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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, GA 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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ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS. The undersigned registrant hereby amends its current Report on
Form 8-K (date of event reported: April 28, 1995; date filed: June 8, 1995)
by filing the following described exhibit as set forth in the pages
attached hereto:
Statements of the Excess of Operating Revenues over Specific
Operating Expenses of The Club at Gwinnett Place Apartments (now
known as Gwinnett Crossing Apartments) and Laurel Gardens at
Coral Square Apartments.
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: September 18, 1995 As Its Vice President
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<PAGE>
THE CLUB AT GWINNETT PLACE
Statement of the Excess of Operating Revenues
Over Specific Operating Expenses
for the Three Months Ended March 31, 1995 (Unaudited)
and for the Year Ended December 31, 1994
Together With Auditors' Report
<PAGE>
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 THE CLUB AT GWINNETT PLACE 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 is free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the statement. 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 The Club at Gwinnett Place for the year ended
December 31, 1994 in conformity with generally accepted accounting
principles.
Arthur Andersen LLP
Atlanta, Georgia
August 4, 1995
<PAGE>
THE CLUB AT GWINNETT PLACE
STATEMENTS OF EXCESS OF REVENUES OVER SPECIFIC OPERATING EXPENSES
FOR THE THREE MONTHS ENDED MARCH 31, 1995 (UNAUDITED)
AND THE YEAR ENDED DECEMBER 31, 1994
<TABLE>
<CAPTION>
1995 1994
---------- ----------
(Unaudited)
<S> <C> <C>
REVENUES:
Rents (Note 1) $ 437,816 $1,579,739
Other income 11,930 58,504
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Total revenues 449,746 1,638,243
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SPECIFIC OPERATING EXPENSES (Note 2):
Personnel 46,347 173,268
General and administrative 9,305 28,951
Marketing 3,974 18,936
Repairs, maintenance, and contract services 41,586 175,787
Utilities 32,104 141,854
Property insurance 7,605 25,734
Real estate taxes 30,000 150,732
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170,921 715,262
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EXCESS OF REVENUES OVER SPECIFIC OPERATING EXPENSES $ 278,825 $ 922,981
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The accompanying notes are an integral part of these statements.
</TABLE>
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THE CLUB AT GWINNETT PLACE
NOTES TO STATEMENTS OF EXCESS OF REVENUES
OVER SPECIFIC OPERATING EXPENSES
FOR THE THREE MONTHS ENDED MARCH 31, 1995 (UNAUDITED)
AND FOR THE YEAR ENDED DECEMBER 31, 1994
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
Description of Property
The Club at Gwinnett Place is a 261 unit apartment complex located in
Duluth, Georgia. The Complex is owned by TBCREC Residential No. 1 LP,
a Delaware Limited Partnership and operated by Sentinel Realty Trust
Company.
On April 28, 1995, Merry Land & Investment Company, Inc. ("Merry
Land") purchased this apartment complex for $10,200,000.
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 statement
shave 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.
<PAGE>
LAUREL GARDENS AT CORAL SQUARE
Statement of the Excess of Operating Revenues
Over Specific Operating Expenses
for the Four Months Ended April 30, 1995 (Unaudited)
and for the Year Ended December 31, 1994
Together With Auditors' Report
<PAGE>
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 LAUREL GARDENS AT CORAL SQUARE 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 is free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the statement. 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 Laurel Gardens at Coral Square for the year ended
December 31, 1994 in conformity with generally accepted accounting
principles.
Arthur Andersen LLP
Atlanta, Georgia
May 24, 1995
<PAGE>
LAUREL GARDENS AT CORAL SQUARE
Statements of Excess of Revenues Over Specific Operating
Expenses for the Four Months Ended April 30, 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) $1,187,556 $3,601,964
Other income 49,562 167,840
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Total revenues 1,237,118 3,767,804
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SPECIFIC OPERATING EXPENSES (Note 2):
Personnel 93,838 255,632
General and administrative 26,437 68,893
Marketing 21,586 38,484
Repairs, maintenance, and contract services 159,853 299,549
Utilities 92,970 283,155
Property insurance 17,375 52,370
Real estate taxes 157,072 432,361
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569,131 1,430,444
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EXCESS OF REVENUES OVER SPECIFIC OPERATING EXPENSES $ 667,987 $2,339,360
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The accompanying notes are an integral part of these statements.
</TABLE>
<PAGE>
LAUREL GARDENS AT CORAL SQUARE
Notes to the Statements of Excess of Revenues
Over Specific Operating Expenses
For the Four Months Ended April 30, 1995 (Unaudited)
And for the Year Ended December 31, 1994
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
Description of Property
Laurel Gardens at Coral Square is a 384 unit garden apartment complex
located in Fort Lauderdale, Florida. The Complex is owned and operated
by RMS Partners Coral Square, a Florida General Partnership.
On May 19, 1995, Merry Land & Investment Company, Inc. ("Merry Land")
purchased this apartment complex for $25,457,000 cash.
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.
