UNITED STATES
SECURITIES AND EXCHANGE COMMISSJON
WASHINGTON, D.C. 20549
FORM 11-K
ANNUAL REPORT
Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934 (FEE REQUIRED)
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1998
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from ____ to ____
COMMISSION FILE NO. 333-62207
A. Full title of the Plan and the address of
the Plan, if different from that of the
issuer named below:
(the "Plan")
CHELSEA GCA 401(K) SAVINGS PLAN
B. Name of the issuer of the securities held pursuant to the
Plan and the address of its principal executive office:
CHELSEA GCA REALTY, INC.
103 EISENHOWER PARKWAY
ROSELAND, NEW JERSEY 07068
<PAGE>
Financial Statements and
Supplemental Schedules
Chelsea GCA 401(k) Savings Plan
DECEMBER 31, 1998
<PAGE>
Chelsea GCA 401(k) Savings Plan
Financial Statements and Supplemental Schedules
December 31, 1998
CONTENTS
Report of Independent Auditors.............................................1
Financial Statements
Statements of Net Assets Available for Plan Benefits- with
Fund Information........................................................2
Statement of Changes in Net Assets Available for Plan Benefits-with
Fund Information........................................................4
Notes to Financial Statements..............................................5
Supplemental Schedules
Schedule of Assets Held for Investment....................................12
Schedule of Reportable Transactions......................................13
<PAGE>
Report of Independent Auditors
Chelsea GCA 401(k) Savings Plan
Retirement and Benefits Committee
We have audited the accompanying statements of net assets available for plan
benefits-with fund information of Chelsea GCA 401(k) Savings Plan (the "Plan")
as of December 31, 1998 and 1997, and the related statement of changes in net
assets available for plan benefits-with fund information for the year ended
December 31, 1998. These financial statements are the responsibility of the
Plan's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for plan benefits of the Plan at
December 31, 1998 and 1997, and the changes in its net assets available for plan
benefits for the year ended December 31, 1998, in conformity with generally
accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the financial
statements taken as a whole. The accompanying supplemental schedules of assets
held for investment purposes as of December 31, 1998, and reportable
transactions for the year then ended, are presented for purposes of additional
analysis and are not a required part of the financial statements but are
supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. These supplemental schedules are the responsibility of
management. The Fund information in the statements of net assets available for
benefits and the statement of changes in net assets available for benefits is
presented for purposes of additional analysis rather than to present the net
assets available for benefits and changes in net assets available for benefits
of each fund. The supplemental schedules and Fund information have been
subjected to the auditing procedures applied in our audits of the financial
statements and, in our opinion, are fairly stated in all material respects in
relation to the financial statements taken as a whole.
ERNST & YOUNG LLP
June 2, 1999
<PAGE>
Chelsea GCA 401(k) Savings Plan
Statement of Net Assets Available for Plan Benefits-with Fund Information
December 31, 1998
<TABLE>
<CAPTION>
Fund Information
- ---------------------------------------------------------------------------------------------------------------
The Merrill Lynch Trust
- ---------------------------------------------------------------------------------------------------
Corporate Chelsea
Bond GCA
Fund Realty,
Basic Investment Global Retirement CMA Inc. Participant
Value Capital Grade Allocation Growth Preservation Money Common Loans
Fund Fund Portfolio Fund Fund Trust Fund Cash Stock Receivable Total
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments,
at fair value $505,394 $183,111 $132,806 $140,367 $549,035 $71,165 $1,382 $2,395 $115,238 $32,230 $1,733,123
Employee contribution
receivable 9,681 4,528 2,962 3,276 13,372 1,343 2,333 37,495
Employer contribution
receivable 3,350 1,571 815 1,201 4,566 534 963 13,000
-------------------------------------------------------------------------------------------------------------
Net assets available
for plan benefits at
December 31, 1998 $518,425 $189,210 $136,583 $144,844 $566,973 $73,042 $1,382 $2,395 $118,534 $32,230 $1,783,618
=============================================================================================================
</TABLE>
SEE ACCOMPANYING NOTES.
<PAGE>
Chelsea GCA 401(k) Savings Plan
Statement of Net Assets Available for Plan Benefits-with Fund Information
December 31, 1997
<TABLE>
<CAPTION>
Fund Information
------------------------------------------------------------------------------------------
The Merrill Lynch Trust
--------------------------------------------------------------------
Corporate Chelsea
Bond GCA
Fund Realty,
Basic Investment Global Retirement CMA Inc. Participant
Value Capital Grade Allocation Growth Preservation Money Common Loans
Fund Fund Portfolio Fund Fund Trust Fund Cash Stock Receivable Total
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments,
at fair value $287,522 $99,238 $90,029 $91,889 $562,335 $49,964 $3,432 $1,363 $74,961 $17,822 $1,278,555
Employee contributions
receivable 4,891 4,025 2,304 2,644 12,478 1,019 2,272 29,633
--------------------------------------------------------------------------------------------------------------
Net assets available
for plan benefits at
December 31, 1997 $292,413 $103,263 $92,333 $94,533 $574,813 $50,983 $3,432 $1,363 $77,233 $17,822 $1,308,188
==============================================================================================================
</TABLE>
SEE ACCOMPANYING NOTES.
<PAGE>
Chelsea GCA 401(k) Savings Plan
Statement of Changes in Net Assets Available for Plan
Benefits-with Fund Information
December 31, 1998
<TABLE>
<CAPTION>
Fund Information
-------------------------------------------------------------------------------------
The Merrill Lynch Trust
-----------------------------------------------------------------------------
Corporate Chelsea
Bond GCA
Fund Realty,
Basic Investment Global Retirement CMA Inc. Participant
Value Capital Grade Allocation Growth Preservation Money Common Loans
Fund Fund Portfolio Fund Fund Trust Fund Cash Stock Receivable Total
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net assets available
for plan benefits at
January 1, 1998 $292,413 $103,263 $92,333 $94,533 $574,813 $50,983 $3,432 $1,363 $77,233 $17,822 $1,308,188
Additions:
Employee contributions 107,239 62,299 35,713 44,946 192,645 12,566 - - 38,504 - 493,912
Employee contributions
receivable 9,681 4,528 2,962 3,276 13,372 1,343 - - 2,333 - 37,495
Employer contributions 27,881 19,888 9,384 13,651 52,411 3,500 - - 10,528 - 137,243
Employer contributions
receivable 3,350 1,571 815 1,201 4,566 534 - - 963 - 13,000
Investment income 32,472 8,320 5,968 14,714 4,467 - 398 1,032 5,147 - 72,518
------------------------------------------------------------------------------------------------------------
180,623 96,606 54,842 77,788 267,461 17,943 398 1,032 57,475 17,822 754,168
------------------------------------------------------------------------------------------------------------
Participant withdrawals (28,279) (13,067) (22,809) (7,558) (31,866) (8,471) (2,448) - (3,973) (118,471)
------------------------------------------------------------------------------------------------------------
(28,279) (13,067) (22,809) (7,558) (31,866) (8,471) (2,448) - (3,973) - (118,471)
Net realized and changes
in unrealized appreciation
(depreciation) in fair
value of investments 1,675 (2,604) 1,692 (15,183) (142,719) 3,434 - - (6,562) - (160,267)
Interfund transfers 74,067 7,240 10,514 (3,836) (94,093) 9,402 - - (3,294) - -
Loan disbursements/
proceeds, net (2,074) (2,228) 11 (900) (6,623) (249) - - (2,345) 14,408 -
-------------------------------------------------------------------------------------------------------------
Net increase
(decrease) 73,668 2,408 12,217 (19,919) (243,435) 12,587 - - (12,201) 14,408 (160,267)
-------------------------------------------------------------------------------------------------------------
Net assets available
for plan benefits
at December 31, 1998 $518,425 $189,210 $136,583 $144,844 $ 566,973 $73,042 $1,382 $2,395 $118,534 $32,230 $1,783,618
=====================================================================================================
</TABLE>
SEE ACCOMPANYING NOTES.
<PAGE>
Chelsea GCA 401(k) Savings Plan
Notes to Financial Statements
December 31, 1998
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
METHOD OF ACCOUNTING
The financial statements of Chelsea GCA 401(k) Savings Plan (the "Plan") are
presented on the accrual basis of accounting.
INVESTMENTS
Investments are valued at fair value using share values of the funds as reported
by Merrill Lynch on December 31, 1998 and 1997, respectively.
Appreciation or depreciation of securities represents realized gains and the
change in fair value during the year.
INCOME TAX STATUS
The Plan has received a determination letter from the Internal Revenue Service
dated August 26, 1998, stating the Plan is qualified: (1) under Section 401(a)
of the Internal Revenue Code (the "Code"); (2) and, therefore, the related trust
is exempt from taxation. Once qualified, the Plan is required to operate in
conformity with the Code to maintain its qualification. The Plan Administrator
believes the Plan is being operated in compliance with the applicable
requirements of the Code and, therefore, believes that the Plan is qualified and
the related trust is tax exempt.
USE OF ESTIMATES
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the amounts reported in the financial statements and accompanying notes.
Actual results could differ from those estimates.
2. DESCRIPTION OF THE PLAN
The Plan is a defined contribution plan sponsored and administered by Chelsea
GCA Realty Partnership, L.P. (the "Partnership") and was established for the
purpose of allowing Plan members to make tax-deferred contributions through
voluntary payroll withholdings in order to accumulate benefits to be paid upon
retirement. The Partnership
<PAGE>
Chelsea GCA 401(k) Savings Plan
Notes to Financial Statements (continued)
2. DESCRIPTION OF THE PLAN (CONTINUED)
pays all administrative expenses incurred by the Plan except for a fee of $.25
per share for all purchase and sale transactions of Chelsea GCA Realty, Inc.
common stock which is paid by the participant. The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974 (ERISA).
All employees of the Partnership are eligible to participate in the Plan after
completing 1,000 hours or one year of service and attaining age 21. Employees
who elect to enroll in the Plan may elect to have from 1% to 15% of their
pre-tax gross pay (for up to a 40 hour work week) contributed to their account
each pay period. This deduction may not exceed the maximum amount allowed under
the IRC of $10,000 and $9,500 in 1998 and 1997, respectively. Rollover
contributions of $2,859 and $3,519 in 1998 and 1997, respectively, were made by
participants from other qualified Plans.
Merrill Lynch Asset Management, Inc. serves as trustee (the "Trustee") of the
Plan. The Trustee has invested the assets of the Plan in funds maintained in
pooled separate accounts held by Merrill Lynch Trust.
Employees participating in the Plan are eligible to receive a benefit upon their
normal retirement date, disability retirement date or termination date, equal to
the amount in their individual account. Participants are always 100% vested in
their contributions including the earnings thereon.
Participants are eligible to borrow from their account. The minimum loan is
$500. A participant may borrow 50% of his or her account to a maximum of
$50,000. The loans must be paid back within five years. The loans bore interest
at a rate of 8.99% at December 31, 1998 and 1997.
Participants are permitted to invest their contributions in any of the following
investment vehicles:
MERRILL LYNCH BASIC VALUE FUND
This fund seeks capital appreciation and, secondarily, income by
investing in primarily equity securities that are undervalued and
represent basic investment value. Particular emphasis is placed on
securities which provide an above average dividend return and sell at
a below average price-earnings ratio.
<PAGE>
Chelsea GCA 401(k) Savings Plan
Notes to Financial Statements (continued)
2. DESCRIPTION OF THE PLAN (CONTINUED)
MERRILL LYNCH CAPITAL FUND
The objective of the fund is to achieve the highest total investment
return through flexibility of investments in equity, debt or other
convertible securities, as well as investing in quality companies.
MERRILL LYNCH CORPORATE BOND FUND INVESTMENT GRADE PORTFOLIO
This fund seeks primarily to attain the highest level of current
income by investing in a diversified portfolio of fixed income
securities, such as corporate bonds and notes, convertible securities,
preferred stocks and government obligations. As a secondary objective,
the fund seeks capital appreciation, when consistent with the primary
objective.
MERRILL LYNCH GLOBAL ALLOCATION FUND
The fund seeks a high total investment return, consistent with prudent
risk, utilizing United States and foreign equity, debt and money
market securities. Total investment return is the aggregate of capital
value changes and income.
MERRILL LYNCH GROWTH FUND
The investment objectives of the fund are to seek growth of capital
and, secondarily, income by investing in a diversified portfolio of
equity securities.
MERRILL LYNCH RETIREMENT PRESERVATION TRUST
This is a fixed income portfolio which invests in guaranteed
investment contracts of insurance companies, bank investment
contracts, money market instruments and United States Government
Agency Securities.
CHELSEA GCA REALTY, INC. COMMON STOCK
Participants are offered the opportunity to purchase the common stock
of Chelsea GCA Realty, Inc. The stock is currently traded on the open
market.
<PAGE>
Chelsea GCA 401(k) Savings Plan
Notes to Financial Statements (continued)
2. DESCRIPTION OF THE PLAN (CONTINUED)
As of January 1, 1998 the Plan was amended to include an employer discretionary
matching contribution in an amount not to exceed 100% of each participant's
first 6% of yearly compensation contributed to the Plan. For the 1998 Plan year,
the matching contribution was equal to 50% of each participant's first 6%
contributed to the Plan.
Employees with the following titles are not eligible to participate in the
matching contribution: Vice President, Executive Vice President, Chief Operating
Officer, President, CFO, Vice Chairman, and Chairman and CEO.
Participants shall have a vested percentage in the matching contributions as
follows:
After 1 year of vesting service 20%
After 2 years of vesting service 40%
After 3 years of vesting service 60%
After 4 years of vesting service 80%
After 5 years of vesting service 100%
While the Partnership hopes and expects to continue the Plan indefinitely, it
reserves the right to terminate, amend or modify the Plan at any time.
This is not a complete description of the Plan. For more information on the
Plan, see the Summary Plan Description available at the office of the
Administrator.
<PAGE>
Chelsea GCA 401(k) Savings Plan
Notes to Financial Statements (continued)
3. INVESTMENTS
As indicated by the Trustee, the following investments, exclusive of
receivables, as of December 31, 1998 and 1997 represent 5% or more of the Plan's
net assets at fair value:
1998
The Merrill Lynch Trust:
Merrill Lynch Basic Value Fund $ 505,394
Merrill Lynch Capital Fund 183,111
Merrill Lynch Corporate Bond Fund Investment Grade Portfolio 132,806
Merrill Lynch Global Allocation Fund 140,367
Merrill Lynch Growth Fund for Investment & Retirement 549,035
Chelsea GCA Realty, Inc. Common Stock 115,238
1997
The Merrill Lynch Trust:
Merrill Lynch Basic Value Fund $ 287,522
Merrill Lynch Capital Fund 99,238
Merrill Lynch Corporate Bond Fund Investment Grade Portfolio 90,029
Merrill Lynch Global Allocation Fund 91,889
Merrill Lynch Growth Fund for Investment & Retirement 562,335
Chelsea GCA Realty, Inc. Common Stock 74,961
<PAGE>
Chelsea GCA 401(k) Savings Plan
Notes to Financial Statements (continued)
3. INVESTMENTS (CONTINUED)
The Trustee has reported units and per unit values, exclusive of receivables, as
follows:
<TABLE>
<CAPTION>
The Merrill Lynch Trust
---------------------------------------------------------------------------------------------------------------
Corporate Bond Global
Fund Investment Allocation Growth
Basic Value Fund Capital Fund Grade Portfolio Fund Fund
------------------- ----------------- ---------------- ---------------- -------------------
Units Per Unit Units Per Unit Units Per Unit Units Per Unit Units Per Unit
------- -------- ------- -------- ------- -------- ------- ---------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
December 31, 1997 7,860.1 $36.58 2,936.9 $33.79 7,842.3 $11.48 6,591.8 $13.94 21,284.5 $ 26.42
March 31, 1998 8,745.5 40.69 3,313.3 36.68 8,539.9 11.47 8,332.3 14.74 21,401.0 26.90
June 30, 1998 10,551.0 40.78 4,163.0 36.28 9,889.1 11.59 9,301.2 14.63 22,075.9 24.18
September 30, 1998 12,159.8 33.92 4,859.8 31.04 9,911.1 11.78 9,113.7 12.45 24,492.2 19.39
=================================================================================================================
December 31, 1998 13,495.1 $37.45 5,430.4 $33.72 11,389.9 $11.66 11,301.7 $12.42 27,659.2 $ 19.85
=================================================================================================================
Chelsea GCA
Retirement Realty, Inc.
Preservation Trust CMA Money Fund Common Stock
------------------------ -------------------- ---------------------
Units Per Unit Units Per Unit Unit Per Unit
---------- --------- -------- --------- -------- ---------
<S> <C> <C> <C> <C> <C> <C>
December 31, 1997 49,964.0 $ 1.00 3,432 $ 1.00 1,963 $ 38.18
March 31, 1998 52,554.0 1.00 3,271 1.00 2,145 37.00
June 30, 1998 71,270.3 1.00 1,604 1.00 2,472 40.00
September 30, 1998 68,837.0 1.00 2,396 1.00 2,842 34.25
========================================================================================================
December 31, 1998 71,165.0 $ 1.00 1,382 $ 1.00 3,226 $ 35.63
========================================================================================================
</TABLE>
<PAGE>
Chelsea GCA 401(k) Savings Plan
Notes to Financial Statements (continued)
December 31, 1998
4. PARTIES-IN-INTEREST
During 1998 and 1997, the Plan did not enter into any transactions with
parties-in-interest.
5. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
The following is a reconciliation of net assets available for benefits in the
financial statements to Form 5500:
YEAR ENDED DECEMBER 31
1998 1997
-----------------------------------
Net assets available for plan benefits
per the financial statements $ 1,783,618 $1,308,188
Employee contributions receivable (37,495) (29,633)
Employer contribution receivable (13,000) -
Other receivables (3,774) (2,665)
-------------------------------
Net assets available for plan
benefits per Form 5500 $ 1,729,349 $1,275,890
===============================
6. YEAR 2000 ISSUE (UNAUDITED)
The Plan Sponsor has developed a plan to modify its internal information
technology to be ready for the year 2000 and has begun converting critical data
processing systems. The project also includes determining whether third party
service providers have reasonable plans in place to become year 2000 compliant.
The Plan Sponsor does not expect this project to have a significant effect on
plan operations.
<PAGE>
Supplemental Schedules
<PAGE>
Chelsea GCA 401(k) Savings Plan
Assets Held for Investment
December 31, 1998
<TABLE>
<CAPTION>
Number of Current
IDENTITY OF ISSUE Units/Shares Cost Basis Value
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
The Merrill Lynch Trust:
Merrill Lynch Basic Value Fund 13,495.1 $ 469,773 $ 505,394
Merrill Lynch Capital Fund 5,430.4 179,443 183,111
Merrill Lynch Corporate Bond Fund
Investment Grade Portfolio 11,389.9 130,881 132,806
Merrill Lynch Global Allocation Fund 11,301.7 160,116 140,367
Merrill Lynch Growth Fund for Investment & Retirement 27,659.2 641,044 549,035
Merrill Lynch Retirement Preservation Trust 71,165.0 71,165 71,165
Merrill Lynch CMA Money Fund 1,382.0 1,382 1,382
-----------------------------------
1,653,804 1,583,260
Cash 2,395 2,395
Chelsea GCA Realty, Inc. Common Stock 3,226.0 114,205 115,238
Participant loans receivable
(interest rates range from 8.73% to
8.99% maturing through 2001) - 32,230
------------------------------------
Total investments $ 1,770,404 $ 1,733,123
====================================
</TABLE>
<PAGE>
Chelsea GCA 401(k) Savings Plan
Reportable Transactions
December 31, 1998
<TABLE>
<CAPTION>
Fair Value of
Purchase Transaction upon
DESCRIPTION OF ASSET Cost Basis Price Sale or Redemption Gain/(Loss)
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CATEGORY (i)--SINGLE TRANSACTIONS IN
EXCESS OF 5% OF PLAN ASSETS
Merrill Lynch CMA Money Fund (I) 75,131 $ 75,131 $
Merrill Lynch CMA Money Fund (1) 67,023 67,023
Merrill Lynch CMA Money Fund (1) 54,214 54,214
Merrill Lynch CMA Money Fund (1) 48,823 48,823
Merrill Lynch CMA Money Fund (1) 80,167 80,167
Merrill Lynch CMA Money Fund (1) 71,608 71,608
Merrill Lynch CMA Money Fund (1) 53,035 53,035
Merrill Lynch CMA Money Fund (1) 47,829 47,829
Merrill Lynch CMA Money Fund (1) 43,474 43,474
Merrill Lynch CMA Money Fund (1) 57,307 57,307
Merrill Lynch CMA Money Fund (1) 43,474 43,474
Merrill Lynch CMA Money Fund (1) 50,998 50,998
Merrill Lynch CMA Money Fund (1) 56,735 56,735
Merrill Lynch CMA Money Fund (1) 50,734 50,734
Merrill Lynch CMA Money Fund (1) 57,539 57,539
Merrill Lynch CMA Money Fund (1) 51,630 51,630
Merrill Lynch CMA Money Fund (1) 82,352 82,352
Merrill Lynch CMA Money Fund (1) 46,736 46,736
Merrill Lynch CMA Money Fund (1) 74,350 74,350
Merrill Lynch CMA Money Fund (1) 47,171 47,171
</TABLE>
<PAGE>
Chelsea GCA 401(k) Savings Plan
Reportable Transactions (continued)
<TABLE>
<CAPTION>
Fair Value of
Purchase Transaction upon
DESCRIPTION OF ASSET Cost Basis Price Sale or Redemption Gain/(Loss)
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CATEGORY (iii)--SERIES OF TRANSACTIONS
IN EXCESS OF 5% OF PLAN ASSETS
Merrill Lynch Basic Value Fund (25) $ 266,106 $ 266,106
Merrill Lynch Basic Value Fund (44) 41,291 $ 47,546 $ 6,255
Merrill Lynch Capital Fund (35) 102,842 102,842
Merrill Lynch Capital Fund (16) 8,286 8,742 456
Merrill Lynch Corporate Bond Fund
Investment Grade Portfolio (44) 65,037 65,037
Merrill Lynch Corporate Bond Fund
Investment Grade Portfolio (19) 15,384 15,512 128
Merrill Lynch Global Allocation Fund (32) 95,558 95,558
Merrill Lynch Global Allocation Fund (36) 32,708 31,897 (811)
Merrill Lynch Growth Fund for Investment
& Retirement (32) 268,467 268,467
Merrill Lynch Growth Fund for Investment
& Retirement (36) 128,544 133,212 4,668
Merrill Lynch CMA Money Fund (69) 775,312 775,312
Merrill Lynch CMA Money Fund (78) 777,362 777,362
</TABLE>
Numbers in brackets ( ) represent number of transactions.
THERE WERE NO CATEGORY (ii) OR (iv) REPORTABLE TRANSACTIONS DURING THE YEAR
ENDED DECEMBER 31, 1998.
<PAGE>
Consent of Independent Auditors
We consent to the incorporation by reference in the Registration Statement (Form
S-8 No. 333-62207) pertaining to the Chelsea GCA 401(k) Savings Plan of our
report dated June 2, 1999, with respect to the financial statements of the
Chelsea GCA 401(k) Savings Plan included in this Annual Report (Form 11-K) for
the year ended December 31, 1998.
/s/Ernst & Young LLP
New York, New York
June 28, 1999
<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 thereunto duly authorized.
Chelsea GCA Realty, Inc. (Registrant)
By: /s/ Leslie T. Chao
---------------------------
Leslie T. Chao
President
Date: June 28, 1999