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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
May 30, 1995
Date of Report (Date of earliest event reported)................................
VINLAND PROPERTY TRUST
................................................................................
(Exact name of registrant as specified in its charter)
California 0-8003 94-2432628
................................................................................
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File No.) Identification No.)
One Turtle Creek, 3878 Oak Lawn, Suite 300, Dallas, Texas 75219
................................................................................
(Address of principal executive offices) (Zip Code)
(214) 522-9910
Registrant's telephone number, including area code..............................
................................................................................
(Former name or former address, if changed since last report)
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
On May 30, 1995, Vinland Property Trust (the "Trust") acquired three
residential apartment properties known as Collegewood Apartments, Florida
Towers Apartments and Jefferson Towers Apartments (the "Properties") located in
Tallahassee, Florida, from Investors Florida Capitol Fund II, Ltd., a Florida
limited partnership ("Seller") pursuant to the terms of an Agreement of
Purchase and Sale, between the Trust and Seller, dated as of May 8, 1995. The
purchase price for the Properties was $2,690,000 (the "Purchase Price"), which
Purchase Price included the assumption of a non-recourse purchase money wrap
mortgage encumbering the Properties with an outstanding principal balance on
the date of the acquisition of $2,363,042.42. The remainder of the Purchase
Price, $326,957.58, was paid by the Trust to the Seller in cash from general
working capital of the Trust. The Purchase Price was determined by the Trust
based on a 12.50% capitalization of the Seller's current net operating income.
The Seller is a Florida limited partnership. Pursuant to the terms of the
Seller's Limited Partnership Agreement, a majority of the Seller's limited
partners approved the sale of the Properties. The Seller's general partner is
Investors General, Inc. ("IGI"). IGI, which owns a 1% general partnership
interest the Seller, is owned by Investors General Acquisition Corporation
("IGAC"). John A. Doyle, a Trustee and Executive Vice President of the Trust
is a 30% stockholder of IGAC. Lucy N. Friedman, who owns approximately 21% of
the outstanding shares of the Trust, is also a 30% stockholder of IGAC.
The Properties, located adjacent to Florida State University, are leased
primarily to graduate and undergraduate students, and contain a total of 162
units, all one bedroom, one bath units containing an average of approximately
500 square feet. The Seller used and operated the Properties as residential
apartments, and the Trust will continue to use and operate the Properties for
the same business purpose.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial Statements of Businesses Acquired.
At this time, it is impracticable to provide the financial statements for the
Properties required by Regulation S-X. Such financial statements shall be
filed as an amendment to this form within sixty (60) days of the date hereof.
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
VINLAND PROPERTY TRUST
(Registrant)
By: /s/ KATIE JACKSON
Katie Jackson,
Vice President and Chief
Accounting Officer
DATED: June 2, 1995
