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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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 11, 1998 (September 10, 1998)
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KRANZCO REALTY TRUST
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(Exact Name of Registrant as Specified in Charter)
Maryland 1-11478 23-2691327
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
128 Fayette Street, Conshohocken, Pennsylvania 19428
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (610) 941-9292
(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events
On September 10, 1998 Kranzco Realty Trust issued a press release
announcing that it is extending the expiration date of its previously
announced offer to exchange $8,000,000 of convertible subordinated notes for
80% of the issued and outstanding stock of New America Network, Inc. (NAI)
until December 31, 1998.
The press release also stated that the record date for Kranzco's
planned distribution of NAI common stock to Kranzco's shareholders, which had
been set as September 4, 1998, has been canceled, and that Kranzco will
announce a new record date for the distribution at a later date.
A copy of the Press Release is attached as Exhibit 99 hereto and is
incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits.
(c) Exhibits
99 Press Release of Kranzco Realty Trust dated September 10, 1998.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
Date: September 11, 1998
KRANZCO REALTY TRUST
By: /s/ Norman M. Kranzdorf
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Name: Norman M. Kranzdorf
Title: President and Chief Executive Officer
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EXHIBIT INDEX
99 Press Release of Kranzco Realty Trust dated September 10, 1998.
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KRANZCO PRESS RELEASE
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FOR IMMEDIATE RELEASE CONTACT: NORMAN M. KRANZDORF
(610) 941-9292
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FROM: L.B.STAUFFER, Sr. VP
Bill Gordon, Sr. VP
Porter, LeVay & Rose, Inc.
(212) 564-4700
FOR IMMEDIATE RELEASE
KRANZCO ANNOUNCES POSTPONEMENT OF
EXCHANGE OFFER AND NAI RECAPITALIZATION
CONSHOHOCKEN, PA, Sept. 10 - Kranzco Realty Trust (NYSE:KRT),
announced today that it is extending the expiration date of its previously
announced offer to exchange $8,000,000 of convertible subordinated notes for
80 percent of the issued and outstanding stock of New America Network, Inc.
(NAI) until December 31, 1998. The company stated that "in light of the recent
material disruptions to the securities markets, it would be impracticable at
this time to consummate the Exchange Offer and the related transactions, which
included Kranzco distributing 70.2 percent of NAI's outstanding common stock
to its shareholders, and NAI launching a rights offering and a concurrent
offering of common stock to NAI's network of independently owned, licenced
real estate brokers."
Kranzco announced that the record date for Kranzco's planned
distribution of NAI common stock to Kranzco's shareholders, which had been set
as September 4, 1998, has been canceled. Kranzco will announce a new record
date for the distribution at a later date.
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Kranzco Realty Trust is a publicly-owned, self-administered,
self-managed real estate investment trust whose objective is to increase
shareholder value through enhancing leasing revenues, expanding and renovating
existing properties, and acquiring attractive properties with the potential
for growth and greater profitability. Kranzco owns and operates 58
neighborhood and community shopping centers with more than 7.6 million square
feet of gross leasable area in 16 states.
NAI operates a network of independently owned, licensed real estate
brokers throughout the United States and, more recently, abroad. NAI, directly
and through its Broker Members, provides commercial real estate brokerage
services to local, regional, national and international businesses.
Detailed information regarding Kranzco and its properties can be
found on its World Wide Web site at http://www.krt.com.
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1998
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