SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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): December 16, 1999
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MGI PROPERTIES
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(Exact name of registrant as specified in its charter)
Massachusetts 1-6833 04-6268740
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
One Winthrop Square, Boston, Massachusetts 02110
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(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (617) 422-6000
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Item 5. Other Events.
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On December 16, 1999, MGI Properties (NYSE: MGI) (the "Trust")
announced that pursuant to its Plan of Complete Liquidation and Termination, the
Trust sold 61 properties in 1999 for an aggregate price of $482.3 million. In
addition, the Trust announced that, upon the sale of its remaining properties,
it expects to make additional liquidating distributions of approximately $5.50
per share, however, no assurances can be given that per share net liquidating
distributions will reach this amount. For additional information, reference is
made to the news release which is incorporated herein by reference and is
attached hereto as Exhibit 99.1.
Item 7. Financial Statements, Pro Forma Financial Information and
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Exhibits.
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(c) Exhibits
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Exhibit No. Exhibit
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99.1 Press Release dated December 16, 1999.
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SIGNATURES
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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.
MGI PROPERTIES
(Registrant)
Dated: December 17, 1999 By:/s/ Phillip C. Vitali
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Name: Phillip C. Vitali
Title: Executive Vice President
and Treasurer
(Principal Financial and
Accounting Officer)
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EXHIBIT INDEX
99.1 Press Release dated December 17, 1999.
FOR IMMEDIATE RELEASE
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December 16, 1999
MGI PROPERTIES ("MGI")
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REVIEWS 1999 AND
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REMAINING ESTIMATED LIQUIDATING DISTRIBUTIONS
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BOSTON, MASSACHUSETTS . . . . W. Pearce Coues, Chairman of the Board
of Trustees, today stated that pursuant to its Plan of Complete Liquidation and
Termination, MGI has sold 61 properties in 1999 for an aggregate price of $482.3
million. In connection with the liquidation, $125.9 million of debt was repaid
or assumed by the buyers. As a result of these sales, MGI has made liquidating
distributions totaling $24.16 per share in 1999. Mr. Coues stated that the
current estimate of pricing with respect to the remaining eight properties,
which are presently being marketed (but not yet under contract), when added to
funds held by MGI is estimated to result in additional net liquidating
distributions aggregating approximately $5.50 per share, after all fees and
liquidation costs; however, no assurances can be given that per share net
liquidating distributions will reach this amount.
# # #
For further information contact:
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Phillip C. Vitali, Executive Vice President and Treasurer (617) 422-6000
This Press Release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. These forward-looking statements are dependent
on a number of factors which could cause actual results to differ materially
from those expressed or implied in the forward-looking statements. Such factors
include, among other things, the risks of future action or inaction by the Board
of Trustees with respect to the Plan of Liquidation (and the actual results
thereof), including the possibility of litigation pertaining thereto; the net
realizable value of and the timing of the sales of the Trust's remaining
properties during the course of the liquidation; the amount and timing of
liquidating distributions; changes in national and local economic and financial
market conditions, as well as those factors set forth in MGI's Form 10-K for the
year ended November 30, 1998, including those set forth under "Forward-Looking
Statements," "Other" and Item 1 - "Adoption of Liquidation Plan," and in its
most recently filed Form 10-Q.
