SECURITIES AND EXCHANGE COMMISSION
FORM 10-Q
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QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
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For the quarterly period ended March 31, 2004. |
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OR |
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TRANSITION REPORT UNDER 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 1-14462 |
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AMERIVEST PROPERTIES INC. |
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(Exact name of registrant as specified in its charter) |
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Maryland |
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84-1240264 |
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(State or other
jurisdiction of |
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(I.R.S. Employer Identification No.) |
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1780 South Bellaire Street |
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80222 |
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(Address of principal executive offices) |
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(Zip Code) |
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(303) 297-1800 |
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(Registrant’s telephone number, including area code) |
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Indicate by check mark whether the registrant (1) 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 Exchange Act). Yes ý No o
The number of shares of the registrant’s common stock outstanding as of May 10, 2004 was 23,911,649.
Table of Contents
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AMERIVEST PROPERTIES INC.
(unaudited)
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March 31, |
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December
31, |
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ASSETS |
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Investment in real estate |
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Land |
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$ |
35,758,606 |
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$ |
28,838,214 |
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Buildings and improvements |
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212,271,792 |
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184,519,890 |
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Furniture, fixtures and equipment |
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981,909 |
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799,730 |
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Tenant improvements |
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9,155,780 |
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6,144,440 |
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Tenant leasing commissions |
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1,535,091 |
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1,061,160 |
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Intangible assets |
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15,853,841 |
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11,468,120 |
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Less: accumulated depreciation and amortization |
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(15,636,222 |
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(12,134,025 |
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Net investment in real estate |
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259,920,797 |
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220,697,529 |
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Cash and cash equivalents |
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2,026,534 |
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1,477,585 |
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Escrow deposits |
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8,604,459 |
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5,778,427 |
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Assets – held for sale |
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— |
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3,196,877 |
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Investment in unconsolidated affiliate |
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— |
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1,364,032 |
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Due from related party |
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3,371,526 |
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Due from unconsolidated affiliate |
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262,347 |
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Accounts receivable |
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902,943 |
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296,377 |
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Deferred rents receivable |
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1,506,143 |
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1,401,455 |
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Deferred financing costs, net |
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2,289,316 |
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2,301,043 |
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Prepaid expenses and other assets |
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660,741 |
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353,264 |
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Total assets |
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$ |
275,910,933 |
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$ |
240,500,462 |
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LIABILITIES |
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Mortgage loans and notes payable |
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$ |
154,739,860 |
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$ |
158,237,661 |
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Liabilities – held for sale |
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1,296,049 |
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Accounts payable and accrued expenses |
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3,308,924 |
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2,736,657 |
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Accrued real estate taxes |
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3,070,667 |
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3,169,183 |
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Prepaid rents, deferred revenue and security deposits |
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3,079,427 |
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2,694,335 |
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Dividends payable |
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2,278,197 |
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2,262,170 |
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Total liabilities |
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166,477,075 |
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170,396,055 |
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MINORITY INTEREST |
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1,836,304 |
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— |
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STOCKHOLDERS’ EQUITY |
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Preferred stock,
$.001 par value |
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— |
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Common stock,
$.001 par value |
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23,860 |
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17,401 |
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Capital in excess of par value |
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131,846,267 |
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91,706,371 |
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Distributions in excess of accumulated earnings |
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(24,272,573 |
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(21,619,365 |
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Total stockholders’ equity |
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107,597,554 |
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70,104,407 |
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Total liabilities and stockholders’ equity |
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$ |
275,910,933 |
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$ |
240,500,462 |
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See accompanying notes to consolidated financial statements.
1
AMERIVEST PROPERTIES INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
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Three
months ended |
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2004 |
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2003 |
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REAL ESTATE OPERATING REVENUE |
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Rental revenue |
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$ |
9,593,895 |
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$ |
6,548,627 |
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REAL ESTATE OPERATING EXPENSES |
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Property operating expenses |
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Operating expenses |
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2,805,894 |
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1,548,705 |
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Real estate taxes |
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1,237,864 |
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751,838 |
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Management fees |
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17,322 |
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33,877 |
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General and administrative expenses |
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932,549 |
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837,080 |
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Ground rent expense |
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161,141 |
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Interest expense |
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2,722,067 |
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1,725,435 |
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Depreciation and amortization expense |
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2,777,091 |
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1,327,966 |
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Total operating expenses |
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10,653,928 |
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6,224,901 |
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OTHER INCOME/(LOSS) |
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Interest income |
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15,363 |
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5,817 |
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Equity in loss of affiliate |
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