SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
AMENDMENT NO. 1 TO
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Original Report: January 5, 1999
APPLE RESIDENTIAL INCOME TRUST, INC.
(Exact name of registrant as specified in its charter)
VIRGINIA 0-23983 54-1816010
(State of (Commission (IRS Employer
Incorporation) File Number) Identification No.)
306 East Main Street
Richmond, Virginia 23219
(Address of principal (Zip Code)
executive offices)
Registrant's telephone number, including area code:
(804) 643-1761
<PAGE>
APPLE RESIDENTIAL INCOME TRUST, INC.
FORM 8-K/A
Index
Page No.
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits
a. Independent Auditors' Report
(Sierra Ridge Apartments)
Historical Statement of Income
and Direct Operating Expenses
(Sierra Ridge Apartments)
Note to Historical Statement of Income
and Direct Operating Expenses
(Sierra Ridge Apartments)
b. Pro Forma Balance Sheet as of
September 30, 1998 (unaudited)
Pro Forma Statement of Operations for
the Nine Months ended September 30, 1998
(unaudited)
Pro Forma Statement of Operations
for the year ended December 31, 1997
(unaudited)
<PAGE>
c. Exhibit
23.1 Consent of Independent Auditors
(Sierra Ridge Apartments)
<PAGE>
The Company hereby amends Items 7.a., 7.b., and 7.c. of its Current
Report on Form 8-K dated January 5, 1999 as follows:
<PAGE>
ITEM 7.a.
<PAGE>
[L.P. MARTIN & COMPANY LETTERHEAD]
INDEPENDENT AUDITORS' REPORT
The Board of Directors
Apple Residential Income Trust, Inc.
Richmond, Virginia
We have audited the accompanying statement of income and direct
operating expenses exclusive of items not comparable to the proposed future
operations of the property Sierra Ridge Apartments located in San Antonio, Texas
for the twelve month period ended December 15, 1998. This statement is the
responsibility of the management of Sierra Ridge Apartments. Our responsibility
is to express an opinion on this statement based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the statement is free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the statement. An audit also includes assessing
the accounting principles used and significant estimates made by management, as
well as evaluating the overall presentation of the statement. We believe that
our audit provides a reasonable basis for our opinion.
The accompanying statement was prepared for the purpose of complying
with the rules and regulations of the Securities and Exchange Commission (for
inclusion in a filing by Apple Residential Income Trust, Inc.) and excludes
material expenses, described in Note 2 to the statement, that would not be
comparable to those resulting from the proposed future operations of the
property.
In our opinion, the statement referred to above presents fairly, in all
material respects, the income and direct operating expenses of Sierra Ridge
Apartments (as defined above) for the twelve month period ended December 15,
1998, in conformity with generally accepted accounting principles.
/s/ L.P. Martin & Co., P.C.
Richmond, Virginia
January 22, 1999
<PAGE>
SIERRA RIDGE APARTMENTS
STATEMENT OF INCOME AND DIRECT OPERATING EXPENSES EXCLUSIVE OF
ITEMS NOT COMPARABLE TO THE PROPOSED FUTURE
OPERATIONS OF THE PROPERTY
TWELVE MONTH PERIOD ENDED DECEMBER 15, 1998
INCOME
Rental and Other Income $ 1,192,111
---------
DIRECT OPERATING EXPENSES
Administrative and Other 145,939
Insurance --
Repairs and Maintenance 288,672
Taxes, Property 148,050
Utilities 99,472
---------
TOTAL DIRECT OPERATING EXPENSES 682,133
---------
Operating income exclusive of items not
comparable to the proposed future operations
of the property $ 509,978
==========
See accompanying notes to the financial statement.
<PAGE>
SIERRA RIDGE APARTMENTS
NOTES TO THE STATEMENT OF INCOME AND DIRECT OPERATING EXPENSES
EXCLUSIVE OF ITEMS NOT COMPARABLE TO THE PROPOSED FUTURE
OPERATIONS OF THE PROPERTY
TWELVE MONTH PERIOD ENDED DECEMBER 15, 1998
NOTE 1 - ORGANIZATION
Sierra Ridge Apartments is a 230 unit garden style apartment complex located on
10.246 acres in San Antonio, Texas. The assets comprising the property were
owned by The Travelers Indemnity Company, an entity unaffiliated with Apple
Residential Income Trust, Inc., during the financial statement period. Apple
Residential Income Trust, Inc. purchased the property on January 5, 1999.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICES
Revenue and Expense Recognition - The accompanying statement of rental
operations has been prepared using the accrual method of accounting. In
accordance with Rule 3-14 of Regulation S-X of the Securities and Exchange
Commission, the statement of income and direct operating expenses excludes
interest and non rent related income and expenses not considered comparable to
those resulting from the proposed future operations of the property. Excluded
expenses are property depreciation, professional fees and management fees.
Estimates - The preparation of financial statements in conformity with generally
accepted accounting principles requires management of make estimates and
assumptions that affect the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.
Repairs and Maintenance - Repairs and maintenance costs are expensed as
incurred, while significant improvements, renovations and replacements are
capitalized.
Advertising - Advertising costs are expensed in the period incurred.
NOTE 3 - INSURANCE EXPENSE
The property owner was self insured during the financial statement period.
Accordingly, the statement of income and direct operating expenses does not
include property/liability insurance expense.
<PAGE>
ITEM 7.b.
<PAGE>
PRO FORMA CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 30, 1998 (UNAUDITED)
The accompanying Unaudited Pro Forma Consolidated Balance Sheet as of September
30, 1998 is presented as if the Company had owned the properties included in the
table below as of September 30 1998. In the opinion of management all
adjustments necessary to reflect the effects of the Offering have been made.
The Unaudited Pro Forma Consolidated Balance Sheet is presented for comparative
purposes only and is not necessarily indicative of what the actual financial
position of the Company would have been at September 30, 1998, nor does it
purport to represent the future financial position of the Company. This
Unaudited Pro Forma Consolidated Balance Sheet should be read in conjunction
with, and is qualified in its entirety by, the Company's respective historical
financial statements and notes thereto.
<TABLE>
<CAPTION>
Brandywine Burney Courts on Sierra
Historical Park Oaks Pear Ridge Ridge
Balance Pro Forma Pro Forma Pro Forma Pro Forma Total
Sheet Adjustments Adjustments Adjustments Adjustments Pro Forma
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Date of acquisition 10/29/98 10/28/98 11/17/98 1/5/99
ASSETS
Investment in rental property
Land $ 35,291,836 $ 1,982,880 $ 1,043,460 $ 2,346,000 $ 593,334 $ 41,257,510
Building and improvements 169,230,344 6,279,120 8,442,540 9,384,000 5,340,006 198,676,010
Furniture and fixtures 2,139,825 - - - - 2,139,825
-----------------------------------------------------------------------------------------------
206,662,005 8,262,000 9,486,000 11,730,000 5,933,340 242,073,345
Less accumulated depreciation (5,578,003) - - - - (5,578,003)
-----------------------------------------------------------------------------------------------
201,084,002 8,262,000 9,486,000 11,730,000 5,933,340 236,495,342
Cash and cash equivalents 47,090,703 (8,262,000) (9,486,000) (11,730,000) (5,933,340) 11,679,363
Prepaid expenses 142,156 - - - - 142,156
Other assets 1,668,108 - - - - 1,668,108
-----------------------------------------------------------------------------------------------
48,900,967 (8,262,000) (9,486,000) (11,730,000) (5,933,340) 13,489,627
-----------------------------------------------------------------------------------------------
Total Assets $ 249,984,969 $ - $ - $ - $ - $ 249,984,969
===============================================================================================
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Mortgage notes payable $ 25,323,184 - - - - $ 25,323,184
Accounts payable 763,854 - - - - 763,854
Accrued expenses 4,334,180 - - - - 4,334,180
Rents received in advance 46,966 - - - - 46,966
Tenant security deposits 838,286 - - - - 838,286
-----------------------------------------------------------------------------------------------
31,306,470 - - - - 31,306,470
Shareholders' equity
Common stock 219,628,535 - - - - 219,628,535
Class B convertible stock 20,000 - - - - 20,000
Distributions greater than
net income (970,036) - - - - (970,036)
-----------------------------------------------------------------------------------------------
218,678,499 - - - - 218,678,499
-----------------------------------------------------------------------------------------------
Total Liabilities and Shareholders'
Equity $ 249,984,969 $ - $ - $ - $ - $ 249,984,969
===============================================================================================
</TABLE>
Notes to Pro Forma Balance Sheet
Pro Forma adjustments represent the purchase price of the related property,
including the 2% acquisition fee to Apple Residential Management Group, Inc.
allocated between land and building.
Adjustments to cash reflect the use of cash on hand to purchase properties.
<PAGE>
PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS FOR THE NINE MONTH PERIOD ENDED
SEPTEMBER 30, 1998 (UNAUDITED)
The Unaudited Pro Forma Consolidated Statement of Operations for the nine month
period ended September 30, 1998 is presented as if the 17 property
acquisitions during 1998 had occurred on January 1, 1998. The Unaudited Pro
Forma Consolidated Statement of Operations assumes the Company qualifying as a
REIT, distributing at least 95% of its taxable income, and, therefore, incurring
no federal income tax liability for the period presented. In the opinion of
management, all adjustments necessary to reflect the effects of these
transactions have been made.
The Unaudited Pro Forma Consolidated Statement of Operations is presented for
comparative purposes only and is not necessarily indicative of what the actual
results of the Company would have been for the nine month period ended September
30, 1998 if the acquisitions had occurred at the beginning of the period
presented, nor does it purport to be indicative of the results of operations in
future periods. The Unaudited Pro Forma Consolidated Statement of Operations
should be read in conjunction with, and is qualified in its entirety by, the
Company's respective historical financial statements and notes thereto.
<TABLE>
<CAPTION>
Copper Bitter Summer
Historical Main Park Timberglen Ridge Creek Tree
Statement of Pro Forma Pro Forma Pro Forma Pro Forma Pro Forma
Operations Adjustments Adjustments Adjustments Adjustments Adjustments
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Date of Acquisition - 2/4/98 2/13/98 3/31/98 5/8/98 6/1/98
Rental income $20,256,606 $ 122,458 $ 162,912 $ 228,612 $ 876,661 $ 505,033
Rental expenses:
Property and maintenance 5,555,743 44,674 39,814 147,405 308,738 202,428
Taxes and insurance 2,832,675 18,797 21,513 29,927 98,600 63,114
Property management 1,109,495 - - - - -
General and administrative 579,015 - - - - -
Amortization 28,544 - - - - -
Depreciation of rental property 3,680,000 - - - - -
-------------------------------------------------------------------------------------
Total expenses 13,785,472 63,471 61,327 177,332 407,338 265,542
Income before interest income (expense) 6,471,134 58,987 101,585 51,280 469,323 239,491
Interest income 1,188,355 - - - - -
Interest expense (338,297) - - - - -
-------------------------------------------------------------------------------------
Net income $7,321,192 $58,987 $101,585 $51,280 $469,323 $239,491
Basic and diluted earnings per common share $0.41
=====
Wgt. avg. number of common shares outstanding 17,823,314
==========
</TABLE>
<TABLE>
<CAPTION>
Park Hayden's Pace's Pepper Emerald Brandywine
Village Cottonwood Crossing Point Square Newport Oaks Estrada Park
Pro Forma Pro Forma Pro Forma Pro Forma Pro Forma Pro Forma Pro Forma Pro Forma Pro Forma
Adjustments Adjustments Adjustments Adjustments Adjustments Adjustments Adjustments Adjustments Adjustments
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
7/1/98 7/9/98 7/24/98 7/17/98 7/17/98 7/24/98 7/24/98 7/27/98 10/29/98
$ 641,049 $ 565,147 $ 536,970 $ 1,167,372 $ 534,027 $ 686,911 $ 1,046,462 $ 962,727 $ 1,095,515
224,466 216,861 188,406 349,407 156,111 235,111 284,868 281,613 387,118
79,850 74,067 61,559 143,119 75,941 109,875 133,916 124,830 131,915
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- -----------------------------------------------------------------------------------------------------------------------------------
304,316 290,928 249,965 492,526 232,052 344,986 418,784 406,443 519,033
336,733 274,219 287,005 674,846 301,975 341,925 627,678 556,284 576,482
- - - - - - - - -
- - - - - - - - -
- -----------------------------------------------------------------------------------------------------------------------------------
$336,733 $274,219 $287,005 $674,846 $301,975 $341,925 $627,678 $556,284 $576,482
</TABLE>
<TABLE>
<CAPTION>
Burney Courts on Sierra
Oaks Pear Ridge Ridge
Pro Forma Pro Forma Pro Forma Pro Forma Total
Adjustments Adjustments Adjustments Adjustments Pro Forma
- --------------------------------------------------------------------------
<S> <C> <C> <C> <C>
10/28/98 11/17/98 1/5/99 - -
$ 1,178,780 $ 1,323,205 $ 894,083 - $32,784,530
424,927 445,176 400,562 - 9,893,428
162,395 192,254 111,038 - 4,465,385
- - - $ 686,716 (A) 1,796,211
- - - 142,611 (B) 721,626
- - - - 28,544
- - - 2,132,548 (C) 5,812,548
- ---------------------------------------------------------------------------
587,322 637,430 511,600 2,961,875 22,717,742
591,458 685,775 382,483 (2,961,875) 10,066,788
- - - (1,188,355) (F) -
- - - (1,069,313) (D) (1,407,610)
- --------------------------------------------------------- ------------
$591,458 $685,775 $382,483 ($5,219,543) $8,659,178
$0.37
5,456,064 (E) 23,279,378
========== ==========
</TABLE>
(A) Represents the property management fees of 5% of rental income and
processing costs equal to $2.50 per apartment per month charged by the
external management company for the period not owned by the Company.
(B) Represents the advisory fee of .25% of accumulated capital contributions
under the "best efforts" offering for the period of time not owned by the
Company.
(C) Represents the depreciation expense of the properties acquired based on the
purchase price, excluding amounts allocated to land, for the period of time
not owned by the Company. The weighted average life of the property
depreciated was 27.5 years.
(D) Represents the interest expense for 5 of the 17 properties for the period in
which the properties were not owned for the nine months period ended
September 30, 1998, interest was computed based on interest rates on the
properties debt that was assumed at acquisition.
(E) Represents additional common shares assuming the properties were acquired on
January 1, 1998 with the net proceeds from the "best efforts" offering of
$10 per share (net $8.70 per share).
(F) Represents reduction of interest income associated with $32.7 million of
cash used to purchase properties at an interest rate of 5%.
<PAGE>
PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31,
1997 (UNAUDITED)
The Unaudited Pro Forma Consolidated Statement of Operations for the year ended
December 31, 1997 is presented as if the 12 property acquisitions during 1997
and the 17 property acquisitions during 1998 had occurred on January 1, 1997.
The Unaudited Pro Forma Consolidated Statement of Operations assumes the Company
qualifying as a REIT, distributing at least 95% of its taxable income, and,
therefore, incurring no federal income tax liability for the period presented.
In the opinion of management, all adjustments necessary to reflect the effects
of these transactions have been made.
The Unaudited Pro Forma Consolidated Statement of Operations is presented for
comparative purposes only and is not necessarily indicative of what the actual
results of the Company would have been for the year ended December 31, 1997 if
the acquisitions had occurred at the beginning of the period presented, nor does
it purport to be indicative of the results of operations in future periods. The
Unaudited Pro Forma Consolidated Statement of Operations should be read in
conjunction with, and is qualified in its entirety by, the Company's respective
historical financial statements and notes thereto.
<TABLE>
<CAPTION>
Historical 1997 Pro Forma Main Park
Statement of Acquisitions Pro Forma Before 1998 Pro Forma
Operations Adjustments Adjustments Acquisitions Adjustments
-------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Date of Acquisition - - - - 2/4/98
Rental income $12,005,968 $ 5,392,558 - $17,398,526 $ 1,469,496
Rental expenses:
Property and maintenance 3,571,484 1,982,189 - 5,553,673 536,090
Taxes and insurance 1,765,741 706,939 - 2,472,680 225,564
Property management 656,267 - $ 295,813 (A) 952,080 -
General and administrative 351,081 - 67,262 (B) 418,343 -
Amortization 28,490 - - 28,490 -
Depreciation of rental property 1,898,003 - 792,074 (C) 2,690,077 -
--------------------------------------------------------------------------
Total expenses 8,271,066 2,689,128 1,155,149 12,115,343 761,654
Income before interest income (expense) 3,734,902 2,703,430 (1,155,149) 5,283,183 707,842
Interest income 222,676 - - 222,676 -
Interest expense (458,384) - - (458,384) -
------------------------------------------ -----------------------------
Net income $3,499,194 $ 2,703,430 ($1,155,149) $5,047,475 $707,842
Basic and diluted earnings per common share $0.54 $0.53
====== =====
Wgt. avg. number of common shares outstanding 6,493,114 3,106,405 (E) 9,599,519
========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
Copper Bitter Summer Park Hayden's Pace's Pepper
Timberglen Ridge Creek Tree Village Cottonwood Crossing Point Square
Pro Forma Pro Forma Pro Forma Pro Forma Pro Forma Pro Forma Pro Forma Pro Forma Pro Forma
Adjustments Adjustments Adjustments Adjustments Adjustments Adjustments Adjustments Adjustments Adjustments
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
2/13/98 3/31/98 5/8/98 6/1/98 7/1/98 7/9/98 7/24/98 7/17/98 7/17/98
$ 1,954,938 $ 914,447 $ 2,629,983 $ 1,212,080 $ 1,282,097 $ 1,130,293 $ 920,520 $ 2,001,209 $ 915,474
477,771 589,618 926,213 485,827 448,932 433,721 322,981 598,984 267,618
258,159 119,708 295,801 151,473 159,700 148,133 105,530 245,347 130,185
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- -------------------------------------------------------------------------------------------------------------------------
735,930 709,326 1,222,014 637,300 608,632 581,854 428,511 844,331 397,803
1,219,008 205,121 1,407,969 574,780 673,465 548,439 492,009 1,156,878 517,671
- - - - - - - - -
- - - - - - - - -
- -------------------------------------------------------------------------------------------------------------------------
$1,219,008 $205,121 $1,407,969 $574,780 $673,465 $548,439 $492,009 $1,156,878 $517,671
</TABLE>
<TABLE>
<CAPTION>
Emerald Brandywine Burney Courts on Sierra
Newport Oaks Estrada Park Oaks Pear Ridge Ridge
Pro Forma Pro Forma Pro Forma Pro Forma Pro Forma Pro Forma Pro Forma Pro Forma Total
Adjustments Adjustments Adjustments Adjustments Adjustments Adjustments Adjustments Adjustments Pro Forma
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
7/24/98 7/24/98 7/27/98 10/29/98 10/28/98 11/17/98 1/5/99 - -
$ 1,177,562 $ 1,793,934 $ 1,650,389 $ 1,460,686 $ 1,571,707 $ 1,764,273 $ 1,192,111 - $42,439,725
403,047 488,345 482,765 516,157 566,569 593,568 534,083 - 14,225,962
188,357 229,570 214,029 175,886 216,526 256,339 148,050 - 5,741,037
- - - - - - - $ 1,373,800 (A) 2,325,880
- - - - - - - 293,028 (B) 711,371
- - - - - - - - 28,490
- - - - - - - 4,225,932 (C) 6,916,008
- ------------------------------------------------------------------------------------------------------------------------------------
591,404 717,915 696,794 692,043 783,095 849,907 682,133 5,892,760 29,948,749
586,158 1,076,019 953,595 768,643 788,612 914,366 509,978 (5,892,760) 12,490,976
- - - - - - - - 222,676
- - - - - - - (1,833,108) (D) (2,291,492)
- ------------------------------------------------------------------------------------------------------------------ ------------
$586,158 $1,076,019 $953,595 $768,643 $788,612 $914,366 $509,978 ($7,725,868) $10,422,161
$0.45
=====
13,472,566 (E) 23,072,075
========== ==========
</TABLE>
(A) Represents the property management fees of 5% of rental income and
processing costs equal to $2.50 per apartment per month charged by the
external management company for the period not owned by the Company.
(B) Represents the advisory fee of .25% of accumulated capital contributions
under the "best efforts" offering for the period of time not owned by the
Company.
(C) Represents the depreciation expense of the properties acquired based on the
purchase price, excluding amounts allocated to land, for the period of time
not owned by the Company. The weighted average life of the property
depreciated was 27.5 years.
(D) Represents the interest expense for 5 of the 17 properties for the period
in which the properties were not owned, interest was computed based on
interest rates on the properties debt that was assumed at acquisition.
(E) Represents additional common shares assuming the properties were acquired on
January 1, 1997 with the net proceeds from the "best efforts" offering of
$9 per share (net $7.83 per share) for the first $15 million and $10 per
share (net $8.70 per share) above $15 million.
<PAGE>
<TABLE>
<CAPTION>
PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 1997 (UNAUDITED)
The following schedule provides detail of 1997 acquisitions by property included
in the Pro Forma Consolidated Statement of Operations for the year ended
December 31, 1997.
Brookfield Eagle Crest Aspen Hills Mill Crossing Polo Run
Pro Forma Pro Forma Pro Forma Pro Forma Pro Forma
Adjustments Adjustments Adjustments Adjustments Adjustments
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Date of Acquisitions 1/31/97 1/31/97 1/31/97 2/28/97 03/31/97
Rental income $99,879 $266,385 $100,023 $151,389 $326,137
Expenses
Property and maintenance 32,430 74,735 51,643 77,882 121,983
Taxes and insurance 12,720 36,546 12,099 19,230 40,508
Property management - - - - -
General and administrative - - - - -
Depreciation of real estate - - - - -
Amortization - - - - -
----------------------------------------------------------------------------------------
45,150 111,281 63,742 97,112 162,491
Income before interest income 54,729 155,104 36,281 54,277 163,646
Interest income - - - - -
Interest expense - - - - -
----------------------------------------------------------------------------------------
Net income $54,729 $155,104 $36,281 $54,277 $163,646
========================================================================================
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Wildwood Toscana The Arbors Paces Cove Chaparosa Riverhill Crossing
Pro Forma Pro Forma Pro Forma Pro Forma Pro Forma Pro Forma Pro Forma Total
Adjustments Adjustments Adjustments Adjustments Adjustments Adjustments Adjustments Pro Forma
- ----------------------------------------------------------------------------------------------------------------------------------
03/31/97 03/31/97 4/25/97 6/30/97 8/6/97 8/6/97 11/25/97
$202,389 $270,812 $460,338 $916,348 $ 801,713 $ 892,295 $ 904,850 $5,392,558
78,111 82,722 102,132 314,521 286,943 338,906 420,181 1,982,189
25,216 35,674 60,729 128,306 97,242 124,028 114,641 706,939
- - - - - - - 0
- - - - - - - 0
- - - - - - - 0
- - - - - - - 0
- ---------------------------------------------------------------------------------------------------------------------------------
103,327 118,396 162,861 442,827 384,185 462,934 534,822 2,689,128
99,062 152,416 297,477 473,521 417,528 429,361 370,028 2,703,430
- - - - - - - 0
- - - - - - - 0
- ---------------------------------------------------------------------------------------------------------------------------------
$99,062 $152,416 $297,477 $473,521 $417,528 $429,361 $370,028 $2,703,430
==================================================================================================================================
</TABLE>
<PAGE>
ITEM 7.c.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this Report on Form 8-K/A to be signed on its behalf
by the undersigned hereunto duly authorized.
APPLE RESIDENTIAL INCOME TRUST, INC.
Date: March 4, 1999 By:/s/ Glade M. Knight
-------------------
Glade M. Knight
President of
Apple Residential Realty Income
Trust, Inc.
<PAGE>
EXHIBIT INDEX
APPLE RESIDENTIAL INCOME TRUST, INC.
FORM 8-K/A TO FORM 8-K DATED JANUARY 5, 1999
EXHIBIT NUMBER EXHIBIT PAGE NUMBER
- -------------- ------- -----------
23.1 Consent of Independent Auditors
(Sierra Ridge Apartments)
[L.P. MARTIN & COMPANY LETTERHEAD]
Consent of Independent Auditors'
The Board of Directors
Apple Residential Income Trust, Inc.
Richmond, Virginia
We consent to the use of our report dated January 22, 1999 with respect
to the statement of income and direct operating expenses exclusive of items not
comparable to the proposed future operations of the property Sierra Ridge
Apartments for the twelve month period ended December 15, 1998, for inclusion in
a form 8K filing with the Securities and Exchange Commission by Apple
Residential Income Trust, Inc.
/s/ L.P. Martin & Co., P.C.
Richmond, Virginia
January 22, 1999
