SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
September 01, 1999
AMERICA FIRST MORTGAGE INVESTMENTS, INC.
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(Exact name of registrant as specified in its charter)
Maryland 1-13391
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(State of Formation) (Commission File Number)
13-3974868
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(IRS Employer Identification Number)
399 Park Avenue
New York, New York 10022
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(Address of principal executive offices) (Zip Code)
(212) 935-8760
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(Registrants' telephone number, including area code)
Not applicable
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(Former name or former address, if changed since last report)
Item 2. Acquisition or Disposition of Assets.
America First Mortgage Investments, Inc., a Maryland corporation (the
"Registrant") owns all of the issued and outstanding preferred stock of
Retirement Centers Corporation, a Delaware corporation ("RCC") and, as a
result thereof, is entitled to 95% of all dividends paid by RCC. On September
1, 1999, RCC sold its undivided interest in four retirement living centers
known as Cambridge Court in Kearney, Nebraska, Hickory Villa in Omaha,
Nebraska, Broadmoor Court in Colorado Springs, Colorado and Grand Villa in
Grand Junction, Colorado (the "Properties") to Bethesda Living Centers (the
"Buyer") for a total sale price of approximately $7,150,000. The purchase
price was paid in cash and through the assumption of the existing mortgage
loans on the Properties. RCC has indicated that it does not intend to
declared a distribution from the net proceeds from the sale, but rather
intends to reinvest such proceeds in another property in a transaction that it
expects to be able to treat as a tax-free like-kind exchange.
The sale price for the Properties was determined through arms-length
negotiation between RCC and the Buyer. There is no relationship between any
RCC or the Registrant or their respective directors, officers or affiliates,
on one hand, and the Buyer or any of its directors, officers or affiliates on
the other hand. The Registrant does not own any of the issued and outstanding
voting securities of RCC.
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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 hereunto duly authorized.
AMERICA FIRST MORTGAGE INVESTMENTS, INC.,
By /s/ Stewart Zimmerman
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Stewart Zimmerman, President and Chief
Executive Officer
Dated: September 3, 1999
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