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
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CORNERSTONE REALTY INCOME TRUST, INC.
FORM 8-K
Index
Page
Item 2. Acquisition or Disposition of Assets 3
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Item 2. Acquisition or Disposition of Assets
On March 10, 2000, Cornerstone Realty Income Trust, Inc. and certain of its
subsidiaries (collectively, the "Company") sold the following properties:
<TABLE>
<CAPTION>
Number of Date Acquired by
Property Apartment Units the Company State Metro Area
<S> <C> <C> <C> <C>
Savannah West 456 July 1996 Georgia Augusta
West Eagle Greens 165 March 1996 Georgia Augusta
Hanover Landing 192 August 1995 North Carolina Charlotte
Sailboat Bay 358 November 1995 North Carolina Charlotte
Wind Lake 299 April 1995 North Carolina Greensboro
The Hollows 176 June 1993 North Carolina Raleigh
Paces Arbor 101 March 1997 North Carolina Raleigh
Paces Forest 117 March 1997 North Carolina Raleigh
Wimbledon Chase 192 February 1994 North Carolina Wilmington
Chase Mooring 224 August 1994 North Carolina Wilmington
Osprey Landing 176 November 1995 North Carolina Wilmington
Polo Club 365 June 1993 South Carolina Greenville
Magnolia Run 212 June 1995 South Carolina Greenville
Breckinridge 236 June 1995 South Carolina Greenville
County Green 180 December 1993 Virginia Lynchburg
Bay Watch Pointe 160 July 1995 Virginia Charlotte
---------
Total 3,609
</TABLE>
The sale price was $136.5 million and the purchasers were Alliance MD
Portfolio I, L.L.C. and Alliance MD Portfolio II, L.L.C., both Delaware limited
liability companies (the "Purchasers"). The purchase price was paid $134 million
in cash and the balance with an unsecured promissory note issued by an affiliate
of the Purchasers and payable interest only out of cash flow from the properties
remaining after the payment of senior debt and other specified costs and
expenses. The principal balance is due at the end of five years but only after
payment of all debt incurred to finance the purchase of the properties from the
Company. The Company intends to mark this promissory note to its fair market
value for financial accounting purposes. The purchasers were not affiliated with
the Company, any of its affiliates, any director or officer of the Company, or
any associate of any such director or officer.
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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 27, 2000 By: /s/ Stanley J. Olander, Jr.
----------------------------
Stanley J. Olander, Jr.
Chief Financial Officer
Cornerstone Realty Income Trust, Inc.
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