SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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) May 2, 1997
(April 18, 1997)
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GLENBOROUGH REALTY TRUST INCORPORATED
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(Exact name of registrant as specified in its charter)
Maryland 1-14162 94-3211970
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State or other (Commission (IRS Employer
jurisdiction of File Number) I.D. Number)
incorporation)
400 South El Camino Real, Ste. 1100, San Mateo, California 94402
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(Address of principal executive offices)
Registrant's Telephone number, including area code:(415) 343-9300
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Item 2. ACQUISITION OR DISPOSITION OF ASSETS
On April 18, 1997, the Company's Operating Partnership acquired a portfolio of
eleven properties, aggregating approximately 522,000 square feet (the "E&L
Properties") from seven affiliated partnerships whose common general partner is
Ellis & Lane, Inc. The total acquisition cost, including capitalized costs, was
approximately $22.2 million, which consisted of (i) approximately $12.8 million
of mortgage debt assumed, (ii) approximately $6.7 million in the form of
approximately 352,000 partnership units in the Operating Partnership (based on
an assumed per unit value of $19.075), (iii) approximately $633,000 in the form
of approximately 33,000 shares of Common Stock of the Company (based on an
assumed per share value of $19.075) to be issued in connection with the
acquisition of the management interests relating to the E&L Properties, and (iv)
the balance in cash. The cash portion of the acquisition was paid with proceeds
from the March 1997 Stock Offering. The E&L Properties consist of one office and
ten industrial properties, all located in Southern California.
On April 29, 1997, the Company's Operating Partnership acquired a portfolio of
six properties, aggregating approximately 616,000 square feet and 224
multi-family units (the "CIGNA Properties") from two partnerships formed and
managed by affiliates of CIGNA. The total acquisition cost, including
capitalized costs, was approximately $45.4 million, which was paid entirely in
cash from the proceeds of a new $40 million unsecured loan from Wells Fargo Bank
and a draw on the existing $50 million Line of Credit. The CIGNA Properties
consist of two office properties, two industrial properties, a shopping center
and a multi-family property, located in four states.
There is no relationship between any of the sellers listed above and the
Company, the Company's Operating Partnership or any affiliated entities of the
Company.
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Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(a)&(b) FINANCIAL STATEMENTS
As of the date of filing of this Current Report
on Form 8-K, it is impracticable for the Company
to provide the financial statements required by
Item 7 (a) & (b) of Form 8-K. In accordance
with Item 7(a)(4) of Form 8-K, the Company will
by amendment to this Form 8-K no later than 60
days after May 2, 1997, file such financial
statements.
(c) EXHIBITS
Purchase agreements related to the acquisition
of the CIGNA Properties (*)
Amended and Restated Agreement of Limited
Partnership of Glenborough Properties, L.P. (*)
(*) To be filed with amendment to this Form 8-K not later than
60 days after the date on which this Current Report on Form
8-K is filed herewith.
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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, hereunto duly authorized.
GLENBOROUGH REALTY TRUST INCORPORATED
By: Glenborough Realty Trust Incorporated,
Date: May 2, 1997 /s/ Andrew Batinovich
Andrew Batinovich
Director, Executive Vice President,
Chief Operating Officer
and Chief Financial Officer
(Principal Financial Officer)
Date: May 2, 1997 /s/ Terri Garnick
Terri Garnick
Senior Vice President,
Chief Accounting Officer,
Treasurer
(Principal Accounting Officer)
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