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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 1, 1996
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 (I.R.S. 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 1, 1995, Vinland Property Trust (the "Trust") purchased Mission Trace
Apartments (the "Property") for a purchase price of $2,890,000, which was based
on an estimated capitalization rate of approximately 11%. The Property was
constructed in 1990 and consists of twelve two-story garden style buildings
with a total of 96 units that is 91% occupied and is located in Tallahassee,
Florida. A portion of the purchase price was financed through a new first
mortgage loan in the amount of $2,220,000 and a second mortgage loan of
$290,000, both provided by First Federal Savings and Loan Association of
Osceola County, the seller (which has no other relationship to the Trust).
The remainder of the purchase price was paid in cash from general working
capital of the Trust. For the first two years, the first and second mortgage
loans bear interest at 8.25% and 8.5%, respectively. Thereafter, the rates are
adjusted every two years to a variable rate based on the Two Year Constant
Maturity Treasury. Both loans mature in May 2006 and are payable in monthly
installments of principal and interest. In connection with the acquisition,
the Trust paid a $28,900 brokerage commission to Tarragon Realty Advisors, Inc.,
the Trust's advisor.
The $2.9 million purchase price represents less than 8% of the Trust's
consolidated assets as of November 30, 1995. However, the Trust's combined
purchases in fiscal 1996 exceed 10% of the Trust's consolidated assets at
November 30, 1995.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial Statements of Business Acquired.
At this time, it is impracticable to provide the financial statements 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
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Katie Jackson,
Senior Vice President and
Chief Accounting Officer
DATED: May 16, 1996
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