UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
American Industrial Properties, REIT
(Name of Issuer)
Common Stock ($0,10 par value)
(Title of Class of Securities)
026791103
(CUSIP Number)
- --------------------------------------------------------------------------------
Mr. Stanley J. Kraska, Jr.
200 East Randolph Drive
Chicago, Illinois 60603
(312) 782-1560
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
July 10, 1997
- --------------------------------------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box: |_|
- --------------------------------------------------------------------------------
Check the following box if a fee is being paid with this statement: |_|
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Page 1 of 12 Pages
<PAGE>
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CUSIP No.: 026791103 Page 2 of 12 Pages
- --------------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON: ABKB/LaSalle Securities Limited Partnership
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 36-3991973
- --------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) |_|
- --------------------------------------------------------------------------------
(3) SEC USE ONLY
- --------------------------------------------------------------------------------
(4) SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
|_|
- --------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Maryland
- --------------------------- ----------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
SHARES 3,912,245
----------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
OWNED BY None
----------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
REPORTING 3,912,245
----------------------------------------------------
PERSON (10) SHARED DISPOSITIVE POWER
WITH None
- --------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,912,245
- --------------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* |_|
- --------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
16.8% (calculated by dividing (i) the 3,912,245 shares
beneficially owned by the Reporting Person by (ii) the
23,289,867 shares of Common Stock outstanding).
- --------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
IA
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
- --------------------------------------------------------------------------------
CUSIP No.: 026791103 Page 3 of 12 Pages
- --------------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON: LaSalle Advisors Limited Partnership
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 36-3637257
- --------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) |_|
- --------------------------------------------------------------------------------
(3) SEC USE ONLY
- --------------------------------------------------------------------------------
(4) SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
|_|
- --------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------- ----------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
SHARES 2,210,204
----------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
OWNED BY None
----------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
REPORTING 2,210,204
----------------------------------------------------
PERSON (10) SHARED DISPOSITIVE POWER
WITH None
- --------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,210,204
- --------------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* |_|
- --------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.5% (calculated by dividing (i) the 2,210,204 shares
beneficially owned by the Reporting Person by (ii) the
23,289,867 shares of Common Stock outstanding).
- --------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
IA
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP No.: 026791103 Page 4 of 12 Pages
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(1) NAME OF REPORTING PERSON: William K. Morrill, Jr.
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: ###-##-####
- --------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
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(3) SEC USE ONLY
- --------------------------------------------------------------------------------
(4) SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
|_|
- --------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------- ----------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
SHARES 6,122,449 1,2
----------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
OWNED BY None
----------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
REPORTING 6,122,449 1,2
----------------------------------------------------
PERSON (10) SHARED DISPOSITIVE POWER
WITH None
- --------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,122,449 1,2
- --------------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* |_|
- --------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
26.3% 1,2
- --------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP No.: 026791103 Page 5 of 12 Pages
- --------------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON: Stanley J. Kraska, Jr.
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: ###-##-####
- --------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
- --------------------------------------------------------------------------------
(3) SEC USE ONLY
- --------------------------------------------------------------------------------
(4) SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
|_|
- --------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------- ----------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
SHARES 6,122,449 1,2
----------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
OWNED BY None
----------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
REPORTING 6,122,449 1,2
----------------------------------------------------
PERSON (10) SHARED DISPOSITIVE POWER
WITH None
- --------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,122,449 1,2
- --------------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* |_|
- --------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
26.3% 1,2
- --------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP No.: 026791103 Page 6 of 12 Pages
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(1) NAME OF REPORTING PERSON: Keith R. Pauley
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: ###-##-####
- --------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
- --------------------------------------------------------------------------------
(3) SEC USE ONLY
- --------------------------------------------------------------------------------
(4) SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
|_|
- --------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------- ----------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
SHARES 6,122,449 1,2
----------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
OWNED BY None
----------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
REPORTING 6,122,449 1,2
----------------------------------------------------
PERSON (10) SHARED DISPOSITIVE POWER
WITH None
- --------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,122,449 1,2
- --------------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* |_|
- --------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
26.3% 1,2
- --------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
Item 1. Security and Issuer
-------------------
The class of equity securities to which this statement on Schedule 13D
(this "Statement") relates is the common stock, par value $0.10 per share (the
"Common Stock"), of American Industrial Properties, REIT, a Texas real estate
investment trust (the "Issuer"), which has its principal executive offices at
6210 North Beltline Road, Suite 170, Irving, Texas 75063.
Item 2. Identity and Background
-----------------------
This Statement is being filed on behalf of (i) ABKB/LaSalle Securities
Limited Partnership ("LaSalle Securities"), (ii) LaSalle Advisors Limited
Partnership ("LaSalle Advisors"), and (iii) the following individuals, each of
whom is a managing director of LaSalle Securities and LaSalle Advisors: William
K. Morrill, Jr., Keith R. Pauley and Stanley J. Kraska, Jr. (the "Managing
Directors"). Collectively, LaSalle Securities, LaSalle Advisors, and the
Managing Directors are referred to herein as the "Reporting Persons." LaSalle
Securities is a limited partnership organized in Maryland and has its principal
executive and business offices at 200 East Randolph Drive, Chicago, Illinois
60603. LaSalle Securities is a registered investment advisor that invests in
real estate securities for clients.
Attached as Exhibit 1 to this filing is a list of the Reporting Persons
setting forth, where relevant, the following information with respect to each
such person: (i) name, (ii) business address, (iii) citizenship, and (iv)
present principal business, occupation or employment and the name and address of
any corporation or other organization in which such employment is conducted.
Each natural person identified in Exhibit 1 is a United States citizen.
During the last five years, neither LaSalle Securities, LaSalle
Advisors, nor any of the Managing directors has been convicted in a criminal
proceeding (excluding traffic violations and similar misdemeanors) or has been
subject to a judgment, decree or final order of a judicial or administrative
body of competent jurisdiction enjoining future violations of, or prohibiting or
mandating activities subject to, federal or state securities laws or finding any
violation with respect to such laws.
Information with respect to each Reporting Person is given solely by
the respective Reporting Person, and no Reporting Person has responsibility for
the accuracy or completeness of information supplied by another Reporting
Person.
Item 3. Source and Amount of Funds or Other Consideration
-------------------------------------------------
LaSalle Securities and LaSalle Advisors acquired the securities of the
Issuer pursuant to those Common Share Purchase Agreements between each of the
limited partnerships, acting as agents for particular clients, and American
Industrial Properties, REIT. The funds used to purchase the securities were
obtained from clients for whom LaSalle Securities and LaSalle Advisors act as
investment advisors.
The size of the Board of Directors of American Industrial Properties,
REIT was increased to eight (8) Directors, and Stanley J. Kraska, Jr. was
elected a Director.
Page 7 of 12 Pages
<PAGE>
Item 4. Purpose of Transaction
----------------------
LaSalle Securities and LaSalle Advisors acquired the securities of the
Issuer as an investment in their capacities as agents for particular clients.
The Reporting Persons anticipate influencing such control over the Issuer as
they deem necessary, convenient and proper to protect such investment. In order
to protect their investment, the Reporting Persons may deem it necessary or
convenient to acquire, directly, or through the Issuer, additional securities of
the Issuer.
Except as set forth above, the Reporting Persons do not have as of the
date hereof any plans or proposals which relate to or would result in: (a) the
acquisition by any person of additional securities of the Issuer or the
disposition of securities of the Issuer; (b) an extraordinary corporate
transaction, such as a merger, reorganization or liquidation involving the
Issuer or any of its subsidiaries; (c) a sale or transfer of a material amount
of assets of the Issuer or any of its subsidiaries; (d) any change in the
present board of directors or management of the Issuer, including any plans or
proposals to change the number or term of directors or to fill any existing
vacancies on the board of directors; (e) any material change in the present
capitalization or dividend policy of the Issuer; (f) any other material change
in the Issuer's business or corporate structure; (g) any changes in the Issuer's
charter, by-laws or instruments corresponding thereto or other actions which may
impede the acquisition of control of the Issuer by any person; (h) causing a
class of securities of the Issuer to be delisted from a national securities
exchange or to cease to be authorized to be quoted in an inter-dealer quotation
system of a registered national securities association; (i) causing a class of
securities of the Issuer to become eligible for termination of registration
pursuant to Section 12(g)(4) of the Exchange Act; or (j) any action similar to
any of those enumerated above. Notwithstanding anything to the contrary
contained herein, the Reporting Persons reserve the right to change their
present intentions with respect to the matters described in this paragraph.
In reaching any conclusion as to their future course of action, the
Reporting Persons will take into consideration various factors regarding the
Issuer, such as its business and prospects and general economic conditions and
money and stock market conditions.
Item 5. Interest in Securities of Issuer
--------------------------------
According to information received from the Issuer, 23,289,867 shares of
the Common Stock are issued and outstanding (the "Outstanding Shares").
As a group, the Reporting Persons have the sole power to vote and
dispose of 6,122,449 shares. For purposes of Rule 13d-3 promulgated under the
Exchange Act, the Reporting Persons may be deemed to beneficially own
approximately 26.3% of the shares, calculated by dividing (i) the 6,122,449
shares by (ii) the 23,289,867 shares outstanding.
Page 8 of 12 Pages
<PAGE>
Number of Shares Percentage of
Reporting Person Beneficially Owned Outstanding Shares
- ---------------- ------------------ ------------------
LaSalle Securities 3,912,245 16.8
LaSalle Advisors 2,210,204 9.5
William K. Morrill, Jr. 1,2 6,122,449 26.3
Keith R. Pauley 1,2 6,122,449 26.3
Stanley J. Kraska, Jr. 1,2 6,122,449 26.3
Total 6,122,449 26.3%
Item 6. Contracts, Arrangements, Understandings or Relationships with
-------------------------------------------------------------
Respect to Securities of the Issuer
- -----------------------------------
There are presently no contracts, arrangements, understandings or
relationships (legal or otherwise) among the persons filing this Statement, or
between such persons and any other person, with respect to any securities of the
Issuer, including, but not limited to, transfer or voting of any securities,
finder's fees, joint ventures, loan or option arrangements, puts or calls,
guarantees or profits, division of profits or loss, or the giving or withholding
of proxies.
Item 7. Material to be filed as Exhibits
--------------------------------
None.
1 The Reporting Person disclaims beneficial ownership of those securities,
and this report shall not be deemed an admission that the Reporting Person is
the beneficial owner of such securities for any purpose. As a group, the
Reporting Persons have the sole power to vote and dispose of 6,122,449 shares.
For purposes of Rule 13d-3 promulgated under the Exchange Act, the Reporting
Persons may be deemed to own all 6,122,449 shares.
2 These shares represent the same shares previously listed by ABKB/LaSalle
Securities Limited Partnership and LaSalle Advisors Limited Partnership and are
not cumulative.
Page 9 of 12 Pages
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this Statement is true, complete and
correct.
The parties agree that this statement is filed on behalf of each of
them.
Dated: July 21, 1997
ABKB/LASALLE SECURITIES LIMITED
PARTNERSHIP
By /s/ Stanley J. Kraska, Jr.
-----------------------------
Name: Stanley J. Kraska, Jr.
Title: Managing Director
LASALLE ADVISORS LIMITED
PARTNERSHIP
By /s/ Stanley J. Kraska, Jr.
-----------------------------
Name: Stanley J. Kraska, Jr.
Title: Managing Director
/s/ Keith R. Pauley
--------------------------------
Keith R. Pauley
/s/ William K. Morrill, Jr.
--------------------------------
William K. Morrill, Jr.
/s/ Stanley J. Kraska, Jr.
--------------------------------
Stanley J. Kraska, Jr.
Page 10 of 12 Pages
<PAGE>
EXHIBIT 1
LaSalle Advisors Limited Partnership provides the following information:
(a) Name of Person Filing: LaSalle Advisors Limited Partnership
(b) Address of Principal Business 200 East Randolph Drive
Office or, if none, Residence: Chicago, Illinois 60603
(c) Citizenship: Delaware
(d) Title of Class of Securities Common Stock
ABKB/LaSalle Securities Limited Partnership provides the following
information:
(a) Name of Person Filing: ABKB/LaSalle Securities Limited
Partnership
(b) Address of Principal Business 200 East Randolph Drive
Office or, if none, Residence: Chicago, Illinois 60603
(c) Citizenship: Maryland
(d) Title of Class of Securities Common Stock
William K. Morrill, Jr. is filing as a managing director of both
LaSalle Advisors Limited Partnership and ABKB/LaSalle Securities Limited
Partnership and provides the following information solely because of those
relationships:
(a) Name of Person Filing: William K. Morrill, Jr.
(b) Address of Principal Business 200 East Randolph Drive
Office or, if none, Residence: Chicago, Illinois 60603
(c) Citizenship: United States
(d) Title of Class of Securities Common Stock
Page 11 of 12 Pages
<PAGE>
Keith R. Pauley is filing as a managing director of both LaSalle
Advisors Limited Partnership and ABKB/LaSalle Securities Limited Partnership and
provides the following information solely because of those relationships.
(a) Name of Person Filing: Keith R. Pauley
(b) Address of Principal Business 200 East Randolph Drive
Office or, if none, Residence: Chicago, Illinois 60603
(c) Citizenship: United States
(d) Title of Class of Securities Common Stock
Stanley J. Kraska, Jr. is filing as a managing director of both
LaSalle Advisors Limited Partnership and ABKB/LaSalle Securities Limited
Partnership and provides the following information solely because of those
relationships.
(a) Name of Person Filing: Stanley J. Kraska, Jr.
(b) Address of Principal Business 200 East Randolph Drive
if none, Residence: Chicago, Illinois 60603
(c) Citizenship: United States
(d) Title of Class of Securities Common Stock
Page 12 of 12 Pages
