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) December 31, 1998
PS BUSINESS PARKS, INC.
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(Exact name of registrant as specified in its charter)
CALIFORNIA 1-10709 95-4300881
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(State or Other (Commission File Number) (I.R.S. Employer
Jurisdiction 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. OTHER EVENTS
During the period November 4, 1998 through January 6, 1999, PS Business Parks,
Inc. (the "Company"), through its consolidated partnerships, acquired 14
properties in Texas and California for an aggregate purchase price of $58.7
million and two additional properties located in Texas were proposed to be
acquired by the Company, through its consolidated partnerships, for an aggregate
purchase price of approximately $8.3 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
existing cash balance and borrowings of $26.5 million from its unsecured line of
credit with Wells Fargo Bank in addition to the assumption of an existing
mortgage payable of $8,673,000.
The following table provides certain information concerning the facilities
acquired:
<TABLE>
<CAPTION>
Net Rentable
Name and Date of Square Occupancy
Location Seller Acquisition Property Type Purchase Price Footage at Closing
- ----------------- ---------------------- ----------- ------------------- --------------- ------------ ----------
<S> <C> <C> <C> <C> <C> <C>
Royal Tech 15
Dallas, Texas Petula Associates, Ltd. 11/4/98 Industrial & Office $ 6,880,000(1) 57,088 100%
Las Plumas Las Plumas Business
San Jose, Center and Patrician
California Associates, Inc. 12/31/98 Industrial & Office 17,250,000(1) 213,634 83.6%
Ben White 1 CPF Austin Industrial
Austin, Texas Associates L.P. 12/31/98 Industrial & Office 4,163,000 54,385 100%
McKalla 3 CPF Austin Industrial
Austin, Texas Associates L.P. 12/31/98 Industrial & Office 4,045,000 53,480 100%
McKalla 4 CPF Austin Industrial
Austin, Texas Associates L.P. 12/31/98 Industrial & Office 3,517,000 59,600 100%
Ben White 5 CPF Austin Industrial
Austin, Texas Associates L.P. 12/31/98 Industrial & Office 3,978,000 54,000 100%
Mopac 6 CPF Austin Industrial
Austin, Texas Associates L.P. 12/31/98 Industrial & Office 1,929,000 42,633 71.8%
Rutland 14 CPF Austin Industrial
Austin, Texas Associates L.P. 12/31/98 Industrial & Office 2,990,000 61,247 69.3%
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20,622,000(2) 325,345 90.5%
Waterford A
Austin, Texas Waterford Sage 1/6/99 Industrial & Office 3,300,000 30,340 100%
McNeil 6
Austin, Texas Peterson - Hill #6 L.P. 1/6/99 Industrial & Office 2,412,000 28,364 100%
Rutland 11
Austin, Texas Peterson - Hill #6 L.P. 1/6/99 Industrial & Office 1,797,000 39,865 100%
Rutland 12
Austin, Texas Peterson - Hill #6 L.P. 1/6/99 Industrial & Office 2,957,000 58,800 100%
Rutland 13
Austin, Texas Crow Hicks Ltd. 1/6/99 Industrial & Office 2,593,000 52,389 100%
Rutland 19 BL - Austin
Austin, Texas Industrial Ltd. 1/6/99 Industrial & Office 870,000 21,096 100%
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13,929,000(1) 230,854 100%
Waterford B
Austin, Texas Waterford Sage 5/31/99(3) Industrial & Office 2,028,000 18,195 N/A
Waterford C
Austin, Texas Waterford Sage 5/31/99(3) Industrial & Office 6,318,000 57,164 N/A
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8,346,000(4) 75,359 N/A
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Totals $67,027,000 902,280 92.7%
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</TABLE>
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Notes to Table:
(1) Acquired for cash.
(2) Acquired for cash of $11,949,000 and the assumption of an existing
mortgage payable of $8,673,000.
(3) Proposed acquisition date.
(4) To be acquired for cash.
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<PAGE>
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a)(3) 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 as soon as practicable and, in any event, within 60
days after the required filing date for this Form 8-K.
(b) Pro forma Consolidated Financial Statements
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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 as soon as
practicable and, in any event, within 60 days after the required filing
date for this Form 8-K.
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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: January 13, 1998 By: /s/ Jack Corrigan
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Jack Corrigan
Vice President and Chief Financial Officer
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