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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

FORM 10-Q

 

 

ý    QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

 

                For the quarterly period ended September 30, 2004.

 

or

 

o    TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

 

                For the quarterly period ended September 30, 2004.

 

For the transition period from                                           to                                           

 

Commission file number 1-14462

 

AMERIVEST PROPERTIES INC.

(Exact name of registrant as specified in its charter)

 

Maryland

 

84-1240264

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

 

 

1780 South Bellaire Street Suite 100, Denver, Colorado

 

80222

(Address of principal executive offices)

 

(Zip Code)

 

 (303) 297-1800

(Registrant’s telephone number, including area code)   

 

                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 November 3, 2004 was 23,940,919.  

 

 

 


Table of Contents

 

 

Page No.

Part I

Financial Information

 

 

 

 

Item 1.

Financial Statements:

 

 

 

 

 

Condensed Consolidated Balance Sheets as of September 30, 2004 (unaudited) and December 31, 2003

 

 

Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2004 and 2003 (unaudited)

 

 

Condensed Consolidated Statement of Stockholders’ Equity for the nine months ended September 30, 2004 (unaudited)

 

 

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2004 and 2003(unaudited)

 

 

Notes to Condensed Consolidated Financial Statements (unaudited)

 

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

 

 

 

Item 4.

Controls and Procedures

 

 

 

 

Part II

Other Information

 

 

 

 

Item 1.

Legal Proceedings

 

 

 

 

Item 2.

Changes in Securities and Use of Proceeds

 

 

 

 

Item 6.

Exhibits and Reports on Form 8-K

17

  i

 


AMERIVEST PROPERTIES INC.

 

Condensed Consolidated Balance Sheets

 

ASSETS

 

September 30,
2004
(unaudited)

 

December 31,
2003

 

Investment in real estate

 

 

 

 

 

Land

 

$

40,961,332

 

$

28,838,214

 

Buildings and improvements

 

244,540,282

 

184,519,890

 

Furniture, fixtures and equipment

 

1,273,552

 

799,730

 

Tenant improvements

 

13,030,911

 

6,144,440

 

Tenant leasing commissions

 

2,503,489

 

1,061,160

 

Intangible assets

 

21,125,721

 

11,468,120

 

Less: accumulated depreciation and amortization

 

(22,283,364

)

(12,134,025

)

Net investment in real estate

 

301,151,923

 

220,697,529

 

 

 

 

 

 

 

Cash and cash equivalents

 

2,563,176

 

1,477,585

 

Escrow deposits

 

7,129,571

 

5,778,427

 

Assets — held for sale

 

—

 

3,196,877

 

Investment in affiliate

 

—

 

1,364,032

 

Due from related party

 

—

 

3,371,526

 

Due from affiliate

 

—

 

262,347

 

Accounts receivable

 

666,333

 

296,377

 

Deferred rents receivable

 

2,786,040

 

1,401,455

 

Deferred financing costs, net

 

2,364,043

 

2,301,043

 

Prepaid expenses and other assets

 

1,105,200

 

353,264

 

Total assets

 

$

317,766,286

 

$

240,500,462

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

Liabilities:

 

 

 

 

 

Mortgage loans and notes payable

 

$

202,312,186

 

$

158,237,661

 

Liabilities — held for sale

 

—

 

1,296,049

 

Accounts payable and accrued expenses

 

2,650,358

 

2,736,657

 

Accrued real estate taxes

 

4,317,366

 

3,169,183

 

Prepaid rents, deferred revenue and security deposits

 

3,681,158

 

2,694,335

 

Dividends payable

 

3,112,513

 

2,262,170

 

Total liabilities

 

216,073,581

 

170,396,055

 

Minority interest

 

1,671,092

 

—

 

Shareholders’ equity:

 

 

 

 

 

Preferred stock, $0.001par value

 

 

 

 

 

Authorized: 5,000,000 shares

 

 

 

 

 

Issued and outstanding: none

 

—

 

—

 

Common stock, $0.001 par value

 

 

 

 

 

Authorized: 75,000,000 shares

 

 

 

 

 

Issued and outstanding: 23,948,056 and 17,401,309 shares, respectively

 

23,948

 

17,401

 

Capital in excess of par value

 

132,342,983

 

91,706,371

 

Distributions in excess of accumulated earnings

 

(32,345,318

)

(21,619,365

)

Total shareholders’ equity

 

100,021,613

 

70,104,407

 

Total liabilities and shareholders’ equity

 

$

317,766,286

 

$

240,500,462

 

 

See accompanying notes to condensed consolidated financial statements.

 

1


 

AMERIVEST PROPERTIES INC.

 

Condensed Consolidated Statements of Operations

(unaudited)

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

 

2004

 

2003

 

2004

 

2003

 

Real Estate Operating Revenue:

 

 

 

 

 

 

 

 

 

Rental revenues

 

$

11,435,128

 

$

6,895,235

 

$

32,431,672

 

$

20,124,585

 

 

 

 

 

 

 

 

 

 

 

Real Estate Operating Expenses:

 

 

 

 

 

 

 

 

 

Property operating expenses -

 

 

 

 

 

 

 

 

 

Operating expenses

 

3,381,971

 

1,929,966

 

9,293,204

 

5,139,566

 

Real estate taxes

 

1,393,953

 

832,051

 

4,109,575

 

2,346,828

 

Management fees

 

17,496