SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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): September 15, 1998
GROVE PROPERTY TRUST
(Exact name of registrant as specified in its charter)
Maryland 1-13080 06-1391084
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File No.) Identification Number)
598 Asylum Avenue, Hartford, Connecticut 06105
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: (860) 246-1126
N/A
(Former name or former address, if changed since last report)
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Item 5. Other Events
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On September 15, 1998, Grove Property Trust (the "Company") issued a
press release concerning its agreement to acquire 20 apartment communities in
the greater Boston market. The apartment communities contain a total of 2,160
units. Consummation of the acquisitions is subject to a number of conditions,
including approval of the transaction by the limited partners of the
partnerships owning the properties and receipt of regulatory and lender
consents. In accordance with General Instruction F to Form 8-K, a copy of the
press release dated September 15, 1998 is attached hereto as Exhibit 20(1) and
is incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
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(c) Exhibits.
NUMBER DESCRIPTION
20.1 Press Release, dated September 15, 1998, issued by the Company
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Company has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
GROVE PROPERTY TRUST
Date: October 5, 1998 By: /s/ Joseph R. LaBrosse
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Joseph R. LaBrosse
Chief Financial Officer
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EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
20.1 Press Release of the Company, dated September 15, 1998
EXHIBIT 20.1
GROVE PROPERTY TRUST
PRESS RELEASE
Contact: Gerry McNamara
Company: Grove Property Trust
Phone: (860) 246-1126 Ext. 125
Fax: (860) 527-0401
September 15, 1998
Hartford, CT, September 15, 1998. Grove Property Trust announced today that it
has entered into an agreement to acquire 20 apartment communities in the greater
Boston market. The apartment communities contain a total of 2,160 units.
Consummation of the acquisitions is subject to a number of conditions; approval
of the transaction by the limited partners of the partnerships owning the
properties and receipt of regulatory and lender consents.
The purchase price for the properties will consist of cash, assumption of
mortgages and the issuance of Common Units of Grove's subsidiary partnership,
Grove Operating, L.P. Assuming all 20 properties are acquired, the value of the
consideration to be paid by Grove will be approximately $95,000,000.
Damon D. Navarro, Chairman and Chief Executive Officer of Grove stated, "We are
excited about the prospects of acquiring these properties and believe that they
will be an excellent accretive complement to the apartment communities already
owned and operatred by Grove Property Trust. We recognoize, however, that there
are still a number of issues which need to be resolved and conditions to be
satisfied before this acquisition is closed. We anticipate closing on this very
complex acquisition during the fourth quarter."
Grove Property Trust is a self-managed and self-administered real estate
investment trust which currently owns 41 apartment communities containing a
total of 4,357 of apartments and four specialty retail properties. Its
properties are located in Connecticut, Rhode Island, Massachusetts, and Maine.
The Common Shares of Grove Property Trust are listed on the American Stock
Exchange under the symbol, "GVE."
