UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Filed Pursuant to Section 13 OR 15(d) of
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): OCTOBER 8, 1996
PROPERTY CAPITAL TRUST
(Exact name of registrant as specified in its charter)
MASSACHUSETTS 1-7003 04-2452367
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification Number)
101 Federal Street
BOSTON, MASSACHUSETTS 02110
(Address of principal executive offices)
Registrant's telephone number, including area code: (617) 737-0100
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Item 5. OTHER EVENTS
On October 8, 1996, Property Capital Trust (the "Trust")
announced in a press release that its lessee had exercised its option to
repurchase the land underlying the City Centre Holiday Inn in Chicago for
approximately $20,000,000 with the sale scheduled to close in January
1997. The closing of the sale remains subject to a number of conditions
to closing customary for real estate transactions. If the closing of
0the sale occurs, the Trust will realize a gain of approximately
$18,000,000 or $1.92 per share based upon shares currently outstanding.
The press release further stated that it is anticipated that the net
proceeds of this sale will be distributed to the Trust's shareholders and
that this sale was taken into account in the Trust's $9.25 per share
estimate of future distributions of proceeds of asset distributions and
therefore would not change that estimate.
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Item 7. Financial Statements, Pro Forma
FINANCIAL INFORMATION AND EXHIBITS
(c) The following is an exhibit to this Report and is filed
herewith:
Exhibit 99.1 Press Release dated October 8, 1996 of Property
Capital Trust
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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.
PROPERTY CAPITAL TRUST
(Registrant)
By: /s/ Robert M. Melzer
Robert M. Melzer
President and Chief Executive
Officer
Dated: October 8, 1996
<PAGE>
EXHIBIT INDEX
PROPERTY CAPITAL TRUST
Current Report on Form 8-K
Dated October 8, 1996
EXHIBIT NO. DESCRIPTION
Exhibit 99.1 Press Release dated October 8, 1996 of Property
Capital Trust
EXHIBIT 99.1
Contact:
Robin W. Devereux,
Vice President and Treasurer
or
William A. Bonn,
Senior Vice President
and General Counsel
(617) 737-0100
PROPERTY CAPITAL TRUST ANNOUNCES AGREEMENT TO SELL CHICAGO CITY CENTRE
HOLIDAY INN INVESTMENT
BOSTON, OCTOBER 8, 1996 -- Property Capital Trust (ASE-PCT) today
announced that its lessee has exercised its option to repurchase the land
underlying the City Centre Holiday Inn in Chicago for approximately
$20,000,000. The sale is scheduled to close in January 1997 and, if it
occurs, will result in a gain to the Trust of approximately $18,000,000
($1.92 per share based upon shares currently outstanding). It is
anticipated that the proceeds of the sale will be distributed to
shareholders. In fiscal 1996, income from the Chicago City Centre
investment was $1,832,000.
Commenting on the proposed sale, Robert M. Melzer, President
and Chief Executive Officer of the Trust, noted that consummation of the
sale remains subject to a number of customary closing conditions.
Further, Mr. Melzer noted that this sale was taken into account in the
Trust's recent $9.25 per share estimate of future distributions of
proceeds of asset dispositions and therefore does not change that
estimate.
