease in accounts payable
    (95,416 )     (8,470 )
                 
Net cash (used in) provided by operating activities
    (257,180 )     44,409  
                 
CASH FLOWS FROM INVESTING ACTIVITIES:
               
Net proceeds from the sale of real estate owned
    1,786,000       --  
Advance to related party
    (604,252 )     --  
Collections on real estate loan
    --       405,000  
                 
Net cash provided by investing activities
    1,181,748       405,000  
                 
CASH FLOWS FROM FINANCING ACTIVITIES:
               
Payment of note payable
    ( 500,000 )     --  
Repurchase of shares of beneficial interest
    ( 167,351 )     --  
                 
Net cash used in financing activities
    ( 667,351 )     --  
                 
                 
NET INCREASE IN CASH
    257,217       449,409  
                 
CASH AT BEGINNING OF PERIOD
    718,198       140,519  
                 
CASH AT END OF PERIOD
  $ 975,415     $ 589,298  
                 
Supplemental cash flow disclosures:
               
Cash paid for interest
  $ 85,911       --  
 
 
See notes to financial statements.
 
 
Page 5 of 11

 


USA REAL ESTATE INVESTMENT TRUST
Notes to Financial Statements

1.   ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

GENERAL:  USA Real Estate Investment Trust (the "Trust") was organized under the laws of the State of California pursuant to a Declaration of Trust dated October 7, 1986.  The Trust commenced operations on October 19, 1987, upon the sale of the minimum offering amount of shares of beneficial interest.   The Trust is a self-administered, self-managed, real estate investment trust.  The interim unaudited financial statements of the Trust have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission.  Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted. The Trust believes that the disclosures are adequate to make the information presented not misleading.  These interim financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Trust’s 2011 Annual Report on Form 10-K.  In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the Trust’s financial position at September 30, 2012 and December 31, 2011, and the results of its operations for the three month and nine month interim periods ended September 30, 2012 and September 30, 2011 and its cash flows for the nine month interim periods ended September 30, 2012 and September 30, 2011 have been included.  The results of operations for interim periods are not necessarily indicative of results for the full year.

RECENTLY ISSUED AND ADOPTED ACCOUNTING GUIDANCE: In May 2011, the Financial Accounting Standards Board (“FASB”) issued an amendment to achieve common fair value measurement and disclosure requirements between U.S. and International accounting principles.  Overall, the guidance is consistent with existing U.S. accounting principles; however, there are some amendments that change a particular principle or requirement for measuring fair value or for disclosing information about fair value measurements. Other than the additional disclosure requirements (see Note 7.) the adoption of this guidance had no impact on the financial statements.

In June 2011, the FASB amended existing guidance and eliminated the option to present the components of other comprehensive income as part of the statement of changes in shareholder’s equity.  The amendment requires that comprehensive income be presented in either a single continuous statement or in two separate consecutive statements. The adoption of this guidance had no impact on the financial statements or disclosures.
 
2.     REAL ESTATE OWNED

In May 2012, the Trust sold 121 acres of land in Wiggins, Mississippi for $1,900,000 in cash. In connection with the sale, the Trust paid a real estate commission of $114,000 to its broker. The net proceeds received of $1,786,000 resulted in no gain or loss.
 
3.    REAL ESTATE LOAN

As of September 30, 2012 the Trust had one real estate loan with a recorded amount of $0, which is net of a $150,800 allowance, collateralized by property in Sacramento, California and personally guaranteed by the principal members of the borrower.  The loan bears interest at 10% per annum, payable in monthly installments of interest only.  The principal balance was due August 31, 2010.

The Trust’s motion for summary judgment in the lawsuit the Trust filed to enforce the guarantees of the guarantors of the real estate loan was granted and judgment entered in September 2010.  The Trust received a $400,000 settlement payment from one of the guarantors in September 2011.  The Trust intends to pursue collection of the remaining $150,800 balance from the remaining guarantor. As such, the remaining $150,800 balance is considered impaired and the Trust recorded a $150,800 provision for loan loss to establish a loan loss reserve in September 2011.
 
 
Page 6 of 11

 

Effective January 1, 2010, the Trust suspended income recognition on the real estate loan and subsequent payments were first credited against previously recognized accrued and unpaid interest and second against principal.  As the accrued interest has been paid, all future payments will be credited against principal until the principal is fully recovered.  Interest income forgone on the real estate loan during the nine months ended September 30, 2012 and 2011 was $11,320 and $41,239 respectively.

4.  NOTE PAYABLE

As of December 31, 2011, the Trust had a $500,000 note payable collateralized by 121 acres of land in Wiggins, Mississippi owned by the Trust. In May 2012, the Trust sold the 121 acres of land in Wiggins, Mississippi for $1,900,000 in cash. In connection with the sale, the Trust paid in full the $585,911 of outstanding principal and accrued interest on the note.

5. SHAREHOLDERS’ EQUITY

In June 2012, the Trust repurchased 2,009 of its shares of beneficial interest for $167,351.

6.  COMMITMENTS AND CONTINGENCIES

The Trust is involved in claims and legal proceedings and it may become involved in other legal matters arising in the ordinary course of business. The Trust evaluates these claims and legal matters on a case-by-case basis to make a determination as to the impact, if any, on its business, liquidity, results of operations, financial condition or cash flows. The Trust currently believes that the ultimate outcome of these claims and proceedings, individually and in the aggregate, will not have a material adverse impact on its financial position, results of operations or cash flows. The Trust’s evaluation of the potential impact of these claims and legal proceedings on its business, liquidity, results of operations, financial condition and cash flows could change in the future.

7.  FAIR VALUE MEASUREMENTS AND OTHER FINANCIAL MEASUREMENTS

      The Trust has no financial instruments accounted for at fair value on a recurring or non-recurring basis.  Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.  There are three levels of inputs that may be used to measure fair values:

Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity can access as of the measurement date.

Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.
 
 
Page 7 of 11

 
 
The carrying values and fair values of the Trust’s other financial instruments were as follows:
 
   
  
September 30, 2012
 
  
December 31, 2011
 
 
 
Level
  
Carrying
value
 
  
Fair
value
 
  
Carrying
value
 
  
Fair
value
 
Cash
1
  
$
975,415
  
  
$
975,415
  
  
$
718,198
  
  
$
718,198
  
Accounts payable
2
  
 
6,636
  
  
 
6,636
  
  
 
102,052
  
  
 
102,052
  
Note payable due within one year
2
  
 
--
  
  
 
--
  
  
 
500,000
  
  
 
500,000
  
 
There were no transfers between Level 1 and Level 2 during 2012 or 2011. 

Cash, Accounts payable and Note payable due within one year. The carrying amounts approximate fair value because of the short maturity of the instruments.

8.  RELATED PARTY

The Trust advanced $604,252 to West Coast Realty Trust, Inc., a related party (“WCRT”) during the nine months ended September 30, 2012.  As of September 30, 2012, the Trust has advanced a total of $682,752 to WCRT in connection with WCRT’s formation and proposed initial public offering. $200,000 of this advance relates to a refundable commitment fee paid to Aviva Life and Annuity Company for WCRT’s planned mortgage refinance after completion of the proposed initial public offering. Such advance is reflected as “Other assets” on the accompanying balance sheet and is expected to be repaid without interest at the closing of WCRT’s proposed initial public offering.
 
 
ITEM 2      MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 
CRITICAL ACCOUNTING POLICIES

The Trust’s critical accounting policies govern real estate owned and real estate loans.  These policies are described in the “Critical Accounting Estimates” section within Item 7 in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2011.

RESULTS OF OPERATIONS

Effective January 1, 2010, the Trust suspended income recognition on the real estate loan and subsequent payments were first credited against previously recognized accrued and unpaid interest and second against principal.  As the accrued interest has been paid, all future payments will be credited against principal until the principal is fully recovered.  Accordingly, no interest income was recognized in 2012 or 2011.  The Trust recorded a $150,800 provision for loan loss to establish the loan loss reserve against the real estate loan at September 30, 2011.
 
FINANCIAL POSITION

The Trust advanced $604,252 to West Coast Realty Trust, Inc., a related party (“WCRT”) during the nine months ended September 30, 2012. As of September 30, 2012, the Trust has advanced a total of $682,752 to WCRT in connection with WCRT’s formation and proposed initial public offering. $200,000 of this advance relates to a refundable commitment fee paid to Aviva Life and Annuity Company for WCRT’s planned mortgage refinance after completion of the proposed initial public offering. Such advance is reflected as “Other assets” on the accompanying balance sheet and is expected to be repaid without interest at the closing of WCRT’s proposed initial public offering.

LIQUIDITY AND CAPITAL RESOURCES

The Trust has no continuing operating income, but has continuing expenses. As a result, the Trustees have suspended distributions at this time. The Trust expects to meet its short-term liquidity requirements from cash on hand.
 
 
Page 8 of 11

 

In May 2012, the Trust sold the 121 acres of land in Wiggins, Mississippi held by the Trust. As a result of the sale, the Trust had $1,200,089 of additional cash after paying the broker commission and the principal and accrued interest on the note payable collateralizing the land.

In May 2012, the trustees of the Trust (the “Trustees”) provisionally approved an investment by the Trust of approximately $1.5 million in the proposed underwritten initial public offering (the “IPO”) of West Coast Realty Trust, Inc., a Maryland corporation (“WCRT”).  WCRT is a recently formed entity that intends to acquire and own necessity-based retail properties, including community and neighborhood shopping centers located in densely populated, middle and upper income markets in the Western United States.  WCRT intends to elect to be taxed and to operate in a manner that will allow it to qualify as a real estate investment trust for federal income tax purposes commencing with its taxable year ending December 31, 2012.  Jeffrey B. Berger, a trustee of the Trust and also the Chief Executive Officer and Chairman of the Trust, serves as President and Chief Executive Officer of WCRT, and Benjamin A. Diaz, a trustee of the Trust and the Trust’s Secretary, is expected to be named to the board of directors of WCRT upon consummation of the IPO.

Such provisional approval of an investment in WCRT by the Trust’s trustees does not represent a binding or definitive agreement on behalf of the Trust, but merely a statement of intention of the trustees.  Such investment is subject to the consummation of the IPO and the exercise by the trustees of their fiduciary duties on behalf of the Trust, including final approval of such investment.

Subsequent to the IPO, the Trust intends to distribute the shares it purchases to its shareholders on a pro rata basis as part of its contemplated liquidation and dissolution. Such contemplated liquidation is not assured as it would be subject to approval by the shareholders of the Trust. The shares purchased by the  Trust in the IPO will be subject to a six-month lock-up in favor of the underwriters of the IPO.

In June 2012, the Trust repurchased 2,009 of its shares of beneficial interest for $167,351.
 
OFF-BALANCE SHEET ARRANGEMENTS

The Trust has no off-balance sheet arrangements.

IMPACT OF INFLATION

The Trust's operations have not been materially affected by inflation.  The rate of inflation has been relatively low since the Trust commenced operations in October 1987.


ITEM 3      QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable for smaller reporting companies.

ITEM 4      CONTROLS AND PROCEDURES
 
Evaluation of Disclosure Controls and Procedures
 
      The Trust's management, including its Chief Executive Officer and Chief Financial Officer conducted an evaluation of the effectiveness of the Trust's disclosure controls and procedures as of September 30, 2012.  Based on that evaluation, they concluded that the Trust's disclosure controls and procedures were effective as of September 30, 2012 to provide reasonable assurance that information the Trust is required to disclose in reports that it submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management as appropriate, to allow timely decisions regarding required disclosure.
 
 
Page 9 of 11

 

Changes in Internal Controls over Financial Reporting

      There have been no changes in the Trust’s internal controls over financial reporting that occurred during the quarter ended September 30, 2012, that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting.

Limitations on Effectiveness of Controls and Procedures

      In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.  In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs.


PART II.  OTHER INFORMATION

ITEM 1          LEGAL PROCEEDINGS

      None.
 
ITEM 1A       RISK FACTORS

Not applicable for smaller reporting companies.
 
ITEM 2         UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

 
 
Page 10 of 11

 

ITEM 3         DEFAULTS UPON SENIOR SECURITIES
 
       None.
 
ITEM 4         MINE SAFTY DISCLOSURES
 
       None.
 
ITEM 5         OTHER INFORMATION
 
       None.
 
ITEM 6         EXHIBITS

 
3.1
 
Amended and Restated Declaration of Trust of USA Real Estate Investment Trust (included as Exhibit 3.2 to Form S-11 (File No. 33-9315) and incorporated herein by reference).
     
3.2
 
Bylaws of the Trust (included as Exhibit 3.2 to Form S-11 (File No. 33-9315) and incorporated herein by reference).
     
3.4
 
Amendments to Sections 2.3.1, 2.3.7, 2.3.8, 2.4.2 and 2.4.3 of the Amended and Restated
Declaration of Trust of USA Real Estate Investment Trust (included at Exhibit 3.4 to Form
10-K for the year ended December 31, 1987 and incorporated herein by reference).
     
4.1
 
Article VIII of Exhibit 3.1(included as Exhibit 4.1 to Form S-11 (File No. 33-9315) and incorporated herein by reference).
     
4.2
 
Form of Share Certificate (included as Exhibit 4.2 to Form S-11 (File No. 33-9315) and incorporated herein by reference).
     
 31.1
 
Certification of the Principal Executive Officer Pursuant to Rule 13-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).
     
       31.2
 
Certification of the Principal Financial Officer Pursuant to Rule 13-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).
 
 
 
32.1
 
Certifications of the Principal Executive Officer and the Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).
     
101.INS
*
XBRL Instance Document
     
101.SCH
*
XBRL Taxonomy Extension Schema
     
101.CAL
*
XBRL Taxonomy Extension Calculation
     
101.DEF
*
XBRL Taxonomy Extension Definition
     
101.LAB
*
XBRL Taxonomy Extension Labels
     
101.PRE
*
XBRL Taxonomy Extension Presentation
     

*
 
XBRL information is furnished and not filed or a part of a registration statement or prospectus for purposes of section 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of section of 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

USA REAL ESTATE INVESTMENT TRUST
Signatures

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 thereunto duly authorized.


November 14, 2012
USA REAL ESTATE INVESTMENT TRUST
 
By:  /s/ Jeffrey B. Berger
 
Jeffrey B. Berger, Chief Executive Officer


 November 14, 2012
USA REAL ESTATE INVESTMENT TRUST
 
By:  /s/ Gregory E. Crissman
 
Gregory E. Crissman, Chief Financial Officer


Page 11 of 11
EX-31.1 2 ex31-1.htm EXHIBIT 31.1 ex31-1.htm
Exhibit 31.1
Certification of Principal Executive Officer
Pursuant to Rule 13-14(a) of the Securities Exchange Act of 1934, as Adopted
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Jeffrey B. Berger, certify that:

1.
I have reviewed this quarterly report on Form 10-Q of USA Real Estate Investment Trust;

2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:

 
a)
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 
b)
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 
c)
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 
d)
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's trustees:

 
a)
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 
b)
any fraud, whether or not material, that involves management or others who have a significant role in the registrant's internal control over financial reporting.


November 14, 2012
By:  /s/ Jeffrey B. Berger
 
Jeffrey B. Berger, Principal Executive Officer

EX-31.2 3 ex31-2.htm EXHIBIT 31.2 ex31-2.htm
Exhibit 31.2
Certification of Principal Financial Officer
Pursuant to Rule 13-14(a) of the Securities Exchange Act of 1934, as Adopted
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Gregory E. Crissman, certify that:

1.
I have reviewed this quarterly report on Form 10-Q of USA Real Estate Investment Trust;

2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:

 
a)
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 
b)
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 
c)
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 
d)
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's trustees:

 
a)
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 
b)
any fraud, whether or not material, that involves management or others who have a significant role in the registrant's internal control over financial reporting.


November 14, 2012
By:  /s/ Gregory E. Crissman
 
Gregory E. Crissman, Principal Financial Officer

EX-32.1 4 ex32-1.htm EXHIBIT 32.1 ex32-1.htm
Exhibit 32.1


Certification of Principal Executive Officer and Principal Financial Officer
Pursuant to 18 U.S.C. Section 1350, as Adopted
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002


Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officers of USA Real Estate Investment Trust (the "Trust"), hereby certify that:

 
(i)
the accompanying quarterly report on Form 10-Q of the Trust for the nine months ended September 30, 2012, (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d)  of the Securities Exchange Act of 1934, as amended; and

 
(ii)
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.


November 14, 2012
By:  /s/ Jeffrey B. Berger
 
Jeffrey B. Berger, Principal Executive Officer


November 14, 2012
By:  /s/ Gregory E. Crissman
 
Gregory E. Crissman, Principal Financial Officer


EX-101.INS 5 usre-20120930.xml XBRL INSTANCE DOCUMENT 0000803771 2011-12-31 0000803771 2012-09-30 0000803771 2012-07-01 2012-09-30 0000803771 2011-07-01 2011-09-30 0000803771 2012-01-01 2012-09-30 0000803771 2011-01-01 2011-09-30 0000803771 2010-12-31 0000803771 2011-09-30 0000803771 2012-11-14 0000803771 2012-05-01 2012-05-31 0000803771 us-gaap:MortgageLoansOnRealEstateMember 2012-09-30 0000803771 us-gaap:NotesPayableOtherPayablesMember 2012-05-01 2012-05-31 0000803771 2012-06-01 2012-06-30 0000803771 us-gaap:FairValueInputsLevel1Member 2012-09-30 0000803771 us-gaap:FairValueInputsLevel1Member 2011-12-31 0000803771 us-gaap:FairValueInputsLevel2Member 2012-09-30 0000803771 us-gaap:FairValueInputsLevel2Member 2011-12-31 0000803771 usre:WestCoastRealtyTrustMember 2012-01-01 2012-09-30 0000803771 usre:WestCoastRealtyTrustMember 2012-09-30 iso4217:USD iso4217:USD xbrli:shares xbrli:shares xbrli:pure 1786000 975415 718198 682752 78500 1658167 2582698 6636 102052 500000 6636 602052 15998 18007 26189993 26355335 24554460 24392696 1651531 1980646 1658167 2582698 150800 0 1 1 62500 62500 15998 18007 0 0 0 0 36080 56630 157019 166030 27911 4745 60841 150800 150800 36080 235341 161764 377671 279750 -36080 -235341 -161764 -97921 -2.26 -13.07 -9.45 -5.44 15998 18007 17114 18007 150800 -95416 -8470 -257180 44409 -1786000 604252 -405000 1181748 405000 -500000 167351 -667351 257217 449409 718198 140519 975415 589298 85911 USA REAL ESTATE INVESTMENT TRUST /CA 10-Q --12-31 15998 false 0000803771 Yes No Smaller Reporting Company No 2012 Q3 2012-09-30 <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1.&#160;&#160;&#160;ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">GENERAL:&#160;&#160;</font>USA Real Estate Investment Trust (the "Trust") was organized under the laws of the State of California pursuant to a Declaration of Trust dated October 7, 1986.&#160;&#160;The Trust commenced operations on October 19, 1987, upon the sale of the minimum offering amount of shares of beneficial interest.&#160;&#160;&#160;The Trust is a self-administered, self-managed, real estate investment trust.&#160;&#160;The interim unaudited financial statements of the Trust have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission.&#160; Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted. The Trust believes that the disclosures are adequate to make the information presented not misleading.&#160;&#160;These interim financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Trust&#8217;s 2011 Annual Report on Form 10-K.&#160;&#160;In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the Trust&#8217;s financial position at September 30, 2012 and December 31, 2011, and the results of its operations for the three month and nine month interim periods ended September 30, 2012 and September 30, 2011 and its cash flows for the nine month interim periods ended September 30, 2012 and September 30, 2011 have been included.&#160;&#160;The results of operations for interim periods are not necessarily indicative of results for the full year.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">RECENTLY ISSUED AND ADOPTED ACCOUNTING GUIDANCE:</font> In May 2011, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued an amendment to achieve common fair value measurement and disclosure requirements between U.S. and International accounting principles.&#160;&#160;Overall, the guidance is consistent with existing U.S. accounting principles; however, there are some amendments that change a particular principle or requirement for measuring fair value or for disclosing information about fair value measurements. 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Organization and Summary of Significant Accounting Policies (Detail) link:presentationLink link:definitionLink link:calculationLink 015 - Disclosure - Note 2. Real Estate Owned (Detail) link:presentationLink link:definitionLink link:calculationLink 016 - Disclosure - Note 3. Real Estate Loan (Detail) link:presentationLink link:definitionLink link:calculationLink 017 - Disclosure - Note 4. Note Payable (Detail) link:presentationLink link:definitionLink link:calculationLink 018 - Disclosure - Note 5. Shareholders' Equity (Detail) link:presentationLink link:definitionLink link:calculationLink 019 - Disclosure - Note 6. Commitments and Contingencies (Detail) link:presentationLink link:definitionLink link:calculationLink 020 - Disclosure - Note 7. Fair Value Measurements and Other Financial Measurements (Detail) link:presentationLink link:definitionLink link:calculationLink 021 - Disclosure - Note 7. Fair Value Measurements and Other Financial Measurements (Detail) - Carrying Values and Fair Values of Other Financial Instruments link:presentationLink link:definitionLink link:calculationLink 022 - Disclosure - Note 8. 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Note 4. Note Payable
9 Months Ended
Sep. 30, 2012
Mortgage Notes Payable Disclosure [Text Block]
4.  NOTE PAYABLE

As of December 31, 2011, the Trust had a $500,000 note payable collateralized by 121 acres of land in Wiggins, Mississippi owned by the Trust. In May 2012, the Trust sold the 121 acres of land in Wiggins, Mississippi for $1,900,000 in cash. In connection with the sale, the Trust paid in full the $585,911 of outstanding principal and accrued interest on the note.

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Note 3. Real Estate Loan
9 Months Ended
Sep. 30, 2012
Mortgage Loans on Real Estate, by Loan Disclosure [Text Block]
3.    REAL ESTATE LOAN

As of September 30, 2012 the Trust had one real estate loan with a recorded amount of $0, which is net of a $150,800 allowance, collateralized by property in Sacramento, California and personally guaranteed by the principal members of the borrower.  The loan bears interest at 10% per annum, payable in monthly installments of interest only.  The principal balance was due August 31, 2010.

The Trust’s motion for summary judgment in the lawsuit the Trust filed to enforce the guarantees of the guarantors of the real estate loan was granted and judgment entered in September 2010.  The Trust received a $400,000 settlement payment from one of the guarantors in September 2011.  The Trust intends to pursue collection of the remaining $150,800 balance from the remaining guarantor. As such, the remaining $150,800 balance is considered impaired and the Trust recorded a $150,800 provision for loan loss to establish a loan loss reserve in September 2011.

Effective January 1, 2010, the Trust suspended income recognition on the real estate loan and subsequent payments were first credited against previously recognized accrued and unpaid interest and second against principal.  As the accrued interest has been paid, all future payments will be credited against principal until the principal is fully recovered.  Interest income forgone on the real estate loan during the nine months ended September 30, 2012 and 2011 was $11,320 and $41,239 respectively.

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Balance Sheets (Current Period Unaudited) (USD $)
Sep. 30, 2012
Dec. 31, 2011
Assets    
Real estate owned   $ 1,786,000
Cash 975,415 718,198
Other assets 682,752 78,500
Total assets 1,658,167 2,582,698
Liabilities and Shareholders' Equity    
Accounts payable 6,636 102,052
Note payable   500,000
Total liabilities 6,636 602,052
Shareholders' equity:    
Shares of beneficial interest, par value $1 per share; 62,500 shares authorized; 15,998 and 18,007 shares outstanding at September 30, 2012 and December 31, 2011, respectively 15,998 18,007
Additional paid-in capital 26,189,993 26,355,335
Distributions in excess of cumulative net income (24,554,460) (24,392,696)
Total shareholders’ equity 1,651,531 1,980,646
Total liabilities and shareholders’ equity $ 1,658,167 $ 2,582,698
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Note 1. Organization and Summary of Significant Accounting Policies
9 Months Ended
Sep. 30, 2012
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]
1.   ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

GENERAL:  USA Real Estate Investment Trust (the "Trust") was organized under the laws of the State of California pursuant to a Declaration of Trust dated October 7, 1986.  The Trust commenced operations on October 19, 1987, upon the sale of the minimum offering amount of shares of beneficial interest.   The Trust is a self-administered, self-managed, real estate investment trust.  The interim unaudited financial statements of the Trust have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission.  Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted. The Trust believes that the disclosures are adequate to make the information presented not misleading.  These interim financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Trust’s 2011 Annual Report on Form 10-K.  In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the Trust’s financial position at September 30, 2012 and December 31, 2011, and the results of its operations for the three month and nine month interim periods ended September 30, 2012 and September 30, 2011 and its cash flows for the nine month interim periods ended September 30, 2012 and September 30, 2011 have been included.  The results of operations for interim periods are not necessarily indicative of results for the full year.

RECENTLY ISSUED AND ADOPTED ACCOUNTING GUIDANCE: In May 2011, the Financial Accounting Standards Board (“FASB”) issued an amendment to achieve common fair value measurement and disclosure requirements between U.S. and International accounting principles.  Overall, the guidance is consistent with existing U.S. accounting principles; however, there are some amendments that change a particular principle or requirement for measuring fair value or for disclosing information about fair value measurements. Other than the additional disclosure requirements (see Note 7.) the adoption of this guidance had no impact on the financial statements.

In June 2011, the FASB amended existing guidance and eliminated the option to present the components of other comprehensive income as part of the statement of changes in shareholder’s equity.  The amendment requires that comprehensive income be presented in either a single continuous statement or in two separate consecutive statements. The adoption of this guidance had no impact on the financial statements or disclosures.

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Note 2. Real Estate Owned
9 Months Ended
Sep. 30, 2012
Real Estate Owned [Text Block]
2.     REAL ESTATE OWNED

In May 2012, the Trust sold 121 acres of land in Wiggins, Mississippi for $1,900,000 in cash. In connection with the sale, the Trust paid a real estate commission of $114,000 to its broker. The net proceeds received of $1,786,000 resulted in no gain or loss.

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Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $)
Sep. 30, 2012
Dec. 31, 2011
Real estate loan, reserve (in Dollars) $ 150,800 $ 0
Shares of beneficial interest, par value (in Dollars per share) $ 1 $ 1
Shares of beneficial interest, shares authorized 62,500 62,500
Shares of beneficial interest, shares outstanding 15,998 18,007
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Note 3. Real Estate Loan (Detail) (USD $)
9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Dec. 31, 2011
Mortgage Loans on Real Estate $ 0    
Allowance for Loan and Lease Losses, Real Estate 150,800   0
Proceeds from Legal Settlements   400,000  
Provision for Loan Losses Expensed   150,800  
Debt Instrument, Increase, Accrued Interest $ 11,320 $ 41,239  
Mortgage Loans on Real Estate [Member]
     
Debt Instrument, Interest Rate, Stated Percentage 10.00%    
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Document And Entity Information
9 Months Ended
Sep. 30, 2012
Nov. 14, 2012
Document and Entity Information [Abstract]    
Entity Registrant Name USA REAL ESTATE INVESTMENT TRUST /CA  
Document Type 10-Q  
Current Fiscal Year End Date --12-31  
Entity Common Stock, Shares Outstanding   15,998
Amendment Flag false  
Entity Central Index Key 0000803771  
Entity Current Reporting Status Yes  
Entity Voluntary Filers No  
Entity Filer Category Smaller Reporting Company  
Entity Well-known Seasoned Issuer No  
Document Period End Date Sep. 30, 2012  
Document Fiscal Year Focus 2012  
Document Fiscal Period Focus Q3