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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): June 30, 1998
PRENTISS PROPERTIES TRUST
(Exact Name of Registrant as Specified in its Charter)
Maryland
(State or Other Jurisdiction of
Incorporation or Organization)
1-14516 75-2661588
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(Commission File Number) (I.R.S. Employer Identification No.)
3890 West Northwest Highway, Suite 400, Dallas, Texas 75220
(Address of Registrant's Principal Executive Office)
(214) 654-0886
(Registrant's Telephone Number, Including Area Code)
N/A
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(Former Name or Former Address, if Changed Since Last Report)
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ITEM 5. OTHER EVENTS
Set forth below in its entirety is a news release issued by Prentiss
Properties Trust on June 30, 1998.
PRENTISS PROPERTIES TRUST AUTHORIZES 2.0 MILLION SHARE REPURCHASE PROGRAM
DALLAS, JUNE 30, 1998 -- Prentiss Properties Trust (NYSE: PP), a national
office and industrial real estate investment trust (REIT), today announced that
its Board of Directors has authorized the repurchase of up to 2.0 million common
shares from time to time in the open market or in negotiated private
transactions. The share buyback may continue until the authorized limit is
reached, and purchase decisions will be made by management based upon market
conditions and other factors. Prentiss Properties Trust currently has 39.9
million common shares outstanding.
"This buyback program reflects our belief in the intrinsic value of our
company," said Michael V. Prentiss, Chairman and CEO. "We feel our stock is
tremendously undervalued in relationship to our peer group, our net asset value
and the current future growth prospects for the company. While we still see
attractive acquisition and development opportunities in the marketplace,
Prentiss Properties stock, at its current price level, represents an excellent
investment. Our strong balance sheet allows us to undertake this program, as
well as continue with acquisitions and development, while maintaining healthy
coverage ratios."
ABOUT PRENTISS PROPERTIES TRUST
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Prentiss Properties Trust is a self-administered and self-managed real
estate investment trust ("REIT"). It owns interests in 238 office and
industrial properties in 19 national markets across the United States, with
approximately 21.6 million net rentable square feet. Prentiss Properties, the
real estate services subsidiary of the Trust, is one of the 20 largest managers
of office and industrial properties in the U.S., managing approximately 50.8
million square feet in 494 office and industrial properties in 24 national
markets owned by Prentiss, its affiliates and third parties.
With its headquarters in Dallas, Texas, Prentiss Properties has regional
management offices in Los Angeles, Dallas, Chicago, Washington, D.C., Atlanta
and Philadelphia. It is a full service real estate company with approximately
800 employees and in-house expertise in areas such as acquisitions, development,
facilities management, property management and leasing.
This report includes forward-looking statements within the meaning of
Section 27A of the Securities Act of 1993 and Section 21E of the Securities
Exchange Act of 1934. Although Prentiss Properties Trust believes that its
expectations are based on reasonable assumptions, it can give no assurance that
its goals will be achieved. Important factors that could cause actual results
to differ materially from those in the forward-looking statements include
political developments in foreign countries, federal and state regulatory
developments, the timing and extent of changes in commodity prices, the timing
and extent of success in discovering, developing and producing or acquiring oil
and gas reserves, and conditions of the capital and equity markets during the
periods covered by the forward-looking statements.
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 thereunto duly authorized.
PRENTISS PROPERTIES TRUST
By: /s/ Thomas P. Simon
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Thomas P. Simon
(Vice President and Chief Accounting Officer)
