| Ticker: PP | 1717 Main Street, Suite 5000 | |
| Exchange: New York Stock Exchange | Dallas, Texas 75201 | |
| Industry: Financial | (214) 761-1440 |
| Type of Shares: | Shares of Beneficial Interest | Filing Date: | 8/9/96 | |
| U.S. Shares: | 16,000,000 | Offer Date: | 10/17/96 | |
| Non-U.S. Shares: | 0 | Filing Price: | $20.00 | |
| Primary Shares: | 16,000,000 | Offer Price: | $20.00 | |
| Secondary Shares: | 0 | Gross Spread: | $1.30 | |
| Offering Amount: | $320,000,000 | Selling: | $0.78 | |
| Expenses: | $3,100,000 | Reallowance: | $0.10 | |
| Shares Out After: | 21,147,963 |
| Manager | Tier | Phone |
| Lehman Brothers Incorporated | Lead Manager | (212) 640-6129 |
| A.G. Edwards & Sons, Inc. | Co-manager | (314) 289-3000 |
| Alex. Brown & Sons Incorporated | Co-manager | (410) 727-1700 |
| Principal/Eppler, Guerrin & Turner, Inc., The | Co-manager | (214) 880-9000 |
| Prudential Securities Incorporated | Co-manager | (212) 214-3000 |
| Smith Barney Inc. | Co-manager | (718) 921-8473 |
| Auditor: Coopers & Lybrand | |||||
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 6/30/96 | 6/30/95 | 6/30/96 | ||
| Revenue: | $55.16 | $26.70 | $24.43 | Assets: | $175.29 |
| Net Income: | $9.82 | $3.38 | $3.31 | Liabilities: | $73.49 |
| EPS: | Equity: | $101.80 | |||
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| The company is a self-administered and self-managed real estate investment trust that has been formed to continue and expand the national office and industrial property acquisition, ownership, management, leasing, development and construction businesses. Upon the closing of this offering of Common Shares, the company will own a diversified portfolio of 85 office and industrial properties with approximately 8.5 million net rentable square feet. The Properties are located in 10 major U.S. markets and consist of 26 office buildings containing approximately 3.4 million net rentable square feet and 59 industrial buildings containing approximately 5.0 million net rentable square feet. The company operates from its Dallas, Texas headquarters and its four other regional offices. The company is full-service real estate company with approximately 600 employees and in-house expertise in acquisitions, development, property management, leasing facilities management, corporate services, finance, tax construction, dispositions, marketing real estate law and accounting. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used for the acquisition of interests in the properties and other assets, the repayment of mortgage and other indebtedness, and for working capital. |
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