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) December 27, 2001
PS BUSINESS PARKS, INC.
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(Exact name of registrant as specified in its charter)
CALIFORNIA 1-10709 95-4300881
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(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification Number)
701 Western Avenue, Glendale, California 91201-2397
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (818) 244-8080
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N/A
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(Former name or former address, if changed since last report)
ITEM 5. Other Events
PS Business Parks, Inc., through its consolidated partnership (collectively
referred to as the "Company"), acquired a business park consisting of 17
buildings known as "Metro Park North" on December 27, 2001 at an aggregate
purchase price of approximately $127.3 million (including closing costs and
deferred maintenance). The park was acquired through the acquisition of five
limited liability companies controlled by one seller. The Company is not
affiliated with the seller and the purchase price was established through arm's
length negotiations. The acquisition was funded with the Company's existing cash
balances, borrowings of $40 million from its unsecured line of credit with Wells
Fargo Bank and borrowings from an affiliate of $35 million.
The following table provides certain information concerning the facilities
acquired:
Name and Date of Allocation of Net Rentable Occupancy
Location Seller Acquisition Property Type Purchase Price Square Footage at Closing
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Metro Park I
Rockville, Maryland MP Investments I, LLC 12/27/01 Flex/Office $ 41,939,000 340,424 100%
Metro Park II
Rockville, Maryland MP Investments II, LLC 12/27/01 Flex/Office 13,532,000 109,473 100%
Metro Park III
Rockville, Maryland MP Investments III, LLC 12/27/01 Office 17,594,000 116,753 62%
Metro Park IV
Rockville, Maryland MP Investments IV, LLC 12/27/01 Office 16,223,000 113,912 100%
Metro Park V
Rockville, Maryland MP Investments V, LLC 12/27/01 Office 38,027,000 224,725 97%
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$127,315,000 905,287 95%
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Item 7. Financial Statements and Exhibits
(a)(3) Financial Statements specificed by Rule 3.14 of Regulation S-X
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It is impracticable to provide at the time of filing this Report on
Form 8-K any of the financial statements or the additional information
specified by Rule 3-14 of Regulation S-X as required by Item 7(a)(3).
The required financial information and additional information will be
filed by amendment as soon as practicable and, in any event, within 60
days after the required filing date for this Form 8-K.
(b) Pro Forma Consolidated Financial Statements
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It is impracticable to provide at the time of filing this Report on
Form 8-K any of the pro forma financial information required pursuant
to Article 11 of Regulation S-X as required by Item 7(b)(1). The
required pro forma information will be filed by amendment as soon as
practicable and, in any event, within 60 days after the required filing
date for this Form 8-K.
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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.
PS BUSINESS PARKS, INC.
Date: January 8, 2002 By: /S/ Jack Corrigan
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Jack Corrigan
Vice President and Chief Financial Officer
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