| Delaware |
52-1976308 | |
| (State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification Number) |
| Registrants telephone number, including area code (202) 729-1700 |
| Page | ||||
| Part I: Financial Information |
||||
| Item 1. |
||||
| 4 | ||||
| 5 | ||||
| 6 | ||||
| 7 - 9 | ||||
| Item 2. |
10 - 17 | |||
| Item 3. |
18 | |||
| Item 4. |
18 | |||
| Part II: Other Information |
||||
| Item 6. |
19 | |||
| September 30, 2002 |
December 31, 2001 |
|||||||
| (unaudited) |
||||||||
| Assets |
||||||||
| Rental property: |
||||||||
| Land |
$ |
129,091 |
|
$ |
113,583 |
| ||
| Buildings |
|
594,785 |
|
|
533,132 |
| ||
| Tenant improvements |
|
41,886 |
|
|
64,856 |
| ||
| Furniture, fixtures, and equipment |
|
673 |
|
|
591 |
| ||
| |
|
|
|
|
| |||
| |
766,435 |
|
|
712,162 |
| |||
| Lessaccumulated depreciation |
|
(98,823 |
) |
|
(92,025 |
) | ||
| |
|
|
|
|
| |||
| Total rental property |
|
667,612 |
|
|
620,137 |
| ||
| Land held for development or sale |
|
5,642 |
|
|
6,412 |
| ||
| Cash and cash equivalents |
|
385 |
|
|
1,226 |
| ||
| Restricted deposits |
|
1,553 |
|
|
1,015 |
| ||
| Accounts and notes receivable, net |
|
10,203 |
|
|
12,665 |
| ||
| Due from affiliates |
|
9,273 |
|
|
|
| ||
| Investments in unconsolidated entities |
|
47,776 |
|
|
47,970 |
| ||
| Accrued straight-line rents |
|
12,507 |
|
|
12,340 |
| ||
| Tenant leasing costs, net |
|
7,172 |
|
|
11,918 |
| ||
| Deferred financing costs, net |
|
104 |
|
|
167 |
| ||
| Prepaid expenses and other assets, net |
|
2,003 |
|
|
1,053 |
| ||
| |
|
|
|
|
| |||
| $ |
764,230 |
|
$ |
714,903 |
| |||
| |
|
|
|
|
| |||
| Liabilities, Mandatorily Redeemable Partnership Units and Partners Capital |
||||||||
| Liabilities: |
||||||||
| Mortgages and notes payable |
$ |
196,775 |
|
$ |
140,729 |
| ||
| Accounts payable and accrued expenses |
|
13,049 |
|
|
12,119 |
| ||
| Due to affiliates |
|
|
|
|
44,785 |
| ||
| Rents received in advance and security deposits |
|
5,675 |
|
|
6,277 |
| ||
| |
|
|
|
|
| |||
| Total liabilities |
|
215,499 |
|
|
203,910 |
| ||
| Mandatorily redeemable partnership units |
|
32,933 |
|
|
40,151 |
| ||
| Partners capital: |
||||||||
| General partner |
|
5,613 |
|
|
5,215 |
| ||
| Limited partners |
|
510,185 |
|
|
465,627 |
| ||
| |
|
|
|
|
| |||
| Total partners capital |
|
515,798 |
|
|
470,842 |
| ||
| Commitments and contingencies |
||||||||
| $ |
764,230 |
|
$ |
714,903 |
| |||
| |
|
|
|
|
| |||
| Three Months Ended September
30, |
Nine Months Ended September
30, |
|||||||||||||
| 2002 |
2001 |
2002 |
2001 |
|||||||||||
| Operating revenues: |
||||||||||||||
| Rental revenue: |
||||||||||||||
| Base rent |
$ |
20,011 |
$ |
18,187 |
$ |
56,219 |
|
$ |
55,096 |
| ||||
| Recoveries from tenants |
|
3,944 |
|
3,039 |
|
10,942 |
|
|
8,878 |
| ||||
| Parking and other tenant charges |
|
1,035 |
|
827 |
|
2,165 |
|
|
2,304 |
| ||||
| |
|
|
|
|
|
|
|
|
| |||||
| Total rental revenue |
|
24,990 |
|
22,053 |
|
69,326 |
|
|
66,278 |
| ||||
| Other revenue |
|
201 |
|
195 |
|
646 |
|
|
676 |
| ||||
| |
|
|
|
|
|
|
|
|
| |||||
| Total operating revenues |
|
25,191 |
|
22,248 |
|
69,972 |
|
|
66,954 |
| ||||
| |
|
|
|
|
|
|
|
|
| |||||
| Operating expenses: |
||||||||||||||
| Property expenses: |
||||||||||||||
| Operating expenses |
|
6,643 |
|
5,781 |
|
17,760 |
|
|
18,500 |
| ||||
| Real estate taxes |
|
2,403 |
|
1,672 |
|
7,140 |
|
|
5,207 |
| ||||
| Interest expense |
|
3,602 |
|
4,333 |
|
11,533 |
|
|
15,289 |
| ||||
| General and administrative |
|
598 |
|
1,699 |
|
3,058 |
|
|
6,154 |
| ||||
| Depreciation and amortization |
|
7,224 |
|
6,442 |
|
19,720 |
|
|
18,017 |
| ||||
| |
|
|
|
|
|
|
|
|
| |||||
| Total operating expenses |
|
20,470 |
|
19,927 |
|
59,211 |
|
|
63,167 |
| ||||
| |
|
|
|
|
|
|
|
|
| |||||
| Real estate operating income |
|
4,721 |
|
2,321 |
|
10,761 |
|
|
3,787 |
| ||||
| |
|
|
|
|
|
|
|
|
| |||||
| Other income: |
||||||||||||||
| Interest income |
|
208 |
|
332 |
|
618 |
|
|
1,359 |
| ||||
| Equity in earnings of unconsolidated entities |
|
635 |
|
363 |
|
2,654 |
|
|
3,400 |
| ||||
| |
|
|
|
|
|
|
|
|
| |||||
| Total other income |
|
843 |
|
695 |
|
3,272 |
|
|
4,759 |
| ||||
| |
|
|
|
|
|
|
|
|
| |||||
| Income from continuing operations before gain (loss) on sale of assets and other provisions, net |
|
5,564 |
|
3,016 |
|
14,033 |
|
|
8,546 |
| ||||
| Gain (loss) on sale of assets and other provisions, net |
|
|
|
67 |
|
(1,009 |
) |
|
(7,435 |
) | ||||
| |
|
|
|
|
|
|
|
|
| |||||
| Income from continuing operations |
|
5,564 |
|
3,083 |
|
13,024 |
|
|
1,111 |
| ||||
| Discontinued operationsNet operations of sold properties |
|
1,017 |
|
1,872 |
|
4,376 |
|
|
5,744 |
| ||||
| Discontinued operationsGain on sale of properties |
|
19,085 |
|
|
|
22,425 |
|
|
|
| ||||
| |
|
|
|
|
|
|
|
|
| |||||
| Income from discontinued operations |
|
20,102 |
|
1,872 |
|
26,801 |
|
|
5,744 |
| ||||
| |
|
|
|
|
|
|
|
|
| |||||
| Net income |
$ |
25,666 |
$ |
4,955 |
$ |
39,825 |
|
$ |
6,855 |
| ||||
| |
|
|
|
|
|
|
|
|
| |||||
| Net income attributable to general partner |
$ |
257 |
$ |
50 |
$ |
398 |
|
$ |
69 |
| ||||
| |
|
|
|
|
|
|
|
|
| |||||
| Net income attributable to limited partners |
$ |
25,403 |
$ |
4,905 |
$ |
39,427 |
|
$ |
6,786 |
| ||||
| |
|
|
|
|
|
|
|
|
| |||||
| (Unaudited and in thousands) | ||||||||
| 2002 |
2001 |
|||||||
| Cash flows from operating activities: |
||||||||
| Net income |
$ |
39,825 |
|
$ |
6,855 |
| ||
| Adjustments to reconcile net income to net cash (used by) provided by operating activities: |
||||||||
| Depreciation and amortization (including discontinued operations) |
|
23,358 |
|
|
22,606 |
| ||
| Loss on sale of assets and other provisions, net |
|
1,009 |
|
|
7,435 |
| ||
| Gain on sale of discontinued operations |
|
(22,425 |
) |
|
|
| ||
| Equity in earnings of unconsolidated entities |
|
(2,654 |
) |
|
(3,400 |
) | ||
| Other |
|
(143 |
) |
|
||||