SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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) January 6, 1995
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HRE PROPERTIES
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(Exact name registrant as specified in charter)
Massachusetts 1-6309 04-2458402
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) file number) Identification no.)
530 Fifth Avenue New York, New York 10036
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(Address of principal executive offices) Zip Code
Registrant's telephone number, including area code 212/642-4800
ITEM 2 Acquisition or Disposition of Assets
On January 6, 1995, the Registrant purchased the Danbury Square Mall
Shopping Center located in Danbury, Connecticut from The Aetna Life Insurance
Company. The purchase price was $19,250,000 exclusive of the closing costs, fees
and other expenses of approximately $220,000.
The acquisition was pursuant to a Purchase and Sale Agreement dated
January 6, 1995 by and between The Aetna Life Insurance Company and the
Registrant.
Registrant funded the purchase with cash of $8,000,000 and through a
first mortgage loan of $11,250,000. The mortgage note agreement provides that
the loan shall bear interest at 9.5% per annum, payable in monthly installments
of interest only. The scheduled maturity date is February 1, 2000, at which time
the entire outstanding principal is due.
The property acquired is located in Fairfield County, Connecticut and
is situated on 19.3 acres of land. The shopping center contains 20 retail
tenants. The largest tenants include Toys 'R Us occupying 65,700 square feet and
Bed, Bath and Beyond occupying 19,719 square feet. The property is currently 92%
occupied.
Item 7 Financial Statements, Pro Forma Financial Information and Exhibits
(a) Financial Statements and Pro Forma Financial Information
The financial statements and pro forma financial information
required to be filed as specified in Rule 3.14 and Article 11 of Regulation S-X
are not contained herein as it is impracticable to provide such information at
this time. Such information will be provided as soon as practicable, but no
later than 60 days from the date of this report.
(b) Exhibits
o Second Purchase and Sale Agreement between the
Registrant and The Aetna Life Insurance Company.
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.
HRE PROPERTIES
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(Registrant)
Date January 20, 1995
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By /s/ Charles J. Urstadt
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Charles J. Urstadt
President and Chief
Executive Officer