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) January 6, 1998
(December 22, 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 December 22, 1997, the Company acquired a portfolio of five properties,
aggregating approximately 289,874 square feet (the "Opus Properties") from a
group of corporations and LLCs affiliated with Opus Properties, LLC. The total
acquisition cost, including capitalized costs, was approximately $27.7 million,
which was paid in cash from a draw on the Acquisition Credit Facility (discussed
below). The Opus Properties consist of one office property and four office/flex
properties. Four of the properties are located in Tampa, Florida and one is
located in Denver, Colorado.
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.
Item 5. OTHER EVENTS
On December 22, 1997, the Company's $50 million Wells Fargo Bank Line of Credit
was replaced with a new $250 million unsecured line of credit from Wells Fargo
Bank (the "Acquisition Credit Facility"). The Acquisition Credit Facility bears
interest on a sliding scale ranging from LIBOR plus 1.1% to LIBOR plus 1.3%,
which represents a rate that is lower by at least 0.45% than the rate under the
previous $50 million Line of Credit, and has an initial term of three years.
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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 January 6, 1998, file such financial
statements.
(c) EXHIBITS
Financing agreement with Wells Fargo Bank related to the
Acquisition Credit Facility (*)
(*) 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: January 6, 1998 /s/ Terri Garnick
Terri Garnick
Senior Vice President,
Chief Accounting Officer,
Treasurer
(Principal Accounting Officer)
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