UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
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QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF |
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For the quarterly period ended June 30, 2004 |
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OR |
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TRANSITION REPORT PURSUANT TO
SECTION 13 OR 15(d) OF |
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For the transition period from to . |
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Commission File Number: 0-20625 |
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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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35-1898425 |
600 East 96th Street, Suite 100
Indianapolis, Indiana 46240
Telephone: (317) 808-6000
(Address, including zip code and telephone
number, including area code, of principal
executive offices)
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.
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Yes ý |
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No o |
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Securities Exchange Act).
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Yes o |
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No ý |
The number of Common Units outstanding as of August 2, 2004 was 156,118,658.
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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June 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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$ |
681,905 |
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$ |
641,544 |
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Buildings and tenant improvements |
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4,564,660 |
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4,452,624 |
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Construction in progress |
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89,189 |
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119,441 |
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Investments in unconsolidated companies |
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290,785 |
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295,837 |
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Land held for development |
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334,096 |
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314,446 |
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5,960,635 |
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5,823,892 |
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Accumulated depreciation |
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(741,633 |
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(677,357 |
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Net real estate investments |
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5,219,002 |
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5,146,535 |
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Cash and cash equivalents |
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10,791 |
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12,695 |
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Accounts receivable, net of allowance of $2,014 and $2,430 |
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13,752 |
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16,215 |
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Straight-line rent receivable, net of allowance of $1,240 and $1,240 |
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80,544 |
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71,049 |
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Receivables on construction contracts |
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55,631 |
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44,905 |
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Deferred financing costs, net of accumulated amortization of $9,694 and $10,703 |
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15,438 |
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13,358 |
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Deferred leasing and other costs, net of accumulated amortization of $76,711 and $67,317 |
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173,253 |
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158,562 |
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Escrow deposits and other assets |
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164,856 |
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95,392 |
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$ |
5,733,267 |
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$ |
5,558,711 |
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LIABILITIES AND PARTNERS’ EQUITY |
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Indebtedness: |
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Secured debt |
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$ |
187,919 |
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$ |
208,649 |
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Unsecured notes |
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1,965,755 |
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1,775,887 |
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Unsecured lines of credit |
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376,000 |
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351,000 |
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2,529,674 |
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2,335,536 |
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Construction payables and amounts due subcontractors |
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67,729 |
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60,789 |
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Accounts payable |
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1,042 |
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2,268 |
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Accrued expenses: |
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Real estate taxes |
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60,817 |
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52,955 |
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Interest |
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34,609 |
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33,259 |
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Other |
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35,704 |
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49,029 |
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Other liabilities |
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100,862 |
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107,321 |
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Tenant security deposits and prepaid rents |
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36,899 |
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37,975 |
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Total liabilities |
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2,867,336 |
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2,679,132 |
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Minority interest |
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10 |
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1,259 |
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Partners’ equity: |
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General Partner |
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Common equity |
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2,241,861 |
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2,153,844 |
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Preferred equity (liquidation preference of ($457,250) |
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423,444 |
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511,785 |
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2,665,305 |
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2,665,629 |
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Limited Partners’ common equity |
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203,081 |
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212,691 |
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Accumulated other comprehensive income |
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(2,465 |
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— |
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2,865,921 |
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2,878,320 |
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$ |
5,733,267 |
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$ |
5,558,7 | |