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) November 20, 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 12 buildings known as the "Prosperity
Business Campus" and 12 buildings (including 24 acres of developable land) known
as the "Cornell Oaks Corporate Center" on June 1, 2001 and November 20, 2001,
respectively, at an aggregate purchase price of approximately $175.9 million.
The Company is not affiliated with the sellers and the purchase price was
established through arm's length negotiations. The acquisitions were funded with
the Company's existing cash balances and borrowings of $60 million from its
unsecured line of credit with Wells Fargo Bank.
The following table provides certain information concerning the facilities
acquired:
Name and Date of Property Purchase Net Rentable Occupancy
Location Seller Acquisition Type Price Square Footage at Closing
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Prosperity Business Campus Olympia Properties,
Fairfax, Virginia L.L.C. 6/1/01 Industrial &
Office $ 88,400,000 657,850 99%
Cornell Oaks Corporate Talcott Realty I
Center Limited Partnership 11/20/01 Industrial &
Beaverton, Oregon Office 87,500,000 684,554 95%
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$175,900,000 1,342,404 97%
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Item 7. Financial Statements and Exhibits
(a)(3) Financial Statements specified 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: November 27, 2001 By: /S/ JACK CORRIGAN
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Jack Corrigan
Vice President and Chief Financial Officer
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