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UNITED STATES
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) October 2, 2003
(September 30, 2003)
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Wellsford Real Properties, Inc.
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(Exact Name of Registrant as Specified in Charter)
Maryland 1-12917 13-3926898
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
535 Madison Avenue, New York, New York 10022
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(Address of Principal Executive Offices) (Zip Code)
(212) 838-3400
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(Registrant's Telephone Number, Including Area Code)
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events.
On October 2, 2003, Wellsford Real Properties, Inc. (the "Company") reported
that a $25 million mezzanine loan was prepaid on September 30, 2003. Upon
prepayment, the Company received a yield maintenance penalty of approximately
$4.4 million which will be included in interest revenue for the third quarter
2003. As a result of this prepayment, interest revenue, total revenue and net
income for the Company's consolidated statement of operations for the fourth
quarter 2003 will be $767,000 less than would otherwise be expected and
approximately $3 million less for future annual periods through May 2006.
The loan was originated in April 1997 by the Company and a predecessor of Fleet
National Bank for $80 million to owners of equity interests in the 1.8 million
square foot office building located at 277 Park Avenue in New York City. At that
time, the Company advanced $25 million, its share of the $80 million loan. The
loan bore interest at 12.00% per annum and was due in May 2007.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
99.1 Press release issued October 2, 2003 reporting a $25 million
mezzanine loan prepayment.
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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.
WELLSFORD REAL PROPERTIES, INC.
By: /s/ James J. Burns
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James J. Burns
Senior Vice President, Chief
Financial Officer
Date: October 2, 2003
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