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Previous: SHELTER PROPERTIES IV LIMITED PARTNERSHIP, SC 13D/A, 1997-06-20 |
Next: MML BAY STATE VARIABLE LIFE SEPARATE ACCOUNT I, 485BPOS, 1997-06-20 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
-----------
FORM 8-K/A
(AMENDMENT NO. 1)
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest
event reported): JANUARY 22, 1997 Commission File Number 1-8383
MISSION WEST PROPERTIES
Incorporated in California IRS Employer Identification Number: 95-2635431
Principal Executive Offices: Telephone: (619) 450-3135
6815 Flanders Drive, Suite 250
San Diego, California 92121-3914
<PAGE>
ITEM 2: ACQUISITION OR DISPOSITION OF ASSETS
On December 6, 1996, Mission West Properties (seller and "the Company") entered
into an agreement (the "Agreement") to sell all its real estate assets to
Spieker Properties, L.P. (purchaser and "Spieker"), a California limited
partnership, for $50,500,000 cash. The Company's real estate constituted nearly
all of its assets. A special shareholder meeting was held December 16, 1996, at
which time the Company's shareholders approved the sale of the Company's real
estate portfolio to Spieker.
A majority of the sale transaction was completed January 22, 1997, at which time
nine (9) of the Company's 11 real estate properties were sold and Form 8-K with
pro forma financial information was filed with the Exchange. Sale of the
remaining two (2) properties to Spieker occurred May 6, 1997; thus, the Form 8-K
for disposition of assets is hereby amended for the completion of the real
estate portfolio sale.
The two (2) properties sold in May 1997 consisted of leaseholds, together with
occupied hangar and office buildings thereon, comprising approximately 25
percent of the land at Palomar-McClellan airport in San Diego county,
California. Upon completing the sale of the leaseholds, the Company received
$2,700,000 in cash, from which it paid a majority of the related transaction and
closing costs. In accordance with the Agreement, $300,000 was withheld from the
sale proceeds to allow for satisfaction of claims relating to representations
and warranties made by the Company. After resolution of such claims, if any,
the $300,000 will be released to the Company on August 6, 1997.
Other than the portfolio sale, there is no relationship between the Company and
Spieker.
ITEM 7: FINANCIAL STATEMENTS AND EXHIBITS
(b) PRO FORMA FINANCIAL INFORMATION:
The following unaudited pro forma consolidated financial statements
are filed with this report:
Pro Forma Consolidated Balance Sheet as of February 28, 1997
Pro Forma Consolidated Statement of Operations for the Year Ended
November 30, 1996
Pro Forma Consolidated Statement of Operations for the Year Ended
November 30, 1995
Pro Forma Consolidated Statement of Operations for the Year Ended
November 30, 1994
Pro Forma Consolidated Statement of Operations for the Three
Months Ended February 28, 1997
Pro Forma Consolidated Statement of Operations for the Three
Months Ended February 29, 1996
The Pro Forma Consolidated Balance Sheet reflects the financial
position of the Company after giving effect to the sale of the two (2)
leasehold properties and satisfaction of the related liabilities as
discussed in Item 2 and assumes the sale was completed as of February
28, 1997. The Pro Forma Consolidated Statements of Operations assume
that the sale of all 11 properties occurred on December 1, 1995,
December 1, 1994, and December 1, 1993 for the years ended November
30, 1996, November 30, 1995, and November 30, 1994, respectively, and
that the sale occurred on December 1, 1996 and December 1, 1995 for
the three- (3) month periods ended February 28, 1997 and February 29,
1996, respectively.
The unaudited pro forma consolidated financial statements have been
prepared by the Company based upon assumptions deemed proper by
management. The unaudited pro forma consolidated financial statements
presented herein are shown for illustrative purposes only and are not
necessarily indicative of the future financial position or future
results of operations of the Company, or of the financial position or
results of operations of the Company that would have actually occurred
had the transaction been in effect as of the date or for the pro forma
periods presented.
The unaudited pro forma consolidated financial statements should be
read in conjunction with the historical financial statements and
related notes thereto.
-2-
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Current Report to be signed on its behalf by the
undersigned, thereunto duly authorized.
MISSION WEST PROPERTIES
Registrant
By: /s/ Katrina L. Thompson
--------------------------------------------
Katrina L. Thompson
Chief Financial Officer & Secretary
(Principal Financial and Accounting Officer)
June 20, 1997
-3-
<PAGE>
PRO FORMA FINANCIAL INFORMATION
MISSION WEST PROPERTIES
Pro Forma Consolidated Balance Sheet
As of February 28, 1997
<TABLE>
<CAPTION>
Pro Forma
Adjustments
Historical (a) Pro Forma
----------- ----------- -----------
<S> <C> <C> <C>
ASSETS:
Cash and cash equivalents $ 2,781,000 $ 2,471,000 $ 5,252,000
Real estate investments:
Rental Properties 3,684,000 (3,684,000) -
Allowance for estimated losses (661,000) 661,000 -
----------- ----------- -----------
Net real estate investments 3,023,000 (3,023,000) -
----------- ----------- -----------
Other assets, less accumulated depreciation of $201,000 900,000 (31,000) 869,000
----------- ----------- -----------
$ 6,704,000 $ (583,000) $ 6,121,000
----------- ----------- -----------
----------- ----------- -----------
LIABILITIES AND SHAREHOLDERS' EQUITY:
Income taxes payable $ 1,450,000 $ (412,000) $ 1,038,000
Accounts payable and accrued expenses 715,000 (50,000) 665,000
----------- ----------- -----------
Total liabilities 2,165,000 (462,000) 1,703,000
----------- ----------- -----------
Shareholders' equity:
Common stock, no par value; 10,000,000 shares auth-
orized, 1,533,121 shares issued and outstanding 20,215,000 - 20,215,000
Accumulated deficit (1,878,000) (121,000) (1,999,000)
Current cash dividends (13,798,000) - (13,798,000)
----------- ----------- -----------
Total shareholders' equity 4,539,000 (121,000) 4,418,000
----------- ----------- -----------
$ 6,704,000 $ (583,000) $ 6,121,000
----------- ----------- -----------
----------- ----------- -----------
</TABLE>
(a) Adjustments from the sale of leasehold properties (includes the proceeds,
gain on sale, and related tax effects).
-4-
<PAGE>
PRO FORMA FINANCIAL INFORMATION
MISSION WEST PROPERTIES
Pro Forma Consolidated Statement of Operations
Year Ended November 30, 1996
<TABLE>
<CAPTION>
Pro Forma
Adjustments
Historical (a) Pro Forma
----------- ----------- -----------
<S> <C> <C> <C>
REVENUES:
Rental revenues from real estate $ 7,065,000 $(7,065,000) $ -
Sales of real estate 113,000 - 113,000
Other, including interest 348,000 (154,000) 194,000
----------- ----------- -----------
7,526,000 (7,219,000) 307,000
----------- ----------- -----------
EXPENSES:
Operating expenses of real estate 1,643,000 (1,643,000) -
Depreciation of real estate 1,369,000 (1,369,000) -
Costs of real estate sold 419,000 (407,000) 12,000
General and administrative 991,000 (110,000) 881,000
Interest 3,045,000 (3,045,000) -
----------- ----------- -----------
7,467,000 (6,574,000) 893,000
----------- ----------- -----------
Income (loss) before gain on sale of real estate 59,000 (645,000) (586,000)
Gain on sale of real estate - 4,648,000 4,648,000
----------- ----------- -----------
Income before income taxes 59,000 4,003,000 4,062,000
Provision for income taxes 24,000 1,628,000 1,652,000
----------- ----------- -----------
NET INCOME $ 35,000 $ 2,375,000 $ 2,410,000
----------- ----------- -----------
----------- ----------- -----------
NET INCOME PER SHARE $ 0.02 $ 1.63 $ 1.65
------ ------ ------
------ ------ ------
</TABLE>
(a) Adjustments from the sale of real estate assets (11 properties).
-5-
<PAGE>
PRO FORMA FINANCIAL INFORMATION
MISSION WEST PROPERTIES
Pro Forma Consolidated Statement of Operations
Year Ended November 30, 1995
<TABLE>
<CAPTION>
Pro Forma
Adjustments
Historical (a) Pro Forma
----------- ----------- -----------
<S> <C> <C> <C>
REVENUES:
Rental revenues from real estate $ 7,146,000 $(7,146,000) $ -
Sales of real estate 400,000 - 400,000
Other, including interest 380,000 (122,000) 258,000
----------- ----------- -----------
7,926,000 (7,268,000) 658,000
----------- ----------- -----------
EXPENSES:
Operating expenses of real estate 1,783,000 (1,783,000) -
Depreciation of real estate 1,352,000 (1,352,000) -
Costs of real estate sold 324,000 - 324,000
General and administrative 945,000 (92,000) 853,000
Interest 3,435,000 (3,427,000) 8,000
----------- ----------- -----------
7,839,000 (6,654,000) 1,185,000
----------- ----------- -----------
Income (loss) before gain on sale of real estate 87,000 (614,000) (527,000)
Gain on sale of real estate - 4,648,000 4,648,000
----------- ----------- -----------
Income before income taxes 87,000 4,034,000 4,121,000
Provision for income taxes 35,000 1,623,000 1,658,000
----------- ----------- -----------
NET INCOME $ 52,000 $ 2,411,000 $ 2,463,000
----------- ----------- -----------
----------- ----------- -----------
NET INCOME PER SHARE $ 0.04 $ 1.73 $ 1.77
------ ------ ------
------ ------ ------
</TABLE>
(a) Adjustments from the sale of real estate assets (11 properties).
-6-
<PAGE>
PRO FORMA FINANCIAL INFORMATION
MISSION WEST PROPERTIES
Pro Forma Consolidated Statement of Operations
Year Ended November 30, 1994
<TABLE>
<CAPTION>
Pro Forma
Adjustments
Historical (a) Pro Forma
----------- ----------- -----------
<S> <C> <C> <C>
REVENUES:
Rental revenues from real estate $ 6,637,000 $(6,637,000) $ -
Sales of real estate 2,096,000 - 2,096,000
Other, including interest 564,000 (145,000) 419,000
----------- ----------- -----------
9,297,000 (6,782,000) 2,515,000
----------- ----------- -----------
EXPENSES:
Operating expenses of real estate 1,991,000 (1,991,000) -
Depreciation of real estate 1,472,000 (1,472,000) -
Costs of real estate sold 229,000 - 229,000
Provision for estimated losses on real estate 5,200,000 (5,000,000) 200,000
General and administrative 1,200,000 (108,000) 1,092,000
Interest 3,088,000 (3,086,000) 2,000
----------- ----------- -----------
13,180,000 (11,657,000) 1,523,000
----------- ----------- -----------
Income (loss) before gain on sale of real estate (3,883,000) 4,875,000 992,000
Gain on sale of real estate - 102,000 102,000
----------- ----------- -----------
Income (loss) before income taxes and cumulative effect of
change in accounting (3,883,000) 4,977,000 1,094,000
Provision for (benefit from) income taxes (1,500,000) 1,923,000 423,000
----------- ----------- -----------
Income (loss) before cumulative effect of change in accounting (2,383,000) 3,054,000 671,000
Cumulative effect of change in accounting for income taxes 440,000 - 440,000
----------- ----------- -----------
NET INCOME (LOSS) $(1,943,000) $ 3,054,000 $ 1,111,000
----------- ----------- -----------
----------- ----------- -----------
PER SHARE:
Income (loss) before cumulative effect of change in accounting $(1.62) $ 2.08 $ 0.46
Cumulative effect of change in accounting for income taxes 0.30 - 0.30
------ ------ -----
Net income (loss) per share $(1.32) $ 2.08 $ 0.76
------ ------ -----
------ ------ -----
</TABLE>
(a) Adjustments from the sale of real estate assets (11 properties).
-7-
<PAGE>
PRO FORMA FINANCIAL INFORMATION
MISSION WEST PROPERTIES
Pro Forma Consolidated Statement of Operations
Three Months Ended February 28, 1997
<TABLE>
<CAPTION>
Pro Forma
Adjustments
Historical (a) Pro Forma
----------- ----------- -----------
<S> <C> <C> <C>
REVENUES:
Sales of real estate $ 25,000 $ - $ 25,000
Rental revenues from real estate 1,187,000 (1,187,000) -
Other, including interest 145,000 (26,000) 119,000
----------- ----------- -----------
1,357,000 (1,213,000) 144,000
----------- ----------- -----------
EXPENSES:
Costs of real estate sold 3,000 - 3,000
Operating expenses of real estate 209,000 (209,000) -
Depreciation of real estate 217,000 (217,000) -
General and administrative 267,000 (19,000) 248,000
Interest 424,000 (424,000) -
----------- ----------- -----------
1,120,000 (869,000) 251,000
----------- ----------- -----------
Income (loss) before gain on sale of real estate 237,000 (344,000) (107,000)
Gain on sale of real estate 4,850,000 (202,000) 4,648,000
----------- ----------- -----------
Income before income taxes 5,087,000 (546,000) 4,541,000
Provision for income taxes 1,691,000 (181,000) 1,510,000
----------- ----------- -----------
NET INCOME $ 3,396,000 $ (365,000) $ 3,031,000
----------- ----------- -----------
----------- ----------- -----------
NET INCOME PER SHARE $ 2.43 $(0.26) $ 2.17
------ ------ ------
------ ------ ------
</TABLE>
(a) Adjustments from the sale of real estate assets (operations of 11
properties; loss on sale of leasehold properties).
-8-
<PAGE>
PRO FORMA FINANCIAL INFORMATION
MISSION WEST PROPERTIES
Pro Forma Consolidated Statement of Operations
Three Months Ended February 29, 1996
<TABLE>
<CAPTION>
Pro Forma
Adjustments
Historical (a) Pro Forma
----------- ----------- -----------
<S> <C> <C> <C>
REVENUES:
Rental revenues from real estate $ 35,000 $ - $ 35,000
Sales of real estate 1,787,000 (1,787,000) -
Other, including interest 66,000 (16,000) 50,000
----------- ----------- -----------
1,888,000 (1,803,000) 85,000
----------- ----------- -----------
EXPENSES:
Operating expenses of real estate 367,000 (367,000) -
Depreciation of real estate 342,000 (342,000) -
Costs of real estate sold 4,000 - 4,000
General and administrative 265,000 (29,000) 236,000
Interest 771,000 (771,000) -
----------- ----------- -----------
1,749,000 (1,509,000) 240,000
----------- ----------- -----------
Income (loss) before gain on sale of real estate 139,000 (294,000) (155,000)
Gain on sale of real estate - 4,648,000 4,648,000
----------- ----------- -----------
Income before income taxes 139,000 4,354,000 4,493,000
Provision for income taxes 56,000 1,754,000 1,810,000
----------- ----------- -----------
NET INCOME $ 83,000 $ 2,600,000 $ 2,683,000
----------- ----------- -----------
----------- ----------- -----------
NET INCOME PER SHARE $ 0.06 $ 1.90 $ 1.96
------ ------ ------
------ ------ ------
</TABLE>
(a) Adjustments from the sale of real estate assets (11 properties).
-9-
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