<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
Walden Residential Properties, Inc.
- -------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, par value $0.01 per share
- -------------------------------------------------------------------------------
(Title of Class of Securities)
931210108
- -------------------------------------------------------------------------------
(CUSIP Number)
Joseph G. Beard
3300 Commerce
Dallas, Texas 75226
(214) 515-7000
- -------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
May 14, 1999
- -------------------------------------------------------------------------------
(Date of Event which Requires Filing
of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
<PAGE>
SCHEDULE 13D
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CUSIP NO. 931210108 PAGE 2 OF 17 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Westdale Properties America I, Ltd.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Texas
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 1,366,600
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
1,366,600
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,366,600
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
5.59%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 931210108 PAGE 3 OF 17 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
JGB Ventures I, Ltd
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
N/A
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Texas
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 1,366,600
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
1,366,600
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,366,600
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
5.59%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 931210108 PAGE 4 OF 17 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
JGB Holdings, Inc.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
N/A
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Texas
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 1,366,600
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
1,366,600
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,366,600
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
5.59%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
CO
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 931210108 PAGE 5 OF 17 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Westdale 2000 Inc.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
N/A
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Canada
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 1,366,600
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
1,366,600
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,366,600
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
5.59%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
CO
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 931210108 PAGE 6 OF 17 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Trivestment Holdings Limited
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
N.A
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Canada
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 1,366,600
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
1,366,600
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,366,600
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
5.59%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
CO
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 931210108 PAGE 7 OF 17 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
657330 Ontario Inc.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
N/A
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Canada
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 1,366,600
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
1,366,600
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,366,600
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
5.59%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
CO
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 931210108 PAGE 8 OF 17 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Joseph G. Beard
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
PF/OO for shares listed in Items 7 & 9 below; not applicable for
shares listed in Items 8 & 10 below
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
USA
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
41,900
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 1,408,500
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
41,900
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
1,408,500
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,408,500
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
5.76%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 931210108 PAGE 9 OF 17 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Ronald Kimel, individual and as sole Trustee for the benefit of the
issue of Manuel Kimel under the Manuel Kimel Family Trust
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
PF/OO for shares listed in Items 7 & 9 below; not applicable for
shares listed in Items 8 & 10 below
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Canadian
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
6,100
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 1,372,700
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
6,100
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
1,372,700
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,372,700
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
5.61%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP NO. 931210108 13D PAGE 10 OF 17 PAGES
SCHEDULE 13D -- AMENDMENT NO. 2
The undersigned hereby amend the Schedule 13D filing made on January 4,
1999 and amended on March 2, 1999 (as amended, the "Schedule 13D") pursuant to
Rule 13d-2(a) of Regulation 13D-G of the General Rules and Regulations under the
Securities Exchange Act of 1934, as amended, as set forth below (terms defined
in the Schedule 13D are used with the same meaning except as otherwise defined
herein):
ITEM 2. IDENTITY AND BACKGROUND.
Item 2 is hereby amended and restated to read in its entirety as follows:
Pursuant to Rule 13d-1(a) of Regulation 13D-G of the General Rules and
Regulations under the Securities Exchange Act of 1934, as amended (the "Act"),
this Schedule 13D Statement is hereby filed by the following persons
(collectively, the "Reporting Persons"): Westdale Properties America I, Ltd., a
Texas limited partnership ("WPA I Ltd."); JGB Ventures I, Ltd., a Texas limited
partnership and the sole general partner of WPA I Ltd. ("JGB I Ltd."); JGB
Holdings, Inc., a Texas corporation and sole general partner of JGB I Ltd. ("JGB
Holdings");Westdale 2000 Inc., an Ontario, Canada corporation ("Westdale 2000");
Trivestment Holdings Limited, an Ontario, Canada corporation and sole
shareholder of Westdale 2000 ("Trivestment"); 657330 Ontario Inc., an Ontario,
Canada corporation and 50% shareholder of Trivestment ("Ontario"); Joseph G.
Beard, a citizen of the United States and sole shareholder of JGB Holdings;
("Beard"); and Ronald Kimel, a Canadian citizen, individually, as sole
shareholder of Ontario and as sole Trustee for the benefit of the issue of
Manuel Kimel under the Manuel Kimel Family Trust ("Kimel").
WPA I Ltd. is a Texas limited partnership, the principal business of which
is to own, operate develop, construct, acquire, and consult in respect of real
estate in the United States. The principal business address of WPA I Ltd.,
which also serves as its principal office, is 3300 Commerce, Dallas, Texas
75226.
JGB I Ltd. is a Texas limited partnership, the principal business of which
is serving as the general partner of WPA I Ltd., serving as the general partner
of Westdale Asset Management, Ltd., a Texas limited partnership, and activities
related thereto. The principal business address of JGB I Ltd., which also
serves as its principal office, is 3300 Commerce, Dallas, Texas 75226.
JGB Holdings is a Texas corporation, the principal business of which is
serving as the general partner of JGB I Ltd. and activities related thereto. The
principal business address of JGB Holdings, which also serves as its principal
office, is 3300 Commerce, Dallas, Texas 75226. Beard is sole director and
President, Vice President and Treasurer of JGB Holdings. It has no other
executive officers.
The principal business of Westdale 2000 is investments. The principal
business address of Westdale 2000, which also serves as its principal office, is
444 Adelaide Street West, Toronto, Ontario M5V 1S7. Kimel is sole director and
President of Westdale 2000. It has no other executive officers.
The principal business of Trivestment is investments. The principal
business address of Trivestment, which also serves as its principal office, is
444 Adelaide Street West, Toronto, Ontario M5V 1S7. Kimel; Manuel Kimel, his
father; Warren Kimel, his brother; and Elkie Adler, his sister, are the
directors of Trivestment, and Manuel Kimel is the President. It has no other
executive officers.
The principal business of Ontario is investments. The principal business
address of Ontario, which also serves as its principal office, is 444 Adelaide
Street West, Toronto,
<PAGE>
CUSIP NO. 931210108 13D PAGE 11 OF 17 PAGES
Ontario M5V 1S7. Kimel is sole director and President of Ontario. It has no
other executive officers.
Beard's principal occupation or employment is serving as the President of
JGB Holdings as general partner of JGB I Ltd. The principal business address of
Beard, which also serves as his principal office, is 3300 Commerce, Dallas,
Texas 75226.
The principal business of Kimel and the Manuel Kimel Family Trust is
investments. The principal business address of Kimel and the Manuel Kimel
Family Trust, which also serves as their principal office, is 444 Adelaide
Street West, Toronto, Ontario M5V 1S7.
The Reporting Persons may be deemed to comprise a "group" within the
meaning of Section 13(d)(3) of the Act, although neither the fact of this filing
nor any of the information contained herein shall be deemed to be an admission
by any of the Reporting Persons that a "group" exists.
During the last five years, none of the Reporting Persons (i) has been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors) or (ii) was a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such proceeding
was or is subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to, federal or
state securities laws or finding any violation with respect to such laws.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Item 3 is hereby amended and restated to read in its entirety as follows:
The source and amount of funds used by WPA I Ltd. to purchase its Stock is
Working Capital of WPA I Ltd. The source and amount of funds used by Westdale
2000 to purchase its Stock is Working Capital of Westdale 2000. As used herein,
the term "Working Capital" includes income from the business operations of the
entity plus sums borrowed from, among other sources, banks and brokerage firm
margin accounts, to operate such business in general. Beard and Kimel used
personal funds and sums borrowed from brokerage firm margin accounts to purchase
their respective shares of Stock.
<PAGE>
CUSIP NO. 931210108 13D PAGE 12 OF 17 PAGES
ITEM 4. PURPOSE OF TRANSACTION.
Item 4 is hereby amended and restated to read in its entirety as follows:
Pursuant to a series of transactions ending on April 8, 1999, WPA I Ltd.
purchased an aggregate of 1,196,600 shares of Stock for an aggregate of
$23,367,044 in cash. The shares of Stock were acquired by WPA I Ltd. for the
purpose of investment.
Pursuant to a series of transactions ending on May 10, 1999, Kimel,
individually, purchased an aggregate of 6,100 shares of Stock for an aggregate
of $140,066 in cash. The shares of Stock were acquired by Kimel for the purpose
of investment.
Pursuant to a series of transactions ending on April 16, 1999, Beard,
individually, purchased an aggregate of 40,500 shares of Stock for an aggregate
of $753,232 in cash. The shares of Stock purchased by Beard individually were
acquired for the purpose of investment.
On November 13, 1998, Beard, through an Individual Retirement Account,
purchased 1,400 shares for $30,244 in cash. The shares of Stock purchased by
Beard through his Individual Retirement Account were acquired for the purpose of
investment.
Pursuant to a series of transactions ending on February 18, 1999, Westdale
2000 purchased for an aggregate of $3,129,613 in cash an aggregate of 170,000
shares of Stock. The shares of Stock purchased by Westdale 2000 were acquired
for the purpose of investment.
Representatives of the Reporting Persons have communicated to the Issuer
their interest in a negotiated transaction with the Issuer in which all of the
outstanding Stock and operating partnership units of the Issuer could be
acquired for cash, and certain real estate and related interests owned by
certain of the Reporting Persons would be acquired by the Issuer or an
affiliated entity. If a transaction were effected, the Reporting Persons could
control the Issuer.
Subject to the foregoing, the Reporting Persons intend to continue to
evaluate the Issuer's business, prospects and financial condition, the market
for the Stock, monetary and stock market conditions and other further
developments. As a part of such evaluation, one or more of the Reporting
Persons may participate in meetings or hold discussions with the Issuer's
management, other security holders of the Issuer and other persons in which the
Reporting Persons may express their views with respect to potential changes in
the operations, assets, capital structure or ownership of the Issuer. Such
expression of views may relate to one or more of the transactions specified in
clauses (a) through (j) of Item 4 of the Schedule 13D form.
Depending upon, among other things, the factors set forth above, the
Reporting Persons reserve the right to (i) dispose of all or part of their
investment in the Stock at any time, (ii) acquire additional equity securities
of the Issuer or its affiliates by tender offer, in the open market, in private
<PAGE>
CUSIP NO. 931210108 13D PAGE 13 OF 17 PAGES
transactions or otherwise, (iii) propose a merger or other business combination
with the Issuer or its affiliates, (iv) seek control of the Issuer by stock
ownership or otherwise, or (v) to take any other action with respect to the
Issuer.
Except as set forth in this Item 4, the Reporting Persons have no present
plans or proposals that relate to or that would result in any of the following
actions:
(a) The acquisition by any person of additional securities of the Issuer,
or the disposition of securities of the Issuer;
(b) An extraordinary corporate transaction, such as a merger,
reorganization or liquidation, involving the Issuer or any of its subsidiaries;
(c) A sale or transfer of a material amount of assets of the Issuer or any
of its subsidiaries;
(d) Any change in the present board of directors or management of the
Issuer, including any plans or proposals to change the number or term of
directors or to fill any existing vacancies on the board;
(e) Any material change in the present capitalization or dividend policy of
the Issuer;
(f) Any other material change in the Issuer's business or corporate
structure;
(g) Changes in the Issuer's charter, bylaws or instruments corresponding
thereto or other actions which may impede the acquisition of control of the
Issuer by any person;
(h) Causing a class of securities of the Issuer to be delisted from a
national securities exchange or to cease to be authorized to be quoted in an
inter-dealer quotation system of a registered national securities association;
(i) A class of equity securities of the Issuer becoming eligible for
termination of registration pursuant to Section 12(g)(4) of the Act; or
(j) Any action similar to any of those enumerated above.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
Item 5 is hereby amended and restated to read in its entirety as follows:
Pursuant to Rule 13d-3(a), at the close of business on May 14, 1999, each
of WPA I Ltd. and Westdale 2000 may be deemed to be the beneficial owner of
1,366,600 shares of the Stock, which constitutes approximately 5.59% of the
24,447,817 shares of the Stock outstanding on April 15, 1999, according to
information contained in the Issuer's Form 10-Q Report dated May 11, 1999 (the
<PAGE>
CUSIP NO. 931210108 13D PAGE 14 OF 17 PAGES
"Outstanding Shares"). Each of the Reporting Persons, either directly or
indirectly, has or shares the power to vote or to direct the vote and to dispose
or to direct the disposition of, such shares of Stock.
Each of JGB I Ltd., as the sole general partner of WPA I Ltd., JGB
Holdings, as the sole general partner of JGB I Ltd., Trivestment, as the sole
shareholder of Westdale 2000, and Ontario, as the 50% shareholder of
Trivestment, pursuant to Rule 13d-3 of the Act, may be deemed to be the
beneficial owner of 1,366,600 shares of the Stock, which constitutes
approximately 5.59% of the Outstanding Shares. Each of such persons, either
directly or indirectly, may have or share the power to vote or to direct the
vote, and to dispose of or to direct the disposition of, such shares of Stock.
Kimel, individually, as sole shareholder of Ontario and as sole Trustee for
the benefit of the issue of Manuel Kimel under the Kimel Family Trust, pursuant
to Rule 13d-3 of the Act, may be deemed to be the beneficial owner of 1,372,700
shares of the Stock, which constitutes approximately 5.61% of the Outstanding
Shares and consists of (i) all of the shares described in the preceding
paragraphs and (ii) 6,100 additional shares of Stock beneficially owned by Kimel
separately. Kimel, either directly or indirectly, may have or share the power
to vote or direct the vote and to dispose of or to direct the disposition of,
such shares of Stock.
Beard, individually and as sole shareholder of JGB Holdings, pursuant to
Rule 13d-3 of the Act, may be deemed to be the beneficial owner of 1,408,500
shares of the Stock, which constitutes approximately 5.76% of the Outstanding
Shares and consists of (i) all of the shares described in the preceding
paragraphs, with the exception of the immediately preceding paragraph describing
Kimel's ownership, and (ii) 41,900 additional shares of Stock beneficially owned
by Beard separately. Beard, either directly or indirectly, may have or share
the power to vote or direct the vote and to dispose of or to direct the
disposition of, such shares of Stock.
Since March 1, 1999, the Reporting Persons have purchased shares of Stock
in open market transactions on the New York Stock Exchange as follows:
Date Purchaser Shares Price
- ------- ------------ ------ -------
- --------------------------------------
3/1/99 WPA I Ltd. 10,000 16.5625
- --------------------------------------
3/17/99 WPA I Ltd. 15,000 17.625
- --------------------------------------
3/17/99 WPA I Ltd. 21,100 17.6875
- --------------------------------------
3/18/99 WPA I Ltd. 19,400 17.6875
- --------------------------------------
3/19/99 WPA I Ltd. 2,500 17.625
- --------------------------------------
3/19/99 WPA I Ltd. 500 17.5625
- --------------------------------------
3/23/99 WPA I Ltd. 5,500 17.5625
<PAGE>
CUSIP NO. 931210108 13D PAGE 15 OF 17 PAGES
Date Purchaser Shares Price
- ------- ------------ ------ -------
- --------------------------------------
3/23/99 WPA I Ltd. 15,000 17.6875
- --------------------------------------
3/25/99 WPA I Ltd. 15,000 17.875
- --------------------------------------
3/29/99 WPA I Ltd. 4,100 17.875
- --------------------------------------
4/6/99 WPA I Ltd. 1,600 17.625
- --------------------------------------
4/7/99 WPA I Ltd. 3,400 17.625
- --------------------------------------
4/7/99 WPA I Ltd. 9,200 17.5625
- --------------------------------------
4/8/99 WPA I Ltd. 10,000 17.25
- --------------------------------------
4/8/99 WPA I Ltd. 10,000 17.5
- --------------------------------------
4/14/99 Beard 18,000 17.5
- --------------------------------------
4/16/99 Beard 7,000 18.25
- --------------------------------------
5/10/99 Kimel 2,000 19.938
- --------------------------------------
<PAGE>
CUSIP NO. 931210108 13D PAGE 16 OF 17 PAGES
SIGNATURES
After reasonable inquiry and to the best of the knowledge and belief of the
undersigned, the undersigned certify that the information set forth in this
statement is true, complete and correct.
DATED: May 17, 1999
WESTDALE PROPERTIES AMERICA I, LTD., a Texas limited
partnership
By: JGB Ventures I, Ltd., a Texas limited partnership
Its: General Partner
By: JGB Holdings, Inc., a Texas corporation
Its: General Partner
By: /s/ Joseph G. Beard
Its: President
JGB VENTURES I, LTD., a Texas limited partnership
By: JGB Holdings, Inc., a Texas corporation
Its: General Partner
By: /s/ Joseph G. Beard
Its: President
JGB HOLDINGS, INC., a Texas corporation
By: /s/ Joseph G. Beard
Its: President
/s/ Joseph G. Beard
Joseph G. Beard
/s/ *
-------------------------------------------------
Ronald Kimel as sole Trustee for the benefit of
the issue of Manuel Kimel under the Manuel
Kimel Family Trust
<PAGE>
CUSIP NO. 931210108 13D PAGE 17 OF 17 PAGES
WESTDALE 2000, INC.
By: *
-------------------------------------
TRIVESTMENT HOLDINGS LIMITED
By: *
-------------------------------------
657330 ONTARIO INC.
By: *
-------------------------------------
*
------------------------------------------
Ronald Kimel
* By /s/ Joseph G. Beard, Attorney-in-Fact
