UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 OR 15(b) of The Securities Exchange
Act of 1934
Date of Report (Date of earliest event reported)
February 28, 1997 (December 31, 1996)
SUSA Partnership, L.P.
(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
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Note: The purpose of this Form 8K/A is to amend
Item 5 of the Form 8-K filed on
February 18, 1997, to correct certain
immaterial errors contained therein.
Item 5: Other Events
The attached exhibit provides selected financial data for
SUSA Partnership, L.P. for the fourth quarter and year ended
December 31, 1996. Revenues for the fourth quarter of
1996, were $32,391,000, an increase of $11,820,000 or 57.5%,
compared to $20,571,000 for the fourth quarter of 1995. Net
income for the fourth quarter of 1996 was $14,254,000, an
increase of 5,804,000 or 68.7%, compared to $8,450,000 for the
fourth quarter of 1995. Net income per unit was $0.54 for the
fourth quarter of 1996, a 17.4% increase over the $0.46 per unit
for the same period of 1995.
Revenues for the year ended December 31, 1996, were
$107,517,000, an increase of $39,510,000, or 58.1%, compared to
the $68,007,000 for the year ended December 31, 1995. Net income
for the year ended December 31, 1996, was $46,211,000, an
increase of $15,291,000, or 51.9%, compared to the net income of
$30,420,000 for the year ended December 31, 1995. Net income per
unit was $2.09 for the year ended December 31, 1996, an 11.8%
increase over the $1.87 per unit for 1995.
Funds from operations for the fourth quarter of 1996 were
$17,883,000 versus $10,889,000 for the fourth quarter of 1995.
For the year ended December 31, 1996, funds from operations were
$57,941,000 versus $38,053,000 for 1995.
At December 31, 1996, the average occupancy of the 242
facilities owned by the Partnership was 86% physical and 79%
economic with an average rent per square foot of $9.73. For the
153 comparable facilities owned by the Partnership since December
31, 1995, average occupancy was 87% physical and 80% economic
compared to 88% physical and 81% economic a year ago. Average
rent per square foot for the 153 facilities increased 7.5%,
rising to $9.61 from $8.94 a year ago.
During the year, the Partnership acquired 82 facilities
totalling 5,401,000 square feet for a cost of approximately
$304,000,000, including the issuance of 901,374 operating
partnership units valued at $30,728,000. Subsequent to the
end of the year, the Partnership has acquired two facilities
totalling 143,000 square feet at a cost of $5,100,000. The
Partnership currently has contracts not previously announced
to acquire two facilities at an aggregate cost $5,000,000.
In addition to its acquisitions during the year, the
Partnership opened two newly constructed facilities in
northern Virginia totalling 123,000 square feet for a cost
of $9,268,000. During the year the Partnership completed five
expansions to exisiting facilities in Sarasota and North
Lauderdale, FL, Memphis, TN, Albuquerque, NM, and Wethersfield,
CT, totaling 129,000 square feet. The Partnership currently
has plans to develop 21 new facilities containing 1,650,000
square feet, primarily in the Washington, DC, San Francisco,
CA and Memphis, TN areas. Of these, 12 projects are under
construction or in construction planning, with expected costs
totaling $46,000,000 and completion dates anticipated to range
from the second quarter of 1997 through the first quarter of 1998.
Expansions are planned for 23 existing facilities, and of
these, 18 are under way with planned completion dates ranging
from the second to fourth quarters of 1997. Estimated costs
and square feet of the 18 expansions under way are $12,800,000
and 320,000, respectively.
Item 7: Financial Statements and Exhibits
(c)Exhibits
Exhibit Description
99.0 Summary consolidated financial informatiom for
the year ended December 31, 1997
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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: February 28, 1997
SUSA PARTNERSHIP, L.P.
By: /s/ Christopher P. Marr
Christopher P. Marr
Vice President-Financial
Reporting and Controller
<TABLE>
SUSA PARTNERSHIP, L.P.
CONSOLIDATED STATEMENT OF OPERATIONS
(unaudited)
(in thousands, except per unit data)
<CAPTION>
Three months Three months
Ended Ended Year Ended Year Ended
Dec. 31 Dec. 31 Dec. 31 Dec. 31
1996 1995 1996 1995
<S> <C> <C> <C> <C>
Property Revenue:
Rental Income $31,695 $20,168 $105,091 $66,455
Management Income 141 264 701 1,072
Other Income 555 139 1,725 480
Total Property
Revenues 32,391 20,571 107,517 68,007
Property Expenses:
Cost of property
operations 8,296 5,593 28,235 18,471
Taxes 2,740 1,567 8,903 4,900
General & administ-
rative 1,055 762 4,122 2,568
Depreciation/
amortization 3,807 2,895 12,620 8,586
Total Property
Expenses 15,898 10,817 53,880 34,525
Income from Property
Operations 16,493 9,754 53,637 33,482
Other Income
(expenses)
Interest expense (2,402) (1,338) (8,244) (3,004)
Interest income 180 108 687 166
Income before
minority interest
and gain on
investment 14,271 8,524 46,080 30,644
Gain on Investment 288
Income before
minority interest 14,271 8,524 46,368 30,644
Minority interest (17) (74) (157) (224)
Net income $14,254 $8,450 $46,211 $30,420
Net income per unit $0.54 $0.46 $2.09 $1.87
Weighted average
units outstanding 26,336 18,438 22,158 16,294
</TABLE>
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<TABLE>
SUSA PARTNERSHIP, L.P.
FUNDS FROM OPERATIONS COMPUTED UNDER THE AMENDED DEFINITION
(unaudited)
(in thousands)
<CAPTION>
Revised Three
Three Months Months Revised Year
Ended Ended Year Ended Ended
Dec. 31, 1996 Dec. 31, 1995 Dec. 31, 1996 Dec. 31, 1995
<S> <C> <C> <C> <C>
Net Income $14,254 $8,450 $45,923 $30,420
Depreciation of
revenue
producing
property 3,629 2,304 11,865 6,996
Amortization
of lease
guarantees 0 72 70 385
Amortization of
non-compete 0 63 83 252
Consolidated FFO 17,883 10,889 57,941 38,053
</TABLE>
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<TABLE>
SUSA PARTNERSHIP, L.P.
FINANCIAL AND OPERATIONAL HIGHLIGHTS
(in thousands)
<CAPTION>
Quarter Quarter Year Year
Same Store ended ended ended ended
Results Dec. 31, Dec. 31, Dec. 31, Dec. 31,
(% growth): 1996 1995 1996 1995
<S> <C> <C> <C> <C>
Revenues $20,630 (6.6%) $19,348 $52,963 (7.7%) $49,190
NOI $14,420 (7.1%) $13,463 $36,606 (5.7%) $34,630
<CAPTION>
Selected As of As of
Financial Dec. 31, Dec. 31,
Data: 1996 1995
<S> <C> <C>
Investment
in storage
facilities
at cost $855,855 $509,297
Total assets $845,409 $509,525
Line of credit
borrowings $ 52,730 $107,605
7.125% Notes, 2003 $100,000
Mortgages payable $ 45,724 $ 6,670
Total liabilities $212,306 $124,389
Total partnership
capital $633,103 $385,136
Operating partnership
units outstanding
at end of period 26,627 18,587
</TABLE>
