MERRY LAND & INVESTMENT CO INC
10-Q/A, 1998-05-15
REAL ESTATE INVESTMENT TRUSTS
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                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                               ---------------
                                 FORM 10Q-A
                               Amendment No. 1
                               ---------------  

              QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                      THE SECURITIES EXCHANGE ACT OF 1934


                             For the quarter ended


                                MARCH 31, 1996


                     MERRY LAND & INVESTMENT COMPANY, INC.


                                 P.O. Box 1417
                            Augusta, Georgia  30903
                                 706 722-6756


Commission file number: 001-11081

State of Incorporation: Georgia

I.R.S. Employer Identification Number:  58-0961876

Securities registered pursuant to Section 12(b) of the Act:

   Common  Stock, no par value           New York Stock Exchange
   $1.75 Series A Cumulative             
   Convertible Preferred Stock           New York Stock Exchange
   $2.15 Series C Cumulative             
   Convertible Preferred Stock           New York Stock Exchange

Number of shares outstanding as of March 31, 1996:
   Common Stock             34,160,979
   Series A Preferred Stock    658,859
   Series C Preferred Stock  4,599,800

Indicate  by  check mark whether the registrant has filed all reports required
to be filed by  Section  13  or  15(d)  of the Securities Exchange Act of 1934
during the preceding twelve months (or for such shorter time as required), and
(2) has been subject to such filing requirements  for  the  past  ninety days:
Yes    X   . No____.


<PAGE>

Form 10-Q - Merry Land & Investment Company, Inc.
Index


PART II. OTHER INFORMATION

Item 6. Exhibits and Reports on Form 8-K



SIGNATURES


<PAGE>
Merry Land & Investment Company, Inc.

PART II - OTHER INFORMATION


ITEM 6. Exhibits and Reports on Form 8-K

a. EXHIBITS:

       Exhibit 27 - Financial Data Schedule (Earnings Per Share restated 
       pursuant to FASB 128)    

b. Reports on Form 8-K and K-/A:

   Form    Date Filed        Items Reported        Financial Statements Filed
   ----    ----------        --------------        --------------------------

   8-K   February 14, 1996   Acquisition of        No financial statements
                             Jefferson at          required.
                             Chase Oaks       

                             Acquisition of        No financial statements
                             Jefferson on          required.
                             Melrose

                             Acquisition of        No financial statements
                             Jefferson at          required.
                             Stone Creek

                             Acquisition of        No financial statements
                             Crestview Apartments
<PAGE>

Form 10-Q - Merry Land & Investment Company, Inc.
   SIGNATURES



   Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the 
undersigned, thereunto duly authorized.


                            MERRY LAND & INVESTMENT COMPANY, INC.



                            /S/ DORRIE E. GREEN
                            -------------------
                            Dorrie E. Green
                            Vice President and
                            Chief Financial Officer

May 15, 1998


<TABLE> <S> <C>

<ARTICLE>          5
       
<S>                             <C>
<PERIOD-TYPE>                  3-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-END>                               MAR-31-1996
<CASH>                                          31,235
<SECURITIES>                                    48,506
<RECEIVABLES>                                    1,222
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                83,380
<PP&E>                                       1,034,540
<DEPRECIATION>                                  76,214
<TOTAL-ASSETS>                               1,077,913
<CURRENT-LIABILITIES>                           22,023
<BONDS>                                        360,000
                                0
                                    231,466
<COMMON>                                        34,161
<OTHER-SE>                                     430,263
<TOTAL-LIABILITY-AND-EQUITY>                 1,077,913
<SALES>                                         41,563
<TOTAL-REVENUES>                                44,984
<CGS>                                           11,239
<TOTAL-COSTS>                                   30,436
<OTHER-EXPENSES>                                   142
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                               5,792
<INCOME-PRETAX>                                 14,549
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                             14,549
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    14,549
<EPS-PRIMARY>                                      .28
<EPS-DILUTED>                                      .28    
        

</TABLE>


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