UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(b) of The Securities Exchange
Act of 1934
Date of Report (Date of earliest event reported)
November 1, 1996 (November 1, 1996)
SUSA Partnership, LP
(Exact name of registrant as specified in its charter)
Tennessee 333-03344 62-1554135
(State or other (Commission (IRS Employer
jurisdiction File Number) Identification No.)
of incorporation)
10440 Little Patuxent Parkway, Suite 1100, 21044
Columbia, Maryland
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (410) 730-9500
<PAGE>
Item 5: Other Events
The attached exhibit provides selected financial data for
SUSA Partnership, L.P. for the third quarter ended September 30,
1996.
Revenues for the third quarter of 1996 were $29,435,000, an
increase of $10,768,000 or 57.7% compared to $18,667,000 for the
third quarter of 1995. Net income for the third quarter of 1996
was $12,339,000 an increase of $3,353,000 or 37.3% compared to
the $8,986,000 for the third quarter of 1995. Net income per
unit was $0.55 for the third quarter of 1996, a 12.2% increase
over the $0.49 per unit for the same period of 1995.
Revenues for the nine months ended September 30, 1996, were
$75,126,000, an increase of $27,700,000 or 58.4%, compared to
$47,426,000 for the nine months ended September 30, 1995. Net
income for the nine months ended September 30, 1996, was
$31,968,000, an increase of $9,988,000 or 45.4%, compared to
$21,980,000 for the nine months ended September 30, 1995. Net
income per unit was $1.54 for the nine months ended September 30,
1996, a 10.0% increase over the $1.40 per unit for the same
period of 1995.
Funds from operations for the third quarter of 1996 were
$15,278,000 versus $11,016,000 for the third quarter of 1995.
For the nine months ended September 30, 1996, funds from
operations were $40,068,000 versus $27,208,000 for the first nine
months of 1995.
At September 30, 1996, the average occupancy of the 215
facilities owned by the Partnership was 89% physical and 83%
economic with an average rent per square foot of $9.46. For the
146 facilities owned by the Partnership since September 30, 1995,
average occupancy was 89% physical and 83% economic compared to
90% physical and 84% economic a year ago. Average rent per
square foot for the 146 facilities increased 6.9%, rising to
$9.60 from $8.98 a year ago.
During the quarter, the Partnership acquired 22 facilities
totaling 1,574,000 square feet for a cost of $81,000,000,
including the issuance of 18,282 operating partnership units
valued at $611,990. Subsequent to the end of the quarter
the Partnership has acquired four facilities totaling 233,000
square feet at a cost of $11,300,000. The Partnership currently
has contracts, not previously announced, to acquire 22 facilities
at an aggregate cost of $86,775,000.
In addition to its acquisitions during the quarter, the
Partnership opened a newly constructed 35,000 square foot
expansion in Memphis, TN and a 30,000 square foot expansion in
Albuquerque, NM. The Partnership currently has plans to develop
21 new facilities, primarily in the Washington, DC and Memphis,
TN areas. Of these, nine projects are under construction or in
construction planning, with expected costs totaling $30,000,000
and completion dates anticipated to be in the third quarter of
1997. Expansions are planned for 19 existing facilities, and of
these, 13 are under way with planned completion dates ranging
from the first to the third quarters of 1997. Estimated costs of
the 13 expansions under way are $10,150,000.
<PAGE>
Item 7: Financial Statements and Exhibits
(c)Exhibits
Exhibit Description
99.0 Summary consolidated financial information
for the quarter ended September 30, 1996
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
DATED: November 1, 1996
SUSA PARTNERSHIP, L.P.
By: /s/ Thomas E. Robinson
Thomas E. Robinson
President and
Chief Financial Officer
<TABLE>
SUSA PARTNERSHIP, L.P.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per unit data)
<CAPTION>
Three Three Nine Nine
months months months months
ended ended ended ended
Sept. 30, Sept. 30, Sept.30, Sept.30,
1996 1995 1996 1995
<S> <C> <C> <C> <C>
Property Revenue:
Rental income $27,806 $18,281 $73,396 $46,276
Management
income 113 224 560 808
Other income 516 162 1,170 342
Total Property 29,435 18,667 75,126 47,426
Revenues
Property
Expenses:
Cost of property
operations and
maint. 7,816 4,865 19,993 12,854
Taxes 2,419 1,376 6,163 3,356
General &
administrative 1,318 697 3,067 1,806
Depreciation/
amortization 3,380 2,273 8,813 5,677
Total Property 14,933 9,211 37,976 23,693
Expenses
Income from
Property 14,502 9,456 37,150 23,733
Operations
Other income
(expenses)
Interest
expense (2,626) (454) (5,848) (1,667)
Interest
income 176 21 506 58
Income before
minority interest 12,052 9,023 31,808 22,124
and gain on
investment
Gain on
investment 288 288
Income before
minority 12,340 32,096
interest
Minority
interest (1) (37) (128) (144)
Net income $12,339 $8,986 $31,968 $21,980
Net income
per unit $0.55 $0.49 $1.54 $1.40
Weighted average
units 22,000 18,220 20,757 15,724
outstanding
</TABLE>
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<PAGE>
SUSA PARTNERSHIP, L.P.
FUNDS FROM OPERATIONS COMPUTED UNDER THE AMENDED DEFINITION (in
thousands)
<TABLE>
<CAPTION>
Revised Revised
Three Three Nine Nine
Months Months Months months
Sept. 30, Sept. 30, Sept.30, Sept.30,
1996 1995 1996 1995
<F1> <F1> <F1> <F1>
<S> <C> <C> <C> <C>
Operating Partnership
Funds from
Operations
Net income
before prior
investment $12,051 $8,986 $31,680 $21,980
Depreciation of
revenue producing
property 3,224 1,945 8,235 4,726
Amortization of
lease guarantees 2 22 70 313
Amortization of
non-compete 0 63 83 189
Consolidated FFO 15,278 11,016 40,068 27,208
<FN>
<F1>
The impact of conforming to the amended definition of Funds from
operations (FFO) published by the National Association of Real
Estate Investment Trusts and effective in 1996 was to reduce FFO
by approximately $154,000 and $425,000, and $246,000 and $333,000
for the three and nine months ended September 30, 1996 and 1995,
respectively. The reductions relate to amortization of loan fees
and depreciation of non-revenue producing assets.
</FN>
</TABLE>
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<PAGE>
SUSA PARTNERSHIP, L.P.
FINANCIAL AND OPERATIONAL HIGHLIGHTS
(in thousands)
<TABLE>
<CAPTION>
Nine Nine
Same Quarter Quarter Months Months
Store ended ended ended ended
results Sept. 30, Sept. 30, Sept. 30, Sept. 30,
(% growth): 1996 1995 1995 1995
<S> <C> <C> <C> <C>
Revenues $18,792(7.1%) $17,551 $39,537(7.2%) $36,878
NOI $13,114(6.1%) $12,363 $27,407(5.6%) $26,958
<CAPTION>
Selected As of As of
Financial September 30, December 31,
Data: 1996 1995
<S> <C> <C>
Investment
in storage
facilities
at cost $727,529 $509,297
Total assets $719,665 $509,525
Line of
credit
borrowings $66,138 $107,605
Mortgages
payable $17,972 $6,670
Total
liabilities $108,545 $124,389
Total
Partnership
capital $611,120 $385,136
Operating
partnership
units
outstanding 25,928 18,587
</TABLE>
