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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 of 15 (d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 20, 1999
Bresler & Reiner, Inc.
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(Exact name of Registrant as specified in its charter)
Delaware O-6201 52-0903424
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
401 M Street, S. W., Waterside Mall, Washington, DC 20024
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(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code (202) 488-8800
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Item 5. Other Events.
On August 20, 1999, Bresler & Reiner, Inc. announced that Sea Harbor
Apartments, Ltd. and Pine Club Phase II, Ltd. sold their Orlando, Florida
apartment properties on August 17, 1999. See press release attached hereto as
Exhibit 99.1.
Item 7. Financial Statements and Exhibits.
(a) Financial Statements
None.
(b) Pro Forma Financial Information
None
(c) Exhibits
99.1 Press Release dated August 20, 1999
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.
Bresler & Reiner, Inc.
By: /s/ Charles S. Bresler
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Chairman of the Board
(Chief Executive Officer)
Date: August 25, 1999
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EXHIBIT 99.1
PRESS RELEASE
Bresler & Reiner, Inc. Reports the Distribution of Limited Partnership Income as
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the Result of the Sales of the Orlando, Florida Partnership Properties by Sea
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Harbor and Pine Club Phase II.
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Washington, DC (PR Newswire) - August 20, 1999. Bresler & Reiner, Inc. (BRER)
(OTC) announces today that Sea Harbor Apartments, Ltd. and Pine Club Phase II,
Ltd. closed the sale of the partnerships' apartments properties on August 17,
1999. Bresler & Reiner, Inc. has a 90% limited partnership interest in Sea
Harbor, a 312 unit apartment property in Orlando, Florida. The sale price of Sea
Harbor was $14,750,000. The purchaser assumed $13,600,000 in tax exempt bonds.
Bresler & Reiner, Inc. also holds a 64.35% limited partnership interest in Pine
Club Phase II, a 160 unit residential apartment property. This property was sold
for $8,260,000. The existing first mortgage of $4,878,000 was paid off from
sales proceeds.
This transaction will result in an additional approximate $1,800,000 of net
income after taxes in the period ending September 30, 1999, or approximately
$0.65 per share. The Company has invested its share of the sale proceeds
distributed by these partnerships in short term government securities.
Bresler & Reiner, Inc. is a residential and commercial land development and
construction company principally located in the Washington, DC Metropolitan
area. The Company owns and operates rental properties including apartments,
offices, a shopping center, a motel and a hotel.
