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UNITED STATES
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) November 14, 2000
LEXINGTON CORPORATE PROPERTIES TRUST
(Exact name of registrant as specified in its charter)
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Maryland 1-12386 13-3717318
(State or other jurisdiction
of incorporation) (Commission File Number) (IRS Employer Identification No.)
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355 Lexington Avenue New York, New York 10017
(Address of principal Executive offices) (Zip code)
Registrant's telephone number, including area code:
(212) 692-7260
Not Applicable
(Former name or former address, if changed since last report)
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ITEM 5. Other Events
On November 14, 2000 Lexington Corporate Properties Trust (the
"Company") announced that it has agreed to acquire two Delaware limited
partnerships, Net 1 L.P. and Net 2 L.P. (the "Net Partnerships") in a merger
transaction valued at approximately $143.0 million.
The Net Partnerships own twenty-five properties in fifteen states, which
generate approximately $15.1 million of net rental revenue. The Company will
issue $65.0 million of securities, with a maximum of one half in Company common
shares and a minimum of one half in the Company's 8.5% Convertible Subordinated
Debentures, and assume approximately $78.0 million in non-recourse mortgages
with a weighted average interest rate of 8%.
E. Robert Roskind, the Company's Chairman and Co-Chief Executive Officer is also
the controlling shareholder of the 1% general partner of the Net Partnerships.
The merger is subject to customary closing conditions, including approval of the
Company shareholders and the Net Partnerships limited partners.
ITEM 7. Financial Statements, ProForma Financial Information and Exhibits
(a) not applicable
(b) not applicable
(c) Exhibits
(i) Press release issued by the Company dated November 14, 2000,
announcing agreement to merge Net 1 L.P. and Net 2 L.P. with
Net 3 L.P. a wholly owned subsidiary of Lexington.
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 thereunto duly authorized.
By:Lexington Corporate Properties Trust
Date: November 15, 2000 By: /s/ Patrick Carroll
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Patrick Carroll
Chief Financial Officer
