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DENVER-Dallas-based billionaire Gerald J. Ford increased his holdings in Affordable Residential Communities, a locally based real estate investment trust that owns and operates manufactured housing communities. Ford also is a director of Affordable Residential Communities and its largest single shareholder.
Ford reports in a recent Securities and Exchange Commission filing obtained by GlobeSt.com that he now owns approximately 6.25 million shares of the REIT, which represents approximately 15.2% of the outstanding shares of the company, according to a footnote in the Schedule 13D filing with the SEC.
In the filing, it lists a number of transactions that took place during the pat 60 days. On Nov. 15, Ford received 474 shares of common stock pursuant to the company's 2003 Equity Incentive Plan as part of the director's compensation plan. Those shares are valued at approximately $4,993.
The shares he receives as a director pales compare to what he purchased. On Dec. 8, Ford bought 438,600 shares at approximately $8.75 per share for $3.85 million; on Dec. 9 he bought 751,000 shares at an average price of $8.80 for approximately $6.6 million; and on Dec. 12 he purchased about 1.16 million shares at an average price of about $8.95 per share for approximately $10.37 million.
"Mr. Ford effected these purchases using funds borrowed on an unsecured basis from Hunter's Glen/Ford, Ltd., an affiliate of Mr. Ford," according to the SEC document. "Hunter's Glen/Ford, Ltd. loaned the funds to Mr. Ford from its available working capital."
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