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): August 18, 1998
AmeriVest Properties Inc.
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(Exact name of registrant as specified in its charter)
Delaware 1-14462 84-1240264
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(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
7100 Grandview Avenue, Suite 1, Arvada, Colorado 80002
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (303) 421-1224
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Item 2. Acquisition or Disposition of Assets
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On August 18, 1998, the Registrant completed the acquisition of four office
buildings (the "Acquired Buildings") in the State of Texas. The Acquired
Buildings contain an aggregate of approximately 60,200 square feet. The
aggregate purchase price for the Acquired Buildings consisted of approximately
$1,953,000 in cash and the assumption of approximately $1,672,000 of existing
debt. The cash portion of the purchase price was made available through the
refinancing of Registrant's four self-storage facilities. Three of the
self-storage facilities were refinanced by ARCHON Financial, L.P., an affiliate
of Goldman, Sachs & Co., and the fourth was refinanced by First National Bank of
Arvada, Colorado.
The Acquired Buildings were purchased from Five N-B Properties, L.P. ("Five
N-B"), a Delaware limited partnership. The purchase price of the Acquired
Buildings was determined through negotiations between the Registrant and Five
N-B. There are no material relationships between Five N-B and any of Registrant,
Registrant's directors or officers, or associates of Registrant's directors or
officers.
Item 5. Other Events.
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Press Release. The press release of the Registrant dated August 19, 1998,
which is filed as Exhibit 99.1 to this Form 8-K, is incorporated into this Item
5 by this reference.
Item 7. Financial Statements And Exhibits.
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(a) Financial Statements Of Business Acquired
The financial statements required by this section will be filed by
amendment.
(c) Exhibits.
Exhibit Index
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Exhibit
Number Description
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99.1 Press release dated August 19, 1998.
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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 hereunto duly authorized.
Date: August 21, 1998 AMERIVEST PROPERTIES INC.
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By: /s/ James F. Etter
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James F. Etter
President
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EXHIBIT 99.1
On August 19, 1998 the Registrant issued the following press release:
"AmeriVest Properties Inc. Acquires Additional Office Buildings
ARVADA, Colo., Aug. 19/PRNewswire/ -- AmeriVest Properties Inc. (Nasdaq: AMVP)
today announced that it has completed the acquisition of four bank office
buildings in Texas. The total purchase price was $3,625,000. The purchase price
included the assumption of existing debt of approximately $1,672,000 and cash of
approximately $1,953,000 which was received from refinancing the Company's four
self-storage facilities. The refinance of three of the four self-storage
facilities was provided by an affiliate of Goldman, Sachs & Co., and the fourth
was refinanced by a bank.
The four buildings, with a total square footage of approximately 60,200 square
feet, are leased primarily to NationsBank under long-term leases. James F.
Etter, CEO of AmeriVest Properties, stated, "These four properties will add
approximately $280,000 or $.17 per share, in funds from operations on an
annualized basis to the overall operations of the Company. These office
buildings were acquired effective August 18 and will contribute positively to
our operations in the 3rd and 4th quarters." These acquisitions bring the total
number of properties acquired by AmeriVest this summer to 15, covering a total
of 260,000 square feet and estimated to add $560,000 or $.37 per share, in
aggregate funds from operations, which is prior to payment of debt service.
Certain matters discussed in this release are forward-looking statements that
are subject to risks and uncertainties that could cause actual results to differ
materially from those projected. Such risks and uncertainties are disclosed in
the Company's past and concurrent filings with the U.S. Securities And Exchange
Commission. They include, but are not limited to, the risks and of locating and
acquiring properties on favorable terms to the company.
AmeriVest Properties Inc., with its principal office in Arvada, Colorado, owns
19 small office buildings, a commercial industrial showroom building, and four
self-storage properties. Its common stock and warrants trade on the Nasdaq Small
Cap Market under the symbols 'AMVP' and 'AMVPW.'
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