UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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): September 30, 2004
Affordable Residential Communities Inc.
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(Exact Name of Registrant as Specified in Charter)
Maryland 001-31987 84-1477939
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(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
600 Grant Street, Suite 900, Denver, Colorado, 80203
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(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: 303-383-7500
Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions:
|_| Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 7.01 Regulation FD Disclosure
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On September 29, 2004, Affordable Residential Communities Inc. ("ARC") issued
a press release disclosing certain community sales and purchases and ARC's
withdrawal of previously issued guidance. The press release is attached hereto
as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits
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(c) Exhibits.
Exhibit
Number Description
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Exhibit 99.1 Press release issued by ARC on September 29, 2004
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.
Date: September 30, 2004
AFFORDABLE RESIDENTIAL COMMUNITIES INC.
By: /s/ John G. Sprengle
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John G. Sprengle
Vice Chairman, Executive Vice
President and Chief Financial Officer
EXHIBIT INDEX
Exhibit
Number Description
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Exhibit 99.1 Press release issued by ARC on September 29, 2004
Exhibit 99.1
Affordable Residential Communities Inc. Sells Twelve Manufactured Home
Communities at Auction
Denver, September 29, 2004 (BUSINESS WIRE) - Affordable Residential
Communities Inc. (NYSE:ARC) today announced that its previously disclosed
auction of twelve manufactured home communities was held on September 21, 22
and 24, 2004. The twelve communities, comprising approximately 2,900
homesites, are located primarily in geographic locations where ARC does not
have market concentration. In addition to the twelve communities, as part of
the auction the Company also contracted to sell two parcels of undeveloped
commercial land located adjacent to one of its communities located in
Colorado. The sales are scheduled to close during the fourth quarter of 2004.
The sales are expected to result in net proceeds of $21.6 million after
selling commissions, sales expenses and repayment of associated debt. If
completed on these terms, the community sales would represent a capitalization
rate of approximately 8.8%.
ARC also announced today that it has three communities under contract for
sale, and intends to sell an additional 15-20 communities, which are located
primarily in geographic locations where ARC does not have market concentration
or has determined that the communities do not fit the Company's long-term
strategic focus, and that the guidance it had given in March 2004 has been
withdrawn and that it will not be issuing further guidance in the future.
ARC also announced the purchase of a 137-homesite community in Ogden, UT today
for a total purchase price of $3.4 million. With this acquisition, the Company
now owns 19 communities with over 3,800 homesites in its Salt Lake City
market.
The forward-looking statements contained above are subject to certain risks
and uncertainties including, but not limited to, the risk that the
transactions described in this release will not be consummated; general risks
affecting the real estate industry; ARC's ability to maintain or increase
rental rates and occupancy with respect to properties currently owned; ARC's
assumptions on rental home and home sales and financing activity; completion
of pending acquisitions, if any, and timing with respect thereto; ARC's growth
and expansion into new markets or to integrate acquisitions successfully; the
effect of interest rates as well as other risks indicated from time to time in
ARC's filings with the Securities and Exchange Commission. ARC expressly
disclaims any intention or obligation to provide public updates, revisions or
amendments to any forward-looking statements that become untrue because of
subsequent events.
Contact Information
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Affordable Residential Communities Inc.
John Sprengle, (303) 383-7509