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 30, 1999
PS BUSINESS PARKS, INC.
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(Exact name of registrant as specified in its charter)
<TABLE>
<CAPTION>
California 1-10709 95-4300881
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(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification Number)
<S> <C> <C>
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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)
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Item 5. Other Events
During the period of January 29, 1999 through December 30, 1999, PS Business
Parks, Inc. ("PSB" or the "Company"), through its consolidated partnerships,
acquired nine commercial properties and two parcels of vacant land located in
Northern Virginia, Northern California, Texas and Arizona for an aggregate cost
of approximately $83 million. The Company is not affiliated with the sellers and
the purchase price was established through arm's length negotiations. The
Company obtained the funds to acquire the facilities from its existing cash
balances, proceeds from the issuance of preferred stock and preferred units in
its operating partnership in addition to the assumption of existing mortgage
notes payable totaling $19,719,000.
The following table provides certain information concerning the facilities
acquired:
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Net
Name and Date of Purchase Rentable Occupancy
Location Seller Acquisition Property Type Price Sq. Ft. at Closing
- ------------------------ ------------------------ ----------- ------------------- -------------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
Lafayette
Chantilly, Virginia Taurus/Lafayette, L.L.C. 1/29/99 Industrial & Office $ 4,850,000(1) 56,916 100%
Monroe II D+R Monroe Limited
Herndon, Virginia Partnership 1/29/99 Office 5,789,000(2) 50,750 100%
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10,639,000 107,666 100%
Dulles South Sullyfield Circle
Chantilly, VA Limited Partnership 6/30/99 Office 3,697,000 38,502 100%
Sullyfield Circle Sullyfield Circle
Chantilly, VA Limited Partnership 6/30/99 Industrial & Office 4,487,000 59,922 94%
Park East I & II Galaxy Investment Assoc.
Chantilly, VA Limited Partnership III 6/30/99 Industrial & Office 13,199,000 114,942 100%
Park East III Galaxy Land Associates
Chantilly, VA Limited Partnership III 6/30/99 Industrial & Office 8,681,000 83,300 90%
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30,064,000(3) 296,666 96%
Northpointe Metropolitan Life
Sacramento, CA Insurance Company 7/29/99 Industrial & Office 16,856,000(2) 211,017 91%
Westchase Corporate Park Cave Creek/Westchase
Houston, TX Limited Partnership 12/30/99 Industrial & Office 9,519,000 176,977 95%
Phoenix Corporate Park Cave Creek/Westchase
Phoenix, AZ Limited Partnership 12/30/99 Industrial & Office 13,037,000 199,581 95%
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22,556,000(2) 376,558 95%
Vacant land (9.2 acres) Lafayette Properties,
Chantilly, VA L.L.C 1/29/99 1,006,000(2) - -
Vacant land (6.4 acres)
Herndon, VA Nagoldpark L.P. 6/30/99 1,969,000(2) - -
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Totals $83,090,000 991,907 95%
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Notes to Table:
(1) Acquired for cash of $2,663,000 and the assumption of an existing mortgage
note payable of approximately $2,187,000.
(2) Acquired for cash.
(3) Acquired for cash of $12,526,000 and the assumption of existing mortgage
notes payable of approximately $17,532,000.
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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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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 7, 2000 By: /s/ Jack Corrigan
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Jack Corrigan
Vice President and Chief Financial Officer
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