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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): April 28, 1995
MERRY LAND & INVESTMENT COMPANY, INC.
(Exact name of registrant as specified in its charter)
Georgia 001-11081
(State or other jurisdiction of incorporation) (Commission File Number)
58-0961876
(I.R.S. Employer I.D. Number)
624 Ellis Street, Augusta, Georgia 30901
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 706/722-6756
____________________________________________________________
(Former name or former address, if changed since last report)
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The undersigned registrant hereby amends the following items,
financial statements, exhibits or other portions of its Report on Form 8-K
filed September 14, 1995 (date of event reported: April 28, 1995) as set
forth in the pages attached hereto:
Statement of the Excess of Operating Revenues Over Specific Operating
Expenses for the Seven Months Ended July 31, 1995 (Unaudited) and for the
Year Ended December 31, 1994 Together With Auditors' Report
Pursuant to the requirements of the Securities and Exchange Act of
1934, the registrant has duly caused this amendment to be signed on its
behalf by the undersigned, thereunto duly authorized.
MERRY LAND & INVESTMENT
COMPANY, INC.
By: /s/
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Dorrie E. Green
Filed: December 1, 1995 As Its Vice President
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KIMMERLY GLEN
Statement of the Excess of Operating Revenues
Over Specific Operating Expenses
for the Seven Months Ended July 31, 1995 (Unaudited)
and for the Year Ended December 31, 1994
Together With Auditors' Report
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REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Shareholders and
Board of Directors of
Merry Land & Investment Company, Inc.:
We have audited the accompanying statement of excess of revenues over
specific operating expenses of KIMMERLY GLEN for the year ended
December 31, 1994. This financial statement is the responsibility of
management. Our responsibility is to express an opinion on this financial
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 of excess of
revenue over specific operating expenses is free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the statement of excess of revenues over
specific operating expenses. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion.
As described in Note 2, the financial statement excludes certain expenses
that would not be comparable with those resulting from the operations of
the property after acquisition by Merry Land & Investment Company, Inc.
The accompanying financial statement was prepared for the purpose of
complying with the rules and regulations of the Securities and Exchange
Commission and is not intended to be a complete presentation of the
property's revenue and expenses.
In our opinion, the statement of excess of revenues over specific operating
expenses referred to above presents fairly, in all material respects, the
excess of revenues over specific operating expenses (exclusive of expenses
described in Note 2) of Kimmerly Glen for the year ended December 31, 1994
in conformity with generally accepted accounting principles.
Arthur Andersen LLP
Atlanta, Georgia
October 13, 1995
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KIMMERLY GLEN
Statements of Excess of Revenues over Specific Operating
Expenses for the Seven Months Ended July 31, 1995 (Unaudited)
And the Year Ended December 31, 1994
<TABLE>
<CAPTION>
1995 1994
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(Unaudited)
<S> <C> <C>
REVENUES:
Rents (Note 1) $884,136 $1,416,830
Other income 19,382 21,511
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Total revenues 903,518 1,438,341
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SPECIFIC OPERATING EXPENSES (Note 2):
Personnel 61,314 103,141
General and administrative 11,507 21,026
Marketing 10,444 18,266
Repairs, maintenance, and contract services 66,077 117,394
Utilities 42,710 70,515
Property insurance 26,097 44,737
Real estate taxes 62,905 107,822
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281,054 482,901
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EXCESS OF REVENUES OVER SPECIFIC OPERATING
EXPENSES $622,464 $955,440
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The accompanying notes are an integral part of these statements.
</TABLE>
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KIMMERLY GLEN
Notes to the Statements of Excess of Revenues
Over Specific Operating Expenses
For the Seven Months Ended July 31, 1995 (Unaudited)
And for the Year Ended December 31, 1994
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
DESCRIPTION OF PROPERTY
Kimmerly Glen is a 260 unit garden apartment complex located in Charlotte,
North Carolina. The Complex is owned by SMG Associates, a New York General
Partnership. The Complex is managed by SMG Real Estate, an affiliate of the
owner.
On August 9, 1995, Merry Land & Investment Company, Inc. ("Merry Land")
purchased this apartment complex for approximately $2.1 million cash and
$7 million in an assumed mortgage loan.
RENTAL INCOME
Rents from leases are accounted for ratably over the term of each lease
which is generally for a period of 12 months or less.
2. BASIS OF ACCOUNTING
The accompanying statements of excess of revenues over specific operating
expenses are presented on the accrual basis. The statements have been
prepared in accordance with the applicable rules and regulations of the
Securities and Exchange Commission for real estate properties acquired.
Accordingly, the statements exclude certain historical expenses not
comparable to the operations of the property after acquisition by Merry
Land, such as depreciation, interest, and management fees.
Merry Land has elected to be taxed as a real estate investment trust
("REIT") under the Internal Revenue Code and intends to maintain its
qualification as a REIT in the future. Accordingly, no provision for
federal or state income taxes is required.
