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) February 29, 2000
(February 25, 2000)
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Wellsford Real Properties, Inc.
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(Exact name of registrant as specified in its charter)
Maryland 1-12917 13-3926898
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(State or Other (Commission (IRS Employer
Jurisdiction of File Number) Identification No.)
Incorporation)
535 Madison Avenue, New York, New York 10020 10022
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(Address of principal executive offices) (Zip Code)
(Registrant's telephone number, including area code) (212) 838-3400
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(Former Name or Former Address, if Changed Since Last Report)
Item 5. Other Events
On February 25, 2000, Wellsford Real Properties, Inc., a Maryland
corporation ("Wellsford"), repurchased 2,573,632 shares of its outstanding
common stock from an institutional investor at $8.00 per share, for total
consideration of approximately $20.6 million from cash on hand.
In completing this transaction, Wellsford has repurchased
approximately 4 million shares over the last four months, reducing the
total outstanding shares of Wellsford common stock by approximately 20% to
approximately 16.6 million shares.
Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits.
(c) Exhibits
99.1 Press Release.
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 February 29, 2000
WELLSFORD REAL PROPERTIES, INC.
By: /s/ Edward Lowenthal
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Name: Edward Lowenthal
Title: President
FOR IMMEDIATE RELEASE
WELLSFORD REAL PROPERTIES, INC.
ANNOUNCES REPURCHASE OF
2.6 MILLION OF ITS OUTSTANDING SHARES
NEW YORK, February 28, 2000 -- Wellsford Real Properties, Inc. (AMEX: WRP)
today announced that it has repurchased approximately 2.6 million shares of
its outstanding common stock from an institutional investor. The shares
were repurchased at $8 per share, for total consideration of $20.6 million
from cash on hand.
Jeffrey H. Lynford, Chairman of the Company stated, "Over the last four
months the Company has repurchased approximately 4 million shares, reducing
our total outstanding shares by 20% to 16.6 million shares. Based on our
most recently released financials as of September 30, 1999, these
repurchases have increased pro forma book value per share by approximately
$.85 per share to $12.45 per share."
Certain statements in this press release constitute "forward-looking
statements" under federal securities laws and involve known and unknown
risks, uncertainties and other factors which may cause the actual results
to be materially different from any future results implied by such forward-
looking statements. Such factors include, among others, general economic
and business conditions, developmental risks, construction and lease-up
delays and cost overruns, inability to comply with local zoning and other
laws, environmental matters, demand by prospective tenants, defaults by
tenants, lower than anticipated rents, availability of and cost of other
properties and financing, and competition.
Wellsford Real Property is a real estate merchant banking firm
headquartered in New York City, which acquires, finances, develops and
operates real properties and organizes and invests in private and public
real estate companies.
Press Contact: Jeffrey H. Lynford
Chairman
Wellsford Real Properties, Inc.
(212) 838-3400
