<PAGE> 1
- --------------------------------------------------------------------------------
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): February 10, 1998
-----------------------------
JDN REALTY CORPORATION
(Exact name of registrant as specified in its charter)
MARYLAND 1-12844 58-1468053
- ---------------- ------------- ------------------
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
3340 PEACHTREE ROAD, N.E. 30326
SUITE 1530 (Zip Code)
ATLANTA, GEORGIA
(Address, including zip code, of principal executive offices)
(404) 262-3252
----------------------------------------------------
(Registrant's telephone number, including area code)
NOT APPLICABLE
(FORMER NAME)
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<PAGE> 2
ITEM 5. OTHER EVENTS AND INFORMATION.
The Financial Accounting Standards Board has issued Statement No. 128,
Earnings Per Share (the "New Standard"), which is effective for financial
statements for periods ending after December 15, 1997. The New Standard requires
the restatement of prior period earnings per share and requires the disclosure
of additional supplemental information detailing the calculation of earnings per
share. JDN Realty Corporation (the "Registrant") has provided, in an exhibit to
this Form 8-K, restated earnings per share for the Registrant's Annual Report on
Form 10-K for the year ended December 31, 1996 and the Registrant's Quarterly
Reports on Form 10-Q for each of the first three quarters of 1997.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(C.) EXHIBITS.
<TABLE>
<CAPTION>
Exhibit No. Description
- ----------- -----------
<S> <C>
99.1 Earnings per Share, Restated for FAS No. 128
</TABLE>
<PAGE> 3
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.
JDN REALTY CORPORATION
By: /s/ William J. Kerley
-----------------------------
William J. Kerley
Chief Financial Officer
Date: February 10, 1998
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit No. Description
- ----------- -----------
<S> <C>
99.1 Earnings per Share, Restated for FAS No. 128
</TABLE>
<PAGE> 1
EXHIBIT 99.1
THE TABLE BELOW CONTAINS SELECTED FINANCIAL DATA RELATED TO NET INCOME PER SHARE
AND WEIGHTED AVERAGE SHARES OUTSTANDING FROM THE 1996 ANNUAL REPORT ON FORM 10-K
OF JDN REALTY CORPORATION (THE "REGISTRANT"), WHICH HAS BEEN RESTATED TO PRESENT
THE EFFECTS OF FINANCIAL ACCOUNTING STANDARDS BOARD STATEMENT NO. 128, EARNINGS
PER SHARE (THE "NEW STANDARD").
<TABLE>
<CAPTION>
Years Ended December 31,
---------------------------------------------------------
Pro Forma (1)
1996 1995 1994 1994 1993 1992
- --------------------------------------------------------------------------------------------------
Per Share Data
<S> <C> <C> <C> <C> <C> <C>
Net income per share-basic $ 1.50 $1.22 $ .93 -- -- --
Net income per share-diluted $ 1.50 $1.22 $ .93 -- -- --
Weighted average number shares
outstanding (in thousands)
Basic 11,086 8,819 7,531 -- -- --
Diluted 11,143 8,820 7,531 -- -- --
</TABLE>
(1) Proforma information represents the results of operations as if the
Company's initial public offering and related transactions had been completed on
January 1, 1994.
Earnings per share data for 1994 and prior periods are not relevant because the
results of operations include the period prior to the Registrant's initial
public offering, which represents combined operations of partnerships and
corporations. Net income per share for the period subsequent to the
Registrant's initial public offering, March 29, 1994 to December 31, 1994, was
$.42 basic and $.42 diluted based on 7,530,844 shares and 7,530,844 shares
outstanding, respectively.
THE TABLE BELOW CONTAINS FOOTNOTE 13 TO THE QUARTERLY FINANCIAL INFORMATION
(UNAUDITED) FROM THE REGISTRANT'S 1996 ANNUAL REPORT ON FORM 10-K, WHICH HAS
BEEN RESTATED TO PRESENT THE EFFECTS OF THE NEW STANDARD.
The following is a summary of the unaudited quarterly financial information for
the years ended December 31, 1996 and 1995:
<TABLE>
<CAPTION>
Quarter
---------------------------------------
First Second Third Fourth
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1996:
Per share:
Net income-basic $ .35 $ .38 $ .39 $ .39
-diluted $ .35 $ .38 $ .39 $ .38
1995:
Per share (1):
Income before extraordinary items $ .28 $ .25 $ .33 $ .40
Net income $ .28 $ .25 $ .28 $ .40
</TABLE>
(1) Basic and diluted are identical.
<PAGE> 2
THE TABLE BELOW CONTAINS NET INCOME PER SHARE AND WEIGHTED AVERAGE SHARES
OUTSTANDING FROM THE REGISTRANT'S MARCH 31, JUNE 30, AND SEPTEMBER 30, 1997
FILINGS ON FORM 10-Q WHICH HAVE BEEN RESTATED TO PRESENT THE EFFECTS OF THE NEW
STANDARD.
<TABLE>
<CAPTION>
Per share data
---------------------------------------------------------- Weighted average
Income before shares outstanding
extraordinary items Extraordinary items Net income (In thousands)
------------------------------------------------------------------------------
Basic Basic Basic Basic
------------------------------------------------------------------------------
March 31, 1997 Form 10-Q:
<S> <C> <C> <C> <C>
Three months ended March 31, 1997 -- -- $ .40 13,617
Three months ended March 31, 1996 -- -- $ .35 10,386
June 30, 1997 Form 10-Q:
Three months ended June 30, 1997 $ .44 $(.03) $ .41 15,460
Three months ended June 30, 1996 -- -- $ .38 11,012
Six months ended June 30,1997 $ .84 $(.03) $ .81 14,543
Six months ended June 30,1996 -- -- $ .73 10,699
September 30, 1997 Form 10-Q:
Three months ended September 30, 1997 $ .46 $(.36) $ .10 15,467
Three months ended September 30, 1996 -- -- $ .39 11,012
Nine months ended September 30,1997 $1.30 $(.40) $ .90 14,854
Nine months ended September 30,1996 -- -- $1.12 10,804
<CAPTION>
Per share data
-------------------------------------------------------------- Weighted average
Income before shares outstanding
extraordinary items Extraordinary items Net income (In thousands)
---------------------------------------------------------------------------------
Diluted Diluted Diluted Diluted
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
March 31, 1997 Form 10-Q:
Three months ended March 31, 1997 -- -- $ .40 13,822
Three months ended March 31, 1996 -- -- $ .35 10,423
June 30, 1997 Form 10-Q:
Three months ended June 30, 1997 $ .43 $(.03) $ .40 15,688
Three months ended June 30, 1996 -- -- $ .38 11,026
Six months ended June 30,1997 $ .83 $(.03) $ .80 14,760
Six months ended June 30,1996 -- -- $ .73 10,720
September 30, 1997 Form 10-Q:
Three months ended September 30, 1997 $ .45 $(.35) $ .10 15,804
Three months ended September 30, 1996 -- -- $ .39 11,059
Nine months ended September 30,1997 $1.28 $(.40) $ .88 15,107
Nine months ended September 30,1996 -- -- $1.12 10,830
</TABLE>
<PAGE> 3
THE TABLE BELOW PRESENTS ADDITIONAL REQUIRED DISCLOSURES UNDER THE NEW STANDARD
FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994.
<TABLE>
<CAPTION>
1996 1995 1994
---------------------------------------------------------
<S> <C> <C> <C>
Numerator:
Income before extraordinary items $ 16,682,085 $ 11,268,306 $ 5,092,490
Extraordinary items -- (531,027) (2,092,248)
------------ ------------ -------------
Net income $ 16,682,085 $ 10,737,279 $ 3,000,242
------------ ------------ -------------
Denominator:
Denominator for basic earnings per share -
weighted-average shares 11,085,835 8,819,303 7,530,844
Effect of dilutive securities:
Employee stock options 57,216 444 --
------------ ------------ -------------
Denominator for diluted earnings per share -
adjusted weighted-average shares 11,143,051 8,819,747 $ 7,530,844
============ ============ =============
Income per share - basic:
Income before extraordinary items $ 1.50 $ 1.28
Extraordinary items -- $ ( .06)
------------ ------------
Net income $ 1.50 $ 1.22
============ ============
Income per share - diluted:
Income before extraordinary items $ 1.50 $ 1.28
Extraordinary items -- $ (.06)
------------- ------------
Net income $ 1.50 $ 1.22
============= ============
</TABLE>
Earnings per share data for 1994 are not relevant because the results of
operations include the period prior to the Registrant's initial public offering,
which represents combined operations of partnerships and corporations. Net
income per share for the period subsequent to the Registrant's initial public
offering, March 29, 1994 to December 31,1994, was $.42 basic and $.42 diluted
based on 7,530,844 shares and 7,530,844 shares outstanding, respectively.
Options to purchase 48,000, 629,813 and 645,813 shares of common stock at
December 31, 1996, 1995 and 1994, respectively, were outstanding but were not
included in the computation of diluted earnings per share because the option's
exercise price was greater than the average market price of the common shares
and, therefore, the effect would be antidilutive.
<PAGE> 4
THE TABLE BELOW PRESENTS THE REQUIRED DISCLOSURES UNDER FINANCIAL ACCOUNTING
STANDARDS BOARD STATEMENT NO. 128 FOR THE THREE MONTHS ENDED MARCH 31, 1997
AND 1996.
The following table sets forth the computation of basic and diluted earnings per
share:
<TABLE>
<CAPTION>
Three Months Ended
March 31, 1997 March 31, 1996
---------------------------------
<S> <C> <C>
Numerator:
Income before extraordinary items $5,503,000 $ 3,618,000
Extraordinary items -- --
---------- -----------
Net income $5,503,000 $ 3,618,000
---------- -----------
Denominator:
Denominator for basic earnings per share -
weighted-average shares 13,616,930 10,385,680
Effect of dilutive securities:
Employee stock options 205,553 37,704
----------- -----------
Denominator for diluted earnings per share -
adjusted weighted-average shares 13,822,483 10,423,384
=========== ===========
Income per share - basic:
Income before extraordinary items $ .40 $ .35
Extraordinary items -- --
----------- -----------
Net income $ .40 $ .35
=========== ===========
Income per share - diluted:
Income before extraordinary items $ .40 $ .35
Extraordinary items -- --
----------- -----------
Net income $ .40 $ .35
=========== ===========
</TABLE>
Options to purchase 12,000 and 63,000 shares of common stock for the three
months ended March 31, 1997 and 1996 respectively, were outstanding but were not
included in the computation of diluted earnings per share because the option's
exercise price was greater than the average market price of the common shares
and, therefore, the effect would be antidilutive.
<PAGE> 5
THE TABLE BELOW PRESENTS THE REQUIRED DISCLOSURES UNDER FINANCIAL ACCOUNTING
STANDARDS BOARD STATEMENT NO. 128 FOR THE THREE AND SIX MONTHS ENDED JUNE 30,
1997 AND 1996.
The following table sets forth the computation of basic and diluted earnings per
share:
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, 1997 June 30, 1996 June 30, 1997 June 30, 1996
------------------------------ -----------------------------
<S> <C> <C> <C> <C>
Numerator:
Income before extraordinary items $ 6,726,000 $ 4,155,000 $12,229,000 $ 7,773,000
Extraordinary items (401,000) -- (401,000) --
----------- ----------- ----------- -----------
Net income $ 6,325,000 $ 4,155,000 $11,828,000 $ 7,773,000
----------- ----------- ----------- -----------
Denominator:
Denominator for basic earnings per
share-weighted-average shares 15,459,597 11,012,054 14,543,354 10,698,867
Effect of dilutive securities:
Employee stock options 228,278 13,758 217,133 21,537
----------- ----------- ----------- -----------
Denominator for diluted earnings
per share-adjusted weighted-
average shares 15,687,875 11,025,812 14,760,487 10,720,404
=========== =========== =========== ===========
Income per share-basic:
Income before extraordinary items $ .44 $ .38 $ .84 $ .73
Extraordinary items $ (.03) -- $ (.03) $ --
----------- ----------- ----------- -----------
Net income $ .41 $ .38 $ .81 $ .73
=========== =========== ============ ===========
Income per share-diluted:
Income before extraordinary items $ .43 $ .38 $ .83 $ .73
Extraordinary items $ (.03) -- $ (.03) --
----------- ----------- ----------- -----------
Net income $ .40 $ .38 $ .80 $ .73
=========== =========== =========== ===========
</TABLE>
Options to purchase 2,500 and 636,813, shares of common stock for the three
months ended June 30, 1997 and 1996 respectively and 2,500 and 636,813 shares of
common stock for the six months ended June 30, 1997 and 1996, respectively, were
outstanding but were not included in the computation of diluted earnings per
share because the option's exercise price was greater than the average market
price of the common shares and, therefore, the effect would be antidilutive.
<PAGE> 6
THE TABLE BELOW PRESENTS THE REQUIRED DISCLOSURES UNDER FINANCIAL ACCOUNTING
STANDARDS BOARD STATEMENT NO. 128 FOR THE THREE AND NINE MONTHS ENDED
SEPTEMBER 30, 1997 AND 1996.
The following table sets forth the computation of basic and diluted earnings per
share:
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, 1997 September 30, 1996 September 30, 1997 September 30, 1996
--------------------------------------- -------------------------------------
<S> <C> <C> <C> <C>
Numerator:
Income before extraordinary items $ 7,078,000 $ 4,311,000 $ 19,307,000 $ 12,084,000
Extraordinary items (5,539,000) -- (5,940,000) --
------------ ------------ ------------- ------------
Net income $ 1,539,000 $ 4,311,000 $ 13,367,000 $ 12,084,000
------------ ------------ ------------- ------------
Denominator:
Denominator for basic earnings per share -
weighted-average shares 15,466,524 11,012,054 14,854,459 10,804,025
Effect of dilutive securities:
Employee stock options 337,336 47,217 252,710 26,223
------------ ------------ ------------- ------------
Denominator for diluted earnings per share -
adjusted weighted-average shares 15,803,860 11,059,271 15,107,169 10,830,248
============ ============ ============= ============
Income per share - basic:
Income before extraordinary items $ .46 $ .39 $ 1.30 $ 1.12
Extraordinary items $ (.36) $ -- $ (.40) $ --
------------ ------------ ------------- ------------
Net income $ .10 $ .39 $ .90 $ 1.12
============ ============ ============= ============
Income per share - diluted:
Income before extraordinary items $ .45 $ .39 $ 1.28 $ 1.12
Extraordinary items $ (.35) $ -- $ (.40) --
------------ ------------ ------------- ------------
Net income $ .10 $ .39 $ .88 $ 1.12
============ ============ ============= ============
</TABLE>
Options to purchase 0 and 48,000 shares of common stock for the three months
ended September 30, 1997 and 1996 respectively, and 940,000 and 57,000 shares of
common stock for the nine months ended September 30, 1997 and 1996 respectively
were outstanding but were not included in the computation of diluted earnings
per share because the option's exercise price was greater than the average
market price of the common shares and, therefore, the effect would be
antidilutive.
<PAGE> 7
THE TABLE BELOW PRESENTS THE REQUIRED DISCLOSURES UNDER FINANCIAL ACCOUNTING
STANDARDS BOARD STATEMENT NO. 128 FOR THE THREE AND TWELVE MONTHS ENDED
DECEMBER 31, 1997 AND 1996.
The following table sets forth the computation of basic and diluted earnings per
share:
<TABLE>
<CAPTION>
Three Months Ended Twelve Months Ended
December 31, 1997 December 31, 1996 December 31, 1997 December 31, 1996
--------------------------------------- -------------------------------------
<S> <C> <C> <C> <C>
Numerator:
Income before extraordinary items 7,926,000 4,598,000 27,233,000 16,682,000
Extraordinary items -- -- (5,940,000) --
------------ ------------ ------------- ------------
Net income 7,926,000 4,598,000 21,293,000 16,682,000
------------ ------------ ------------- ------------
Denominator:
Denominator for basic earnings per share -
weighted-average shares 16,929,366 11,925,141 15,377,449 11,085,835
Effect of dilutive securities:
Employee stock options 339,316 141,573 267,598 57,216
------------ ------------ ------------- ------------
Denominator for diluted earnings per share -
adjusted weighted-average shares 17,268,682 12,066,714 15,645,047 11,143,051
============ ============ ============= ============
Income per share - basic:
Income before extraordinary items $ .47 $ .39 $ 1.77 $ 1.50
Extraordinary items -- -- $ (.39) --
------------ ------------ ------------- ------------
Net income $ .47 $ .39 $ 1.38 $ 1.50
============ ============ ============= ============
Income per share - diluted:
Income before extraordinary items $ .46 $ .38 $ 1.74 $ 1.50
Extraordinary items -- -- $ (.38) --
------------ ------------ ------------- ------------
Net income $ .46 $ .38 $ 1.36 $ 1.50
============ ============ ============= ============
</TABLE>
Options to purchase 0 and 0 shares of common stock for the three months ended
December 31, 1997 and 1996 respectively and 940,000 and 48,000 shares of common
stock for the twelve months ended December 31, 1997 and 1996, respectively, were
outstanding but were not included in the computation of diluted earnings per
share because the option's exercise price was greater than the average market
price of the common shares and, therefore, the effect would be antidilutive.
