8-K 1 file001.txt FORM 8-K 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 8, 2002 --------------- Structured Asset Securities Corporation -------------------------------------------------------------------------------- (Exact Name of Registrant as Specified in Its Charter) Delaware 333-73338 74-2440858 -------------------------------------------------------------------------------- (State or Other Jurisdiction (Commission (IRS Employer of Incorporation) File Number) Identification No.) 745 Seventh Avenue, New York, New York 10019 -------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code (212) 526-7000 -------------- 101 Hudson Street, Jersey City, New Jersey 07302 -------------------------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) Item 2. Acquisition or Disposition of Assets. ------- ------------------------------------ On October 8, 2002, a single series of certificates, entitled LB-UBS Commercial Mortgage Trust 2002-C4, Commercial Mortgage Pass-Through Certificates, Series 2002-C4 (the "Certificates"), was issued pursuant to a pooling and servicing agreement in the form attached hereto as Exhibit 4.1 (the "Pooling and Servicing Agreement"), entered into by and among Structured Asset Securities Corporation (the "Registrant"), a master servicer, a special servicer, a trustee and a fiscal agent. Certain classes of the Certificates, designated as Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class B, Class C, Class D, Class E, Class F and Class G (collectively, the "Underwritten Certificates") were registered under the Registrant's registration statement on Form S-3 (no. 333-73338) and sold to Lehman Brothers Inc., UBS Warburg LLC, Credit Suisse First Boston Corporation and Salomon Smith Barney Inc. (collectively, the "Underwriters") pursuant to an underwriting agreement between the Registrant and the Underwriters in the form attached hereto as Exhibit 1.1. Certain of the mortgage loans backing the Underwritten Certificates (the "UBS Mortgage Loans") were acquired by the Depositor from UBS Warburg Real Estate Investments Inc. ("UBSWREI") as seller pursuant to a Mortgage Loan Purchase Agreement (the "UBS/Depositor Mortgage Loan Purchase Agreement") in the form attached hereto as Exhibit 99.1, which agreement contains representations and warranties made by UBSWREI to the Depositor with respect to the UBS Mortgage Loans. Similar representations and warranties have been made by the Depositor in the Pooling and Servicing Agreement with respect to the other mortgage loans backing the Underwritten Certificates. Item 7. Financial Statements and Exhibits. ------- --------------------------------- (a) Financial statements of businesses acquired: -------------------------------------------- Not applicable. (b) Pro forma financial information: -------------------------------- Not applicable. (c) Exhibits: --------- Exhibit No. Description 1.1 Underwriting Agreement among Structured Asset Securities Corporation as seller and Lehman Brothers Inc., UBS Warburg LLC, Credit Suisse First Boston Corporation and Salomon Smith Barney Inc. as underwriters. 4.1 Pooling and Servicing Agreement among Structured Asset Securities Corporation as depositor, Wachovia Bank, National Association as master servicer, Lennar Partners, Inc. as special servicer, LaSalle Bank National Association as trustee and ABN AMRO Bank N.V. as fiscal agent. 99.1 Mortgage Loan Purchase Agreement between UBS Warburg Real Estate Investments as seller, UBS Principal Finance LLC as an additional party, and Structured Asset Securities Corporation as purchaser. 2 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, thereunto duly authorized. Date: October 22, 2002 STRUCTURED ASSET SECURITIES CORPORATION By: /s/ Tracy Dembicer ----------------------------------- Name: Tracy Dembicer Title: Senior Vice President 3 EXHIBIT INDEX The following exhibits are filed herewith: Exhibit No. Page No. ----------- -------- 1.1 Underwriting Agreement among Structured Asset Securities Corporation, as seller and Lehman Brothers Inc., UBS Warburg LLC, Credit Suisse First Boston Corporation and Salomon Smith Barney Inc. as underwriters. 4.1 Pooling and Servicing Agreement among Structured Asset Securities Corporation as depositor, Wachovia Bank, National Association as master servicer, Lennar Partners, Inc. as special servicer, LaSalle Bank National Association as trustee and ABN AMRO Bank N.V. as fiscal agent. 99.1 Mortgage Loan Purchase Agreement between UBS Warburg Real Estate Investments Inc, as seller, UBS Principal Finance LLC as an additional party, and Structured Asset Securities Corporation as purchaser. 4

EXHIBIT NO. DESCRIPTION ------------- ------------------------------------------------------------------------------------ 23.1 Consent of Ernst & Young LLP.

EXHIBIT NO. PAGE NO. ------------- --------- 23.1 Consent of Ernst & Young LLP 42

2001 2000 ------------ ------------ ASSETS INVESTMENT IN REAL ESTATE Land ........................................................ $ 9,648 $ 9,648 Building, improvements and equipment ........................ 438,661 285,571 Less accumulated depreciation ............................... (22,440) (11,407) --------- --------- Net property and equipment ................................ 425,869 283,812 Construction in progress .................................... 702 83,470 --------- --------- Net investment in real estate ............................. 426,571 367,282 CASH AND CASH EQUIVALENTS .................................... 4,433 2,345 ACCOUNTS RECEIVABLE, net of allowance for doubtful accounts of $120 and $74 in 2001 and 2000, respectively.................. 2,946 2,110 DUE FROM AFFILIATE ........................................... -- 1,350 DEFERRED EXPENSES AND OTHER ASSETS, net ...................... 3,045 702 --------- --------- Total assets ................................................ $ 436,995 $ 373,789 ========= ========= LIABILITIES AND MEMBER'S EQUITY NOTE PAYABLE ................................................. $ 251,774 $ 197,479 ACCOUNTS PAYABLE AND ACCRUED LIABILITIES ..................... 4,990 4,736 --------- --------- Total liabilities ........................................... 256,764 202,215 MEMBER'S EQUITY .............................................. 180,231 171,574 --------- --------- Total liabilities and member's equity ....................... $ 436,995 $ 373,789 ========= =========

2001 2000 ------------ ------------ REVENUES: Minimum rents ........................................................... $ 29,928 $ 19,961 Tenant recoveries ....................................................... 12,377 9,142 Percentage rents ........................................................ 1,918 2,573 Specialty leasing ....................................................... 2,919 1,940 Miscellaneous ........................................................... 258 107 --------- --------- Total revenues ........................................................ $ 47,400 $ 33,723 --------- --------- EXPENSES: Recoverable ............................................................. 11,084 7,984 Landlord ................................................................ 161 113 Specialty leasing ....................................................... 197 111 Management fees ......................................................... 943 665 --------- --------- Total expenses ........................................................ 12,385 8,873 --------- --------- Income from operations ................................................ 35,015 24,850 --------- --------- OTHER EXPENSES: Interest expense, net ................................................... (10,178) (10,659) Depreciation and amortization ........................................... (11,256) (7,692) --------- --------- Total other expenses .................................................. (21,434) (18,351) --------- --------- Income before cumulative effect of change in accounting principle ..... 13,581 6,499 Cumulative effect of change in accounting principle ..................... -- (153) --------- --------- Net income ............................................................ $ 13,581 $ 6,346 ========= =========

2001 2000 ------------ ----------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income .......................................................... $ 13,581 $ 6,346 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization .................................... 11,359 7,692 Changes in assets and liabilities: Accounts receivable, net .......................................... (836) (383) Due from affiliate ................................................ 1,350 (1,350) Deferred expenses and other assets ................................ (887) (541) Accounts payable and accrued liabilities .......................... 234 2,512 --------- --------- Net cash provided by operating activities ........................... 24,801 14,276 --------- --------- CASH FLOWS FROM INVESTING ACTIVITIES: Additions to building, improvements, and equipment .................. (650) (905) Construction in progress expenditures ............................... (71,434) (31,374) --------- --------- Net cash used in investing activities ............................... (72,084) (32,279) --------- --------- CASH FLOWS FROM FINANCING ACTIVITIES: Capital contributions by member ..................................... 7,505 4,430 Distributions to member ............................................. (12,429) (9,311) Proceeds from note payable .......................................... 54,295 24,186 --------- --------- Net cash provided by financing activities ........................... 49,371 19,305 --------- --------- Increase in cash and cash equivalents ............................. 2,088 1,302 CASH AND CASH EQUIVALENTS, at beginning of year ...................... 2,345 1,043 --------- --------- CASH AND CASH EQUIVALENTS, end of year ............................... $ 4,433 $ 2,345 ========= ========= SUPPLEMENTAL CASH FLOW INFORMATION: Interest paid (net of amounts capitalized) ............................ $ 10,985 $ 9,591 ========= ========= NON CASH INVESTING INFORMATION PROVIDED IN NOTES 1 AND 7

Filing Compare · STRUCTURED ASSET SEC CORP LB UBS COMM MORT TR 2002-C4