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): July 27, 1998
BODDIE-NOELL PROPERTIES, INC.
(Exact name of registrant as specified in its charter)
Maryland 1-9496 56-1574675
(State of incorporation) (Commission File Number) (IRS Employer
Identification No.)
3850 One First Union Center, Charlotte, NC 28202
(Address or principal executive offices, Zip Code)
Registrant's telephone number 704/944-0100
Total number of pages: 4
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Item 2. Acquisition or Disposition of Assets
OAK HOLLOW APARTMENTS, CARY, NORTH CAROLINA
Effective July 27, 1998, Boddie-Noell Properties, Inc. (the "Company")
acquired Oak Hollow Apartments, including the property and its operating assets
and liabilities, for an estimated total acquisition cost of approximately $12.3
million, as follows:
-We made cash payments totaling approximately $2.3 million to former
limited partners of Oak Hollow Apartments Limited Partnership.
-We issued approximately 106,000 partnership units in Boddie-Noell
Properties Limited Partnership (the "Operating Partnership"), valued at
approximately $1.5 million, to former limited partners of Oak Hollow Apartments
Limited Partnership.
-We expect to contribute approximately $850,000 to Oak Hollow Apartments
Limited Partnership for payments associated with its liquidation.
-We assumed first and second deed of trust loan obligations totaling
approximately $7.5 million. We have obtained a commitment to refinance this debt
on more favorable terms in the near future.
Oak Hollow is located in Cary, North Carolina and contains 220 one- and
two-bedroom apartments.
WOODS EDGE APARTMENTS, DURHAM, NORTH CAROLINA
Effective June 1, 1998, we acquired Woods Edge Apartments. We acquired
the property and its operating assets and liabilities for an estimated total
acquisition cost of approximately $14.9 million, as follows:
-We made cash payments totaling approximately $2.3 million to former
limited partners of Woods Edge Apartments Limited Partnership of Durham.
-We issued approximately 191,000 partnership units in the Operating
Partnership, valued at approximately $2.8 million, to former limited partners of
Woods Edge Apartments Limited Partnership of Durham.
-We assumed a long-term debt obligation totaling $9.75 million. A deed of
trust and assignment of rents of Woods Edge Apartments secure the loan. The note
payable provides for interest at 6.95% payable in monthly installments and
matures in 2007.
Woods Edge is located in Durham, North Carolina and contains 264 one- and
two-bedroom apartment units.
We are a self-administered and self-managed real estate investment trust
that owns and operates apartment communities in North Carolina and Virginia.
With the acquisitions of Woods Edge Apartments and Oak Hollow Apartments, we
currently own
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and operate 11 apartment communities containing 2,692 units, and have the right
to acquire three additional apartment communities containing 476 units. We also
own 47 restaurant properties, which we lease to a third party under a master
lease on a triple-net basis. In addition, we manage five other apartment
communities through an unconsolidated subsidiary. Our executive offices are
located at 3850 One First Union Center, Charlotte, North Carolina 28202-6032,
telephone 704/944-0100.
The Company is structured as an UPREIT, or umbrella partnership real
estate investment trust. We are the sole general partner and own a controlling
interest in the Operating Partnership, through which we conduct all of our
operations.
Our unconsolidated subsidiary third-party management company previously
managed both of the properties acquired.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Financial Statements of Businesses Acquired.
We will file the audited financial statements required to be filed with
this report on Form 8-K as soon as practicable, but no later than
September 25, 1998.
(b) Pro Forma Financial Information.
We will file the pro forma financial information required to be filed with
this report on Form 8-K as soon as practicable, but no later than
September 25, 1998.
(c) Exhibits.
None.
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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 hereunto duly authorized.
Boddie-Noell Properties, Inc.
(Registrant)
August 7, 1998 by: /s/ Pamela B. Novak
Pamela B. Novak
Vice President, Controller and
Chief Accounting Officer
