SECURITIES AND EXCHANGE COMMISSION
FORM 10-Q
ý QUARTERLY REPORT UNDER SECTION 13
OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934.
For the quarterly period ended March 31, 2005.
OR
o TRANSITION REPORT UNDER SECTION
13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934.
For the transition period from to
Commission file number 1-14462
AMERIVEST PROPERTIES INC.
(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 April 30, 2005 was approximately 24,023,000.
Table of Contents
PART I — FINANCIAL INFORMATION
Item 1. Financial Statements
AMERIVEST PROPERTIES INC.
Condensed Consolidated Balance Sheets
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March 31, |
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December 31, |
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(unaudited) |
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ASSETS |
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Investment in real estate |
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Land |
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$ |
57,228,891 |
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$ |
58,338,781 |
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Buildings and improvements |
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250,995,920 |
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256,128,341 |
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Furniture, fixtures and equipment |
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1,479,252 |
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1,451,152 |
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Tenant improvements |
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15,157,255 |
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15,157,570 |
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Tenant leasing commissions |
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3,460,141 |
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3,101,178 |
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Intangible assets |
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22,990,483 |
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23,019,763 |
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Less: accumulated depreciation and amortization |
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(28,706,186 |
) |
(26,383,036 |
) |
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Net investment in real estate |
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322,605,756 |
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330,813,749 |
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Cash and cash equivalents |
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789,177 |
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1,859,660 |
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Escrow deposits |
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7,391,244 |
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7,726,652 |
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Accounts receivable, net |
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697,759 |
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671,251 |
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Deferred rents receivable |
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3,886,484 |
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3,430,609 |
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Deferred financing costs, net |
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2,658,246 |
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2,927,696 |
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Prepaid expenses and other assets |
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676,479 |
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524,072 |
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Total assets |
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$ |
338,705,145 |
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$ |
347,953,689 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Liabilities: |
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Secured mortgage loans and notes payable |
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$ |
205,382,327 |
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$ |
211,729,328 |
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Unsecured line of credit |
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29,060,296 |
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24,857,063 |
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Accounts payable and accrued expenses |
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3,891,671 |
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4,524,282 |
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Accrued real estate taxes |
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3,887,197 |
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4,486,712 |
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Prepaid rents, deferred revenue and security deposits |
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3,986,636 |
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4,190,202 |
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Dividends payable |
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— |
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3,116,130 |
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Total liabilities |
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246,208,127 |
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252,903,717 |
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Minority interest |
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1,491,976 |
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1,580,057 |
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Shareholders’ equity: |
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Preferred stock, $0.001par value |
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— |
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— |
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Common stock, $0.001 par value Issued and outstanding: 24,022,597 and 23,982,233 shares, respectively |
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24,023 |
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23,982 |
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Capital in excess of par value |
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132,704,946 |
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132,585,840 |
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Distributions in excess of accumulated earnings |
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(41,723,927 |
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(39,139,907 |
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Total shareholders’ equity |
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91,005,042 |
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93,469,915 |
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Total liabilities and shareholders’ equity |
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$ |
338,705,145 |
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$ |
347,953,689 |
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The accompanying notes are an integral part of these condensed consolidated financial statements.
1
AMERIVEST PROPERTIES INC.
Condensed Consolidated Statements of Operations
(unaudited)
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Three Months Ended |
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2005 |
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2004 |
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Real Estate Operating Revenue: |
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Rental revenues |
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$ |
12,639,220 |
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$ |
9,208,874 |
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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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3,308,925 |
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2,833,667 |
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Real estate taxes |
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1,824,074 |
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1,179,868 |
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General and administrative expenses |
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1,315,813 |
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932,549 |
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Interest expense |
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3,826,087 |
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2,612,254 |
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Depreciation and amortization expense |
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4,783,989 |
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2,697,096 |
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Total operating expense |
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15,058,888 |
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10,255,434 |
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Loss from continuing operations |
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(2,419,668 |
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(1,046,560 |
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Other Income/(Loss): |
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