<PAGE>
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
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Date of Report (Date of earliest event reported): August 9, 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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Filed: September 14, 1995
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ITEM 5. OTHER EVENTS. Merry Land & Investment Company, Inc. (the
"Company") has completed a series of acquisitions since the filing of its
last quarterly report on Form 10-Q for the quarter ending June 30, 1995.
A. TEXAS. The Company has completed the acquisition of two more of
the limited partnerships described in its Form 8-K filed on June 19, 1995
as amended by its Form 8-K/A filed on June 21, 1995. The partnerships
acquired and the related apartment properties are described as follows:
<TABLE>
<CAPTION>
Name of Acquisition
Name of Partnership Sellers Market Date Acquired Cost Occupancy
Apartments <F1> <F1> Location in 1995 Units <F2> Debt Assumed <F3>
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
Jefferson at Jefferson at Carmil Capital Dallas, August 31 404 $24,758,000 None 92%
Round Grove Round Grove, L.P. Corporation, a Texas Texas
Corporation
JPI Investment
Company, L.P., a
Texas limited
partnership
Sumiken Real Estate
Company, Ltd., a
Japanese corporation
Jefferson on Jefferson on the Carmil Capital Dallas, July 28 376 $24,643,000 None 93%
the Parkway Parkway/Dallas, Corporation, a Texas Texas
L.P. corporation
JPI Investment
Company, L.P., a
Texas limited
partnership
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<FN>
<F1> None of the sellers nor the partnerships are related to or affiliated with the Company.
<F2> Includes acquisition costs incurred to date.
<F3> Physical occupancy at September 7, 1995.
</TABLE>
The acquisitions were paid for with cash. The sellers were unrelated
to the Company. Two wholly owned subsidiary corporations of the Company
acquired the partnership interests of the sellers and will continue to
operate the properties through two partnerships.
The acquisitions were funded with a portion of the proceeds of the
Company's recent $120 million senior note offering made pursuant to a
Registration Statement filed on Form S-3, Registration Number 33-57453. No
encumbrances were placed against the acquired properties in connection with
their acquisition.
The acquisitions were made only after a detailed review of each
property's physical condition, anticipated capital expenditures, occupancy
rates, expenses including utility rates, maintenance, grounds, property
taxes and insurance all of which were compared to competitive properties.
The Company is not aware of any factors which would cause the reported
financial information not to be necessarily indicative of future operating
results.
B. CHARLOTTE, NORTH CAROLINA. Merry Land has also acquired an
additional apartment property in Charlotte, North Carolina. The apartment
property acquired is described as follows:
<TABLE>
<CAPTION>
Acquisition
Date Acquired Cost Debt Assumed Occupancy
Name of Apartments Seller<F1> Market Location in 1995 Units <F2> <F3> <F4>
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Kimmerly Glen SMG Associates, Charlotte, August 9 260 $9,242,000 $7,041,272 97%
a New York North Carolina
general partnership
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<FN>
<F1> The seller is not related to or affiliated with the Company.
<F2> Includes acquisition costs incurred to date.
<F3> The Company assumed a mortgage debt with a principal balance of $7,041,272 in favor of Crown Life Insurance Company which
assumed debt was credited against the purchase price.
<F4> Physical occupancy at September 7, 1995.
</TABLE>
The seller was unrelated to the Company. The cash portion of the
acquisition was funded with a portion of the proceeds of the Company's
recent $120 million senior note offering made pursuant to a Registration
Statement filed on Form S-3, Registration Number 33-57453. The Company
acquired the property subject to and assumed the obligations of a first
mortgage loan in favor of Crown Life Insurance Company which matures on
December 1, 1995.
The acquisition was made only after a detailed review of the
property's physical condition, anticipated capital expenditures, occupancy
rates, expenses including utility rates, maintenance, grounds, property
taxes and insurance all of which were compared to competitive properties.
The Company is not aware of any factors which would cause the reported
financial information not to be necessarily indicative of future operating
results.
C. DEVELOPMENT PROPERTIES. The Company acquired two tracts of land
in Greensboro, North Carolina and has entered into development agreements
with an experienced developer for the development of apartment communities
on these properties. The status of these properties is as follows:
<TABLE>
<CAPTION>
Investment
Market Date Acquired Planned to Date Project
Name of Site Seller<F1> Location in 1995 Acres Units <F2> Start Date
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<S> <C> <C> <C> <C> <C> <C> <C>
Adams Farm General Financial Greensboro July 20 16.88 200 $884,912 4th Qtr 1995
Services, Inc., a North Carolina
Kansas corporation
Lake Site (Multiple Individuals) Greensboro, July 14 31.4 300 $1,741,441 1st Half 1996
North Carolina
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<FN>
<F1> None of the sellers are related to or affiliated with the Company.
<F2> Includes acquisition costs incurred to date.
</TABLE>
The acquisitions were paid for with cash. The sellers were unrelated
to the Company. The acquisitions were funded with a portion of the proceeds
of the Company's recent $120 million senior note offering made pursuant to
a Registration Statement filed on Form S-3, Registration Number 33-57453.
No encumbrances were placed against the acquired properties in connection
with their acquisition.
The acquisitions were all made only after a detailed review of each
property's physical condition, anticipated capital expenditures, expenses
including projected utility rates, maintenance, grounds, property taxes and
insurance all of which were compared to competitive properties.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
A. TEXAS. Audited financial statements and pro forma financial
statements for the Texas properties acquired have previously been filed on
Form 8-K/A filed on June 21, 1995.
B. CHARLOTTE, NORTH CAROLINA. Audited financial statements and pro
forma financial statements are not required for this property.
C. DEVELOPMENT PROPERTIES. Audited financial statements and pro
forma financial statements are not required for these properties.
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Signature Blocks on Following Page
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SIGNATURE
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.
MERRY LAND & INVESTMENT COMPANY,
INC.
(Registrant)
By: /s/
--------------------------------
Dorrie E. Green
As Its Vice President
