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): March 10, 2000
CORNERSTONE REALTY INCOME TRUST, INC.
(Exact name of registrant as specified in its charter)
VIRGINIA 1-12875 54-1589139
(State of (Commission (IRS Employer
incorporation) File Number) Identification No.)
306 East Main Street
Richmond, Virginia 23219
(Address of principal Zip Code)
executive offices)
Registrant's telephone number, including area code:
(804) 643-1761
<PAGE>
CORNERSTONE REALTY INCOME TRUST, INC.
FORM 8-K
Index
Item 5. Other Events.
Item 7. Exhibits.
Exhibits:
99 Press Release dated March 13, 2000 announcing the
sale by Cornerstone Realty Income Trust, Inc. of
16 apartment communities.
<PAGE>
Item 5. Other Events
On March 13, 2000, Cornerstone Realty Income Trust, Inc.
("Cornerstone") issued a Press Release (attached as an Exhibit to this Report)
announcing that it had sold 16 apartment communities.
<PAGE>
SIGNATURE
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.
Cornerstone Realty Income Trust, Inc.
Date: March 14, 2000 By: /s/ Stanley J. Olander, Jr.
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Stanley J. Olander, Jr.
Chief Financial Officer
Cornerstone Realty Income Trust, Inc.
<PAGE>
Index to Exhibits
Exhibit No. Exhibit
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99 Press Release dated March 13, 2000 announcing the sale by
Cornerstone Realty Income Trust, Inc. of 16 apartment
communities.
EXHIBIT 99
CORNERSTONE REALTY INCOME TRUST, INC.
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FOR IMMEDIATE RELEASE
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Cornerstone Closes Sale of 16 Communities for $136.5 Million
Richmond, Virginia, March 13, 2000 - Cornerstone Realty Income Trust
(NYSE:TCR) today announced that on March 10, 2000 they closed the sale of 16
communities containing 3,609 apartment homes for $136.5 Million.
Cornerstone will use the net sale proceeds to pay down the Company's
existing variable rate line of credit and to fund a $35 million 1031 tax free
exchange qualified investment. This transaction will bring Cornerstone's debt to
total market capitalization to less than 20%. In addition, over 70% of the
company's total debt has average maturities exceeding five years and fixed
interest rates averaging approximately 7%.
The sale will also allow Cornerstone to aggressively pursue its
previously announced stock repurchase program. The Company has purchased to date
approximately $12 million of its planned $50 million stock repurchase program.
Certain statements contained herein constitute "forward-looking
statements" within the meaning of the Securities Act of 1933 and the Securities
Exchange Act of 1934. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors that may cause the future results,
performance or achievements of the Company to be materially different from any
forward-looking statements. Although the Company expects the events described
above to occur as indicated, they are subject to certain conditions which could
delay or change their completion, or result in the sale and other events not
occurring at all.
Cornerstone Realty Income Trust, Inc. is a fully integrated,
self-managed and self-advised real estate company that has operated as a REIT
since 1993. The Company focuses on the ownership and management of multi-family
properties in select markets in Virginia, North Carolina, South Carolina,
Georgia and Texas. Currently, the Company currently owns 71 multifamily
properties containing 17,356 apartment homes. For additional information please
contact Glade M. Knight, Chairman and Chief Executive Officer, S. J. Olander,
Executive Vice President and Chief Financial Officer, David S. McKenney, Senior
Vice President of Corporate Services or Krissy Gathright, Assistant Vice
President of Corporate Services at (804) 643-1761. Further information on
Cornerstone may be found on our web site at: HTTP://WWW.CORNERSTONEREIT.COM.
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