| Cornerstone Realty Income Trust, Inc. | |||
| Ticker: | TCR | 306 East Main Street | |
| Exchange: | New York Stock Exchange | Richmond, VA 23219 | |
| Industry: | Financial (SIC Code 6798) | (804) 643-1761 | |
| Type of Shares: | Common Shares | Filing Date: | 3/20/97 | |
| U.S. Shares: | 4,500,000 | Offer Date: | 4/18/97 | |
| Non-U.S. Shares: | 0 | Filing Range: | $11.00 - $12.50 | |
| Primary Shares: | 4,500,000 | Offer Price: | $10.50 | |
| Secondary Shares: | 0 | Gross Spread: | $0.63 | |
| Offering Amount: | $52,875,000 | Selling: | $0.35 | |
| Expenses: | $798,750 | Reallowance: | $0.10 | |
| Shares Out After: | 36,523,131 |
| Manager | Tier | Phone |
| Alex. Brown & Sons Incorporated | Lead Manager | (410) 895-2700 |
| Branch, Cabell and Company | Co-manager | (804) 225-1451 |
| Friedman, Billings, Ramsey & Co., Inc. | Co-manager | (703) 312-9571 |
| Interstate/Johnson Lane Corp | Co-manager | (404) 840-5030 |
| Issuer's Law Firm: | McGuire Woods Battle & Boothe |
| Bank's Law Firm: | Hunton & Williams |
| Auditor: | Ernst & Young |
Dollar amounts in U.S. millions except for per share data | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/96 | 12/31/96 | ||||
| Revenue: | $40.35 | Assets: | $322.87 | ||
| Net Income: | -$4.17 | Curr Assets: | |||
| EPS: | -$0.21 | Liabilities: | $68.30 | ||
| Prior EPS: | $0.64 | Curr Liabilities: | |||
| Cash Flow/Oper: | $20.16 | Equity: | $254.57 | ||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | |||||
| Business Description |
| The company, a self-administered and self-managed equity REIT headquartered in Richmond, Virginia, is a fully integrated real estate organization with expertise in the management, acquisition and renovation of apartment communities. The company focuses on the ownership of apartment communities located in growing markets in Virginia, North Carolina, South Carolina and Georgia. On February 28, 1997, the company owned 42 apartment communities comprising 9,613 apartment units with an aggregate economic occupancy of 91% and an average monthly rent of $556 per unit as compared to February 28, 1996, when the company owned 20 Properties comprising 4,565 apartment units with an aggregate economic occupancy of 88% and an average monthly rent of $510 per unit. The company's strategy is to own apartment communities that cater to tenants with incomes equal to 90% to 115% of the average local households income. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to repay indebtedness. |