SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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) September 30, 1998
PS BUSINESS PARKS, INC.
(Exact name of registrant as specified in its charter)
California 1-10709 95-4300881
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(State or Other Jurisdiction (Commission File Number) I.R.S. Employer
of Incorporation) Identification Number)
701 Western Avenue, Glendale, California 91201-2397
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (818) 244-8080
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N/A
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(Former name or former address, if changed since last report)
<PAGE>
Item 5. Acquisition or Disposition of Assets
During the period June 11, 1998 through September 30, 1998, PS Business
Parks, Inc. (the "Company" or "PSB"), through its consolidated
partnerships, acquired 4 commercial properties located in Virginia and
Maryland, containing approximately 468,000 net rentable square feet,
and approximately 7.2 acres of vacant land in Texas at an aggregate
purchase price of approximately $38.6 million. The Company is not
affiliated with the sellers and the purchase price was established
through arm's length negotiation. The Company obtained the funds to
acquire the facilities from its equity offerings in May, 1998.
The following table provides certain information concerning the
facilities acquired:
<TABLE>
<CAPTION>
Date of Purchase Net Rentable Occupancy at
Location Seller Acquisition Property Type Price Square Footage Closing
-------- ------ ----------- ------------- ------------- -------------- ------------
<S> <C> <C> <C> <C> <C> <C>
Sterling, Virginia D&R Immobilien 6/11/98 Industrial & $3,577,000(1) 47,200 100%
Verwaltung Office
GMBH & Co.
Holding KG
Sterling, Virginia D&R Immobilien 6/11/98 Industrial & 3,746,000(2) 48,900 100%
Verwaltung Office
GMBH & Co.
Holding KG
Lorton, Virginia First and 6/17/98 Industrial & 21,820,000(3) 246,500 94%
Second Gunston Office
L.P.
Landover, Maryland 8700 SD
Corporation 9/30/98 Industrial & 8,472,000(4) 125,500 98%
Office -------------- ------- ---
Subtotal -
operating 37,615,000 468,100 96%
facilities
Vacant land - Pequot, L.C. 9/28/98
Irving, Texas
(approx. 7.2 996,000 -
acres) -------------- -------
Totals $38,611,000 468,100
============== =======
</TABLE>
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Notes to Purchase Price:
(1) Acquired for cash of $1,864,000 and the assumption of an existing
mortgage payable $1,713,000.
(2) Acquired for cash of $1,782,000 and the assumption of an existing
mortgage payable $1,964,000.
(3) Acquired for cash of $10,049,000 and the assumption of an existing
mortgage payable $11,771,000.
(4) Acquired for cash.
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<PAGE>
Item 7. Financial Statements and Exhibits
(a)(iii) Financial Statements specified by Rule 3.14 of Regulation S-X
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It is impracticable to provide at the time of filing this
Report on Form 8-K any of the financial statements or the
additional information specified by Rule 3-14 of Regulation
S-X as required by Item 7(a)(3). The required financial
information and additional information will be filed by
amendment within 45 days of the date of filing of this Report.
(b) Pro forma Consolidated Financial Statements
It is impracticable to provide at the time of filing this
Report on Form 8-K any of the pro forma financial information
required pursuant to Article 11 of Regulation S-X as required
by Item 7(b)(1). The required pro forma information will be
filed by amendment within 45 days of the date of filing of
this Report.
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<PAGE>
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.
PS BUSINESS PARKS, INC.
Date: October 13, 1998 By: /s/ Jack Corrigan
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Jack Corrigan
Vice President and
Chief Financial Officer
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