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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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): APRIL 17, 2000
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JDN REALTY CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
MARYLAND 1-12844 58-1468053
(State or Other (Commission File (I.R.S. Employer
Jurisdiction of Number) Identification
Incorporation) Number)
359 EAST PACES FERRY ROAD
SUITE 400
ATLANTA, GEORGIA 30305
(Address of Principal Executive Offices) (Zip Code)
(404) 262-3252
(Registrant's Telephone Number, including Area Code)
NOT APPLICABLE
(Former Name)
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ITEM 5. OTHER EVENTS.
JDN Realty Corporation (the "Company") is filing this Current
Report on Form 8-K in order to file with the Securities and Exchange Commission
a press release issued by the Company on April 17, 2000. A copy of the related
press release is included as an exhibit to this filing.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(C) EXHIBITS.
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<CAPTION>
Exhibit No. Description
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<S> <C>
99.1 Press Release: JDN REALTY CORPORATION ANNOUNCES EXPIRATION OF
FUNDING AGREEMENTS, ENGAGING FINANCIAL ADVISOR
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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/ John D. Harris, Jr.
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John D. Harris, Jr.
Controller
Date: April 17, 2000
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INDEX TO EXHIBITS
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<CAPTION>
Exhibit No. Description
----------- -----------
<S> <C>
99.1 Press Release: JDN REALTY CORPORATION ANNOUNCES EXPIRATION OF
FUNDING AGREEMENTS, ENGAGING FINANCIAL ADVISOR
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EXHIBIT 99.1
FOR IMMEDIATE RELEASE
CONTACT: CHARLES N. TALBERT
DIRECTOR OF INVESTOR RELATIONS
(404) 262-3252
JDN REALTY CORPORATION ANNOUNCES EXPIRATION
OF FUNDING AGREEMENTS, ENGAGING FINANCIAL ADVISOR
ATLANTA -- (April 17, 2000) -- JDN Realty Corporation (NYSE: JDN) today
announced that the interim funding agreement with its revolving bank group and a
similar agreement with its term bank group expired on Friday, April 14, 2000 as
a result of the inability of the parties to consummate the previously announced
oral agreement for further extension or amendment of the credit agreements.
Under these funding agreements, the bank groups had provided the Company access
to credit on an unsecured basis under its existing credit agreements. Although
the Company will continue to discuss with the bank groups an extension of the
funding agreements or an amendment to the existing credit agreements, there can
be no assurance that any extension or amendment will be agreed to by the Company
and the bank groups. Unless and until such an extension or amendment is agreed
to, the bank groups have the right to declare all indebtedness owing to them to
be due and payable because of the Company's previously announced non-financial
defaults. The failure to obtain an extension or an amendment or alternative
financing will affect the Company and its results of operations and prospects in
a materially adverse manner.
The Company also announced that it is in the process of engaging a
financial advisor to provide the Company with advice on alternative means for
financing its business.
######
JDN Realty Corporation is a real estate company specializing in the
development and asset management of retail shopping centers anchored by
value-oriented retailers. Headquartered in Atlanta, Georgia, the Company owns
and operates directly or indirectly 114 properties, containing approximately
12.8 million square feet of gross leasable area, located in 17 states. The
common stock and preferred stock of JDN Realty Corporation are listed on the New
York Stock Exchange under the symbols "JDN" and "JDNPrA," respectively.
JDN Realty Corporation considers the portions of the information
contained in this release and statements made in connection with this release
with respect to the Company's beliefs and expectations of the outcome of future
events, such as the ability of the Company to negotiate and consummate an
extension or an amendment to its funding or credit agreements, to be
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as
amended. Such statements are, by their nature, subject to certain risks and
uncertainties. We caution you that a number of factors, including but not
limited to the impact of the events described in this release on the Company's
ability to complete current and to initiate future development projects, the
Company's market capitalization and the Company's business prospects and
relationships with its creditors, tenants and employees, the ability to attract
and retain key employees, the impact of any restated financial statements, the
inability to maintain current dividend levels, or any litigation or regulatory
actions taken as a result of the events described
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in this release, may adversely affect the Company's financial condition and
results of operations. Other risks, uncertainties and factors that could
adversely affect the Company's financial condition and results of operations are
detailed from time to time in reports filed by the Company with the Securities
and Exchange Commission, including Forms 8-K, 10-Q and 10-K. JDN Realty
Corporation does not undertake any obligation to release publicly any revisions
to forward-looking statements contained herein to reflect events or
circumstances occurring after the date hereof or to reflect the occurrence of
unanticipated events.
