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MCRS > SEC Filings for MCRS > Form 8-K on 6-May-2014All Recent SEC Filings

Show all filings for MICROS SYSTEMS INC



Other Events

Item 8.01 Other Events

On May 2, 2014, the Registrant entered into a contract with Wells REIT II - 7031 Columbia Gateway Drive, LLC (the "Seller"), pursuant to which the Registrant will purchase its worldwide corporate headquarters located at 7031 Columbia Gateway Drive, Columbia, Maryland. The Company has leased the entire building from the Seller and its predecessors since 1998. The purchase includes the headquarters building, which consists of approximately 250,000 square feet, the real property on which the building is located, all of the tangible personal property owned by the Seller and located in the building or otherwise on the property, and all assignable contracts and agreements relating to the upkeep, repair, maintenance or operation of the transferred real and tangible personal property that will extend past the closing date. The purchase price is approximately $59.5 million, of which $1.5 million was paid into escrow upon the signing of the agreement, and of which the balance is to be paid at closing, subject to adjustments with respect to certain obligations related to the lease, closing costs, and other specified items. Additionally, the Registrant generally has also agreed to pay to the Seller 50% of the net profit (calculated as provided in the agreement) from a further sale to a third party of all or any portion of the property, directly or through the sale of the Registrant's interests in an entity owning the property, if such sale occurs within three years of the date of closing. The purchase is scheduled to close on July 1, 2014, subject to customary terms and conditions related to an "as-is, where-is, with all faults" transaction. The Registrant intends to use available cash to fund its purchase of the property.

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