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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 AND EXCHANGE ACT OF 1934
December 22, 1997
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Date of Report (Date of Earliest Event Reported)
TRANSCONTINENTAL REALTY INVESTORS, INC.
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(Exact Name of Registrant as Specified in its Charter)
Nevada 0-13291 94-6565852
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(State of Incorporation) (Commission (IRS Employer
File No.) Identification No.)
10670 North Central Expressway, Suite 300, Dallas, TX 75231
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(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (214) 692-4700
Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On December 22, 1997, Transcontinental Realty Investors, Inc. (the "Company" or
"Registrant") purchased the Fairpark Apartments, a 49 unit apartment complex in
Los Angeles, California, for $2.0 million, approximately .8% of the Company's
assets at December 31, 1996. The seller of the property was Ulico Fair Park
Partnership, L.P.
Also on December 22, 1997, the Company purchased the Villa Piedra Apartments, a
132 unit apartment complex in Los Angeles, California, for $4.7 million,
approximately 1.9% of the Company's assets at December 31, 1996. The seller of
the property was Ulico Villa Piedra Partnership.
On December 30, 1997, the Company purchased the Lexington Center, a 74,603
square foot office building in Colorado Springs, Colorado, for $5.3 million,
approximately 2.2% of the Company's assets at December 31, 1996. The seller of
the property was The Navigators.
Also on December 30, 1997, the Company purchased the Timbers Apartments, a 180
unit apartment complex in Tyler, Texas, for $2.3 million, approximately .9% of
the Company's assets at December 31, 1996. The seller of the property was John
Hancock Mutual Life Insurance Company.
In addition to the Fairpark Apartments, Villa Piedra Apartments, Lexington
Center and Timbers Apartments acquisitions discussed above, the Company has
purchased seven apartment complexes, one in Phoenix, Arizona in March 1997, one
in Houston, Texas also in March 1997, one in Irving, Texas in May 1997, one in
Sterling, Virginia also in May 1997, one in Fort Worth, Texas in September
1997, one in Phoenix, Arizona in October 1997 and one in Odessa, Texas also in
October 1997. The Company has also purchased two office buildings, one in
Houston, Texas in March 1997 and the other in Bonita, California in September
1997, and one warehouse facility in Fort Worth, Texas in October 1997. These
properties were purchased for a total of $45.0 million and represent
approximately 17.75% of the Company's assets at December 31, 1996. The Company
paid a total of $15.1 million in cash and financed the remainder of the
purchase prices. The mortgages secured by the properties bear interest at
variable rates ranging from 8.07% to 10.5% per annum and mature in June 1998 to
October 2007.
In 1997, the Company has also sold two retail centers, one in February 1997 and
one in November 1997, a parcel of land in February 1997, a single family
dwelling in April 1997 and an office building in December 1997. In connection
with these sales, the Company received net cash totaling $27.7 million.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
The sellers have informed the Company that audited financial statements and
supporting data relating to their respective property's operations are not
available. It is, therefore, impracticable to provide the required audited
statement of operations for the properties acquired or pro forma financial
information. The required information will be filed by amendment of this Form
8-K as soon as practicable, but not later than February 20, 1998.
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SIGNATURE
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 hereto duly authorized.
TRANSCONTINENTAL REALTY
INVESTORS, INC.
Date: January 9, 1998 By: /s/ Thomas A. Holland
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Thomas A. Holland
Executive Vice President and
Chief Financial Officer
(Principal Financial and
Accounting Officer)
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