<PAGE> 1
Filed Pursuant To Rule 424(b)(3)
Registration No. 333-24669
Prospectus Supplement to Prospectus dated April 7, 1997
Summit Properties Inc.
589,792 Shares of Common Stock
Unless the context otherwise requires, all references to "we," us" or
"our company" in this prospectus supplement refer collectively to Summit
Properties Inc., a Maryland corporation, and its subsidiaries, including Summit
Properties Partnership, L.P., a Delaware limited partnership, and their
respective predecessor entities for the applicable periods, considered as a
single enterprise.
This prospectus supplement updates the information we provided in our
prospectus dated April 7, 1997 relating to 589,792 shares of our common stock
that we have issued or may issue in the future when we redeem units of limited
partnership interest in Summit Properties Partnership, L.P. This prospectus
supplement is not complete without the prospectus, and we have not authorized
anyone to deliver or use this prospectus supplement without the prospectus.
Unless we indicate otherwise, the information in this prospectus supplement is
as of November 5, 1999.
We are providing this prospectus supplement to update the table in the
prospectus under the caption "Selling Stockholders" to include information
relating to Douglas A. Hoeksema in connection with a particular redemption of
units and transfer of the balance thereof to Susan A. Hoeksema:
<TABLE>
<CAPTION>
Units Owned as
Shares of of November 5,
Common 1999 that may be
Stock Owned Shares Redeemed for
as of Offered Shares at Summit Percent of all
November 5, by This Properties Inc.'s Common Percent of all
Name 1999 Prospectus Option (1) Stock (2) Shares/Units (3)
- ---- ----------- ---------- ----------------- -------------- ----------------
<S> <C> <C> <C> <C> <C>
Douglas A. Hoeksema 3,100 0 0 * *
Susan A. Hoeksema 0 0 13,374 * *
</TABLE>
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* Less than one percent.
(1) All units listed in this column can be redeemed on a one-for-one basis for
shares of our common stock under certain conditions. Upon such redemption all
such shares of common stock may be offered for sale pursuant to this prospectus.
(2) Assumes that all units held by the above selling stockholder are redeemed
for shares of common stock. The total number of shares of common stock
outstanding used in calculating this percentage assumes that none of the units
held by other persons are redeemed for shares of common stock.
(3) Assumes that all units held by the selling stockholder are redeemed for
shares of common stock. The total number of shares of common stock outstanding
used in calculating this percentage includes the total number of shares of
common stock outstanding and the total number of units outstanding held by
persons other than us.
The date of this prospectus supplement is November 23, 1999.
