SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
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PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): October 12, 1995
NEW JERSEY RESOURCES CORPORATION
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(Exact name of registrant as specified in its charter)
New Jersey 1-8359 22-2376465
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1415 Wyckoff Road, Wall, New Jersey 07719
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(Address of principal executive offices) (Zip Code)
(908)938-1480
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(Registrant's telephone number, including area code)
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Item 5. Other Items
On October 12, 1995, New Jersey Resources Corporation (NJR) announced that
its subsidiary, Commercial Realty & Resources Corp.(Commercial Realty) had
executed a contract to sell a substantial portion of its developed real estate
assets to Cali Realty Acquisition Corp., a subsidiary of Cali Realty
Corporation. The planned sale is part of NJR's previously disclosed strategy to
realign its asset base more closely with its core energy business.
The transaction includes the sale of approximately 582,000 square feet of
space, representing over 60 percent of Commercial Realty's office and flex space
in business parks in Monmouth and Atlantic Counties, New Jersey. The all-cash
sale price is $52,650,000. The contract contains certain conditions to closing,
and Commercial Realty will remain subject to certain indemnity and other
obligations with respect to the property sold.
After the closing of the transaction, NJR expects to apply the sale
proceeds against outstanding debt incurred for developing the real estate
assets. NJR's earnings from continuing operations will not be materially
affected by the planned sale.
Beyond the sale of the office and flex buildings, the transaction includes
options to Cali to purchase approximately 144 acres of undeveloped land
generally adjacent to the office properties. NJR is currently pursuing
alternatives for its remaining real estate assets.
Cali Realty Corporation is a self-administered, self-managed real estate
investment trust (REIT) with corporate headquarters in Cranford, New Jersey.
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, hereunto duly authorized.
NEW JERSEY RESOURCES CORPORATION
Date: October 12, 1995 By: /s/ LAURENCE M. DOWNES
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Laurence M. Downes
President and Chief Executive Officer
