SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
______________________
FORM 8-K/A(2)
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 18, 1993
BEDFORD PROPERTY INVESTORS, INC.
(Exact name of Registrant as specified in its chapter)
Maryland 1-8822 68-0306514
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation
3658 Mt. Diablo Boulevard, Suite 210
Lafayette, California 94549
Registrant telephone number,
including area code: (510) 283-8910
The undersigned Registrant hereby amends the following items, financial
statements, exhibits or
other portions of its Report on Form 8-K, dated August 18, 1993 and filed on
August 31, 1993 as
set forth in the pages attached hereto.
Item 2. Acquisitions or Disposition of Assets
Disposition of University Tower
The discussion of the proforma effect of the sale of University Tower is
replaced by the following:
The proforma effect of this disposition if applied to the June 30, 1993
financial statements would be to increase cash by $9.8 million and to reduce
investments in real estate and related liabilities by $15.2 million and
$5.2 million, respectively.
The proforma effect of this transaction on the results of operations for
the year ended December 31, 1992, assuming a January 1, 1992 disposition
date, would be to reduce rental income by $2,749,000 (30%), reduce recurring
expenses by $2,429,000 (21%), and reduce interest expense by $237,000.
Accordingly, net loss for 1992 would have been increased by
$83,000.
The proforma effect of this disposition on results of operations for the
six months ended June 30, 1993, assuming a January 1, 1993 disposition date,
would be to reduce net income reported for that period by $189,000.
Item 7. Financial Statement and Exhibits is supplemented by the following
relative to the acquisition of Woodlands II:
Historical Summary of Gross Income and Direct Operating Expenses for the
six months ended June 30, 1993 (See Attachment).
Proforma Financial Information - Balance sheet, June 30, 1993
Had this transaction taken place as of June 30, 1993, certain proforma
effects would have been reflected in the balance sheet of the Registrant as of
June 30, 1993. Rental
property would be recorded in the amount of $6,873,000, cash would be reduced by
$6,668,000, other assets would be recorded in the amount of $27,000 and
tenant deposits and other liabilities would be recorded in the amount of
$232,000.
WOODLANDS II
Historical Summary of Gross Income
and Direct Operating Expenses
Six Months Ended June 30, 1993
Revenues:
Rental income $658,934
Common area reimbursement 125,036
Other 872
784,842
Operating Expenses:
Real property tax (note A) $67,310
Repairs and maintenance 58,264
Utilities 64,262
Association assessments 60,161
Insurance 3,598
Legal and accounting 14,398
Other 7,803
275,796
Operating Income $509,046
NOTES TO HISTORICAL SUMMARY OF GROSS INCOME
AND DIRECT OPERATING EXPENSES
A. Property and Basis of Accounting
The Historical Summary of Gross Income and Direct Operating Expenses has
been prepared in accordance with Rule 3-14 of Regulation S-X of the
Securities and Exchange Commission and relates to the operations of Woodlands
II, an office building located in Salt Lake City, Utah, with approximately
114,000 rental square feet.
In accordance with Rule 3-14, direct operating expenses are presented
exclusive of depreciation, interest, management fees and income taxes as
these expenses would not be comparable to the proposed future operations of
the property.
The acquisition of the property may result in a new valuation for
purposes of determining future property tax assessments.
SIGNATURE
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, thereto duly authorized.
BEDFORD PROPERTY INVESTORS, INC.
By:/s/ Jay Spangenberg___________
Jay Spangenberg
Chief Financial Officer
Date: March 21, 1994
