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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) October 17, 1996
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SECURITY CAPITAL ATLANTIC INCORPORATED
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(Exact Name of Registrant as Specified in its Charter)
Maryland
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(State or Other Jurisdiction of Incorporation)
1-12303 85-0415503
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(Commission File Number) (I.R.S. Employer Identification No.)
Six Piedmont Center, Atlanta, Georgia 30305
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(Address of Principal Executive Offices) (Zip Code)
(404) 237-9292
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(Registrant's Telephone Number, Including Area Code)
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ITEM 5. OTHER EVENTS
On October 17, 1996, the Registrant announced the closing of the
Homestead Village(R) Merger Agreement.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
99.1 Press Release dated October 17, 1996.
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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.
SECURITY CAPITAL ATLANTIC
INCORPORATED
Dated: October 21, 1996 By: /s/ William Kell
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William Kell
Vice President and Controller
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Exhibit 99.1
Press Release
For Immediate Release
SECURITY CAPITAL ATLANTIC INCORPORATED
Announces
Closing of Homestead Village(R) Merger Agreement
October 17, 1996 -- Security Capital Atlantic Incorporated (ATLANTIC) (New
York Stock Exchange Symbol: SCA) today announced the closing of the merger and
distribution agreement under which its Homestead Village(R) properties have been
spun off to a newly formed company, Homestead Village Incorporated (Homestead).
ATLANTIC also announced that its Board of Trustees declared a distribution
of all 4,201,220 shares of Homestead common stock and warrants to purchase an
additional 2,818,517 Homestead common shares which ATLANTIC received in the
spin-off. The distribution will be payable on November 12, 1996, to shareholders
of record on October 29, 1996. Each ATLANTIC shareholder as of the distribution
record date will receive .110866 shares of Homestead common stock and .074378
Homestead warrants per ATLANTIC common share, plus cash for fractional shares
and warrants.
ATLANTIC is focused on becoming the preeminent real estate operating
company for the development, acquisition, operation and long-term ownership of
multifamily properties in growth areas of the southeastern United States.
ATLANTIC's primary objective is generating long-term sustainable growth in cash
flow. As of August 31, 1996, and giving effect to the Homestead spin-off,
ATLANTIC had 22,257 multifamily units in its portfolio, including 4,966 units
under construction or in planning and owned.
FOR MORE INFORMATION, CONTACT: K. Scott Canon
(800) 820-0181
or
Gerard de Gunzburg
(212) 838-9292
