UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended September 30, 2003 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to . |
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Commission File Number: 1-9044 |
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DUKE REALTY LIMITED PARTNERSHIP
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State of Incorporation: |
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IRS Employer Identification Number: |
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Indiana |
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35-1740409 |
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600 East 96th Street, Suite 100 |
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Indianapolis, Indiana 46240 |
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Telephone: (317) 808-6000 |
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(Address, including zip code and telephone
number, including area code, of principal |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Securities Exchange Act).
Yes o No ý
The number of Common Units outstanding as of November 7, 2003 was $150,607,510 ($.01 par value).
DUKE REALTY LIMITED PARTNERSHIP
INDEX
PART I - FINANCIAL INFORMATION
DUKE REALTY LIMITED PARTNERSHIP AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
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September 30, |
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December 31, |
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(Unaudited) |
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ASSETS |
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Real estate investments: |
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Land and improvements |
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$ |
634,230 |
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$ |
608,995 |
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Buildings and tenant improvements |
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4,439,560 |
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4,237,360 |
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Construction in progress |
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126,626 |
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85,756 |
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Investments in unconsolidated companies |
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295,944 |
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315,589 |
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Land held for development |
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313,574 |
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326,250 |
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5,809,934 |
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5,573,950 |
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Accumulated depreciation |
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(657,311 |
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(555,858 |
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Net real estate investments |
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5,152,623 |
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5,018,092 |
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Cash and cash equivalents |
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706 |
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17,129 |
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Accounts receivable, net of allowance of $2,589 and $2,008 |
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17,727 |
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15,415 |
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Straight-line rent receivable, net of allowance of $1,240 and $2,491 |
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66,844 |
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52,062 |
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Receivables on construction contracts |
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49,594 |
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23,181 |
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Deferred financing costs, net of accumulated amortization of $9,833 and $15,390 |
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12,603 |
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11,431 |
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Deferred leasing and other costs, net of accumulated amortization of $60,427 and $50,543 |
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139,959 |
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112,772 |
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Escrow deposits and other assets |
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112,905 |
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96,973 |
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$ |
5,552,961 |
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$ |
5,347,055 |
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LIABILITIES AND PARTNERS’ EQUITY |
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Indebtedness: |
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Secured debt |
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$ |
195,601 |
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$ |
299,147 |
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Unsecured notes |
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1,675,951 |
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1,526,138 |
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Unsecured lines of credit |
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385,000 |
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281,000 |
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2,256,552 |
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2,106,285 |
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Construction payables and amounts due subcontractors |
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64,852 |
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43,232 |
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Accounts payable |
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1,849 |
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548 |
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Accrued expenses: |
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Real estate taxes |
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72,441 |
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51,472 |
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Interest |
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22,473 |
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27,374 |
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Other |
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41,378 |
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52,485 |
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Other liabilities |
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104,883 |
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106,893 |
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Tenant security deposits and prepaid rents |
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34,812 |
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33,710 |
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Total liabilities |
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2,599,240 |
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2,421,999 |
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Minority interest |
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3,356 |
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5,213 |
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Partners’ equity: |
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General Partner |
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Common equity |
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2,146,099 |
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2,203,060 |
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Preferred equity (liquidation preference of ($540,802) |
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512,079 |
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415,466 |
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2,658,178 |
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2,618,526 |
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Limited Partners’ common equity |
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224,232 |
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235,473 |
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Limited Partners’ preferred equity |
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67,955 |
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67,955 |
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Accumulated other comprehensive income |
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— |
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(2,111 |
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2,950,365 |
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2,919,843 |
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$ |
5,552,961 |
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$ |
5,347,055 |
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See accompanying Notes to Condensed Consolidated Financial Statements
2
DUKE REALTY LIMITED PARTNERSHIPAND SUBSIDIARIES
Condensed Consolidated Statements of Operations
For the three and nine months ended September 30,
(in thousands, except per unit amounts)
(Unaudited)
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Three Months Ended |
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Nine months Ended |
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2003 |
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2002 |
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2003 |
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2002 |
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RENTAL OPERATIONS: |
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Revenues: |
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Rental income |
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$ |
176,763 |
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$ |
171,949 |
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$ |
531,851 |
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$ |
511,620 |
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Equity in earnings of unconsolidated companies |
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7,368 |
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8,344 |
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18,330 |
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