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
**********************************************************************
Date of Report (Date of earliest event reported): December 1, 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)
**********************************************************************
Filed: February 14, 1996
<PAGE>
ITEM 5. OTHER EVENTS. Merry Land & Investment Company, Inc. (the
"Company") has completed a series of acquisitions since filing its annual
report on Form 10-K for 1994 and quarterly reports on Form 10-Q for the
quarters ending March 31, 1995, June 30, 1995 and September 30, 1995.
A. DALLAS, TEXAS. The Company has completed the acquisition of the
last 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
partnership acquired and the related apartment property are described
as follows:
<TABLE>
<CAPTION>
Name of Acquisition
Name of Partnership Sellers Market Date Cost Occupancy
Apartments <F1> <F1> Location Acquired Units <F2> Debt Assumed <F3>
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Jefferson at Jefferson at Carmil Capital Dallas, 12/1/95 470 $29,318 $0 84%
Chase Oaks Chase Oaks, L.P. Corporation, a Texas Texas
Corporation
JPI Investment
Company, L.P., a
Texas limited
partnership
- ----------------------------------------------------------------------------------------------------------------------------------
<FN>
<F1> Neither of the sellers nor the partnership are related to or affiliated with the Company.
<F2> Includes acquisition costs incurred to date.
<F3> Physical occupancy at February 9, 1996.
</TABLE>
The acquisition was 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 succeeded to the 100%
ownership of the partnership. This partnership was merged with the
Company's five other Texas limited partnerships into one Texas limited
partnership on December 31, 1995.
The acquisition was funded with a portion of the proceeds of the
Company's recent $40 million 7-1/4% senior notes (due 2002) offering made
pursuant to a Registration Statement filed on Form S-3, Registration Number
33-57453. No encumbrance was placed against the acquired property in
connection with its acquisition.
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. The property remains in the initial lease-up period.
B. DALLAS & AUSTIN, TEXAS. The Company has also acquired two
additional partnerships. The partnerships acquired and the related
apartment properties are described as follows:
<TABLE>
<CAPTION>
Name of Acquisition
Name of Partnership Sellers Market Date Cost Occupancy
Apartments <F1> <F1> Location Acquired Units <F2> Debt Assumed <F3>
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Jefferson on Jefferson on Carmil Capital Dallas, 12/21/95 200 $13,984 $0 71%
Melrose Melrose, L.P. Corporation, a Texas Texas
corporation
JPI Investment
Company, L.P., a
Texas limited
partnership
Jefferson at SNK-JPI Millegan Jefferson at Austin, 12/21/95 390 $23,640 $0 88%
Stone Creek Creek Limited Millegan Creek, Texas
Partnership a Texas
limited partnership
SNK Multifamily Inc.,
a Nevada corporation
- ----------------------------------------------------------------------------------------------------------------------------------
<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 February 9, 1996.
</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 succeeded to the 100%
ownership of the two partnerships. These partnerships were merged with the
Company's four other Texas limited partnerships into one Texas limited
partnership on December 31, 1995.
The acquisitions were funded with a portion of the proceeds of the
Company's recent $40 million 7-1/4% senior notes (due 2002) offering and
$80 million 6.875% senior notes (due 2003 and 2004) 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
properties' 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. The properties remain in the initial lease-up period.
C. AUSTIN, TEXAS. The Company has acquired an additional apartment
property in Austin, Texas. The apartment property acquired is
described as follows:
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Acquisition
Cost
(In Thousands) Debt Assumed Occupancy
Name of Apartments Seller<F1> Market Location Date Acquired Units <F2> (In Thousands) <F3>
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Crestview Apartments Crestview Redevelopment, Austin, Texas 1/12/96 161 $10,151 $0 96%
Ltd., a Texas
limited partnership
- ----------------------------------------------------------------------------------------------------------------------------------
<FN>
<F1> The seller is neither related to nor affiliated with the Company.
<F2> Includes acquisition costs incurred to date.
<F3> Physical occupancy at February 9, 1996.
</TABLE>
The acquisition was paid for with cash. The seller was a limited
partnership unrelated to the Company and was acquired by a limited
partnership wholly owned by the Company.
The acquisition was funded with a portion of the proceeds of the
Company's recent $80 million 6.875% senior notes (due 2003 and 2004)
offering made pursuant to a Registration Statement filed on Form S-3,
Registration Number 33-57453. No encumbrances were placed against the
acquired property in connection with its acquisition.
The acquisition was made only after a detailed review of the
property's physical condition, anticipated capital expenditures, occupancy
rate, 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.
=================================
Signature Block on Following Page
=================================
<PAGE>
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
