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) September 29, 1997
(September 12, 1997)
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GLENBOROUGH REALTY TRUST INCORPORATED
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(Exact name of registrant as specified in its charter)
Maryland 001-14162 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
(Address of principal executive offices)
Registrant's Telephone number, including area code: (650) 343-9300
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Item 2. ACQUISITION OR DISPOSITION OF ASSETS
On September 12, 1997, the Company acquired a portfolio of 27 properties,
aggregating approximately 2,888,000 square feet (the "T. Rowe Price Properties")
from five limited partnerships, two general partnerships and one private REIT,
each organized by affiliates of T. Rowe Price Associates, Inc. The total
acquisition cost, including capitalized costs, was approximately $146.8 million,
which was paid entirely in cash from the proceeds of a new $114 million
unsecured loan from Wells Fargo Bank, approximately $23 million of the proceeds
from a new $60 million secured loan from Wells Fargo Bank, a $6.5 million draw
on the existing $50 million Wells Fargo Bank Line of Credit and the balance from
the proceeds from the July 1997 Stock Offering. The T. Rowe Price Properties
consist of four office properties, twelve office/flex properties, eight
industrial properties and three retail properties located in 12 states.
On September 12, 1997, the Company acquired a portfolio of ten properties,
aggregating approximately 755,000 square feet (the "Advance Properties") from a
group of partnerships affiliated with The Advance Group of Bedminster, New
Jersey. The total acquisition cost, including capitalized costs, was
approximately $103 million, which consisted of (i) approximately $7.4 million of
mortgage debt assumed, (ii) approximately $13.6 million in the form of 599,508
partnership units in the Operating Partnership (based on an assumed per unit
value of $22.625), (iii) approximately $37 million of the proceeds from a new
$60 million secured loan from Wells Fargo Bank and (iv) the balance in cash. The
cash portion of the acquisition was paid with proceeds from the July 1997 Stock
Offering. The Advance Properties consist of five office properties, three
office/flex properties and two industrial properties. Nine of the properties are
located in New Jersey and one is located in Maryland.
The Company has also entered into a joint venture with The Advance Group for the
development of new properties in the New Jersey market. Initially, the venture
will hold 57 acres of land suitable for office and office/flex development of up
to 560,000 square feet in the prime Interstate 78/287 corridor of northern New
Jersey.
Other than as discussed above, 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 September 29, 1997, file such financial
statements.
(c) EXHIBITS
None
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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: September 29, 1997 /s/ Andrew Batinovich
Andrew Batinovich
President,
Chief Operating Officer
(Principal Operating Officer)
Date: September 29, 1997 /s/ Terri Garnick
Terri Garnick
Senior Vice President,
Chief Accounting Officer,
Treasurer
(Principal Accounting Officer)
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