UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934
Date of Report (Date of earliest event Commission File Number: 0-20707
reported): July 19, 1999
COLONIAL REALTY LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)
Delaware 63-1098468
(State of organization) (IRS Employer
Identification Number)
2101 Sixth Avenue North 35203
Suite 750 (Zip Code)
Birmingham, Alabama
(Address of principal executive offices)
(205) 250-8700
(Registrant's telephone number, including area code)
<PAGE>
COLONIAL PROPERTIES TRUST
Item 5. Other Events.
On July 19, 1999, Colonial Properties Trust, the general partner of
Colonial Properties Trust, issued a press release announcing financial results
for the quarter and year to date for the period ended June 30, 1999. The
registrant is filing as exhibits to this Form 8-K the Balance Sheet Highlights,
Second Quarter Operating Results and Year-to-Date Operating Results of Colonial
Properties Trust that were attached to the press release, as updated.
Item 7. Financial Statements and Exhibits
(a) Financial Statements of Businesses Acquired--Not Applicable
(b) Pro Forma Financial Information--Not Applicable
(c) Exhibits
1. Balance Sheet Highlights.......................................4
2. Second Quarter Operating Results...............................5
3. Year-to-Date Operating Results.................................6
1
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this amendment to be signed on its behalf by the
undersigned hereunto duly authorized.
COLONIAL REALTY LIMITED PARTNERSHIP,
a Delaware limited partnership
By: Colonial Properties Trust,
its general partner
Date: August 3, 1999 /s/ Howard B. Nelson, Jr.
-------------------------
Howard B. Nelson, Jr.
Chief Financial Officer
(Duly Authorized Officer
and Principal Financial Officer)
2
<PAGE>
COLONIAL REALTY LIMITED PARTNERSHIP
Index to Exhibits
Exhibits
1. Balance Sheet Highlights.......................................4
2. Second Quarter Operating Results...............................5
3. Year-to-Date Operating Results.................................6
3
<PAGE>
<TABLE>
COLONIAL PROPERTIES TRUST
BALANCE SHEET HIGHLIGHTS
(In Thousands, Except Per Share Data)
<CAPTION>
(Unaudited)
June 30, December 31,
1999 1998
----------- -----------
ASSETS:
<S> <C> <C>
Real estate owned, before depreciation $ 1,956,616 $ 1,864,699
Accumulated depreciation (194,440) (169,522)
Cash and equivalents 3,697 4,583
Investment in subsidiaries 20,685 25,181
Other assets 34,116 30,508
----------- -----------
Total assets $ 1,820,674 $ 1,755,449
----------- -----------
LIABILITIES AND EQUITY:
Notes and mortgages payable $ 917,583 $ 909,322
Other liabilities 43,176 36,733
----------- -----------
Total liabilities 960,759 946,055
Total equity, including minority interest 859,915 809,394
----------- -----------
Total liabilities and equity $ 1,820,674 $ 1,755,449
----------- -----------
OTHER:
Ending common shares outstanding 25,043 26,147
----------- -----------
Ending shares and units outstanding 35,682 36,761
----------- -----------
Ending stock price per share $ 28.250 $ 26.625
----------- -----------
Total market capitalization $ 2,150,604 $ 2,013,084
----------- -----------
Ratio of debt to total market capitalization 42.7% 45.2%
----------- -----------
</TABLE>
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<TABLE>
COLONIAL PROPERTIES TRUST
OPERATING RESULTS
(In Thousands, Except Per Share Data)
<CAPTION>
(Unaudited)
2nd Quarter 2nd Quarter Percent
1999 1998 Change
------------------------------------------------
REVENUE:
<S> <C> <C> <C>
Minimum rent $ 56,145 $ 48,822 15.0%
Percentage rent 724 664 9.0%
Tenant recoveries 7,844 6,958 12.7%
Other 5,188 3,139 65.3%
- -------------------------------------------------------------------------------------------------
Total revenue 69,901 59,583 17.3%
- -------------------------------------------------------------------------------------------------
OPERATING EXPENSES:
Properties:
General operating expenses 5,038 4,396 14.6%
Salaries and benefits 3,565 3,004 18.7%
Repairs and maintenance 6,845 5,598 22.3%
Taxes, licenses, and insurance 5,753 5,082 13.2%
General and administrative 2,540 1,363 86.4%
Depreciation 14,648 10,794 35.7%
Amortization 557 343 62.4%
- -------------------------------------------------------------------------------------------------
Total operating expenses 38,946 30,580 27.4%
- -------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------
Income from operations 30,955 29,003 6.7%
- -------------------------------------------------------------------------------------------------
OTHER INCOME (EXPENSE):
Interest expense (13,505) (11,612) 16.3%
Income from subsidiaries 302 (538) 156.1%
Gains from sales of property 473 65 627.7%
Minority interest in consolidated
property partnership (22) - N/A
- -------------------------------------------------------------------------------------------------
Total other expense (12,752) (12,085) 5.5%
- -------------------------------------------------------------------------------------------------
Income before extraordinary items and
minority interest 18,203 16,918 7.6%
Extraordinary income (loss) 115 (5) -2400.0%
- -------------------------------------------------------------------------------------------------
Income before minority interest 18,318 16,913 8.3%
- -------------------------------------------------------------------------------------------------
Minority interest in income of CRLP (3,929) (4,293) (1) -8.5%
Distribution to preferred unitholders of CRLP (2,268) - N/A
- -------------------------------------------------------------------------------------------------
Net income $ 12,121 $ 12,620 (1) -4.0%
- -------------------------------------------------------------------------------------------------
Dividends to preferred shareholders (2,735) (2,735) 0.0%
- -------------------------------------------------------------------------------------------------
Net income available to common shareholders $ 9,386 $ 9,885 (1) -5.0%
- -------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------
EBITDA $ 47,641 $ 39,787 19.7%
- -------------------------------------------------------------------------------------------------
Basic and Diluted net income per common share:
---------------------------------------------------------------------------------------------
Net income per share before extraordinary items $ 0.37 $ 0.40 (1) -7.5%
============== ==============
Net income per share $ 0.37 $ 0.40 (1) -7.5%
============== ==============
Weighted average common shares outstanding 25,353 24,984
============== ==============
<FN>
(1)Net income available to common shareholders, net income per share, and
minority interest in net income for the second quarter and YTD 1998 have been
revised from previously reported results to reflect an adjustment for the
application of dividends paid on the preferred shares of beneficial interest
that were issued by the Company in November 1997. The effect of the adjustment
is to apply a weighted-average pro rata portion of the preferred dividends to
the minority interest in income, resulting in an increase in net income
available to common shareholders and net income per share, and a decrease in
minority interest in net income. The adjustment, and comparable adjustments that
will be made to the Company's reported results for 1998 and each of the other
fiscal quarters of 1998, do not affect the Company's previously reported
calculations of FFO or FFO per share, nor do they affect the federal income tax
treatment of distributions or dividends previously paid to shareholders or
unitholders. </FN>
</TABLE>
5
<PAGE>
<TABLE>
COLONIAL PROPERTIES TRUST
OPERATING RESULTS
(In Thousands, Except Per Share Data)
<CAPTION>
(Unaudited)
Year-to-Date Year-to-Date Percent
June 1999 June 1998 Change
-------------------------------------------------
REVENUE:
<S> <C> <C> <C>
Minimum rent $ 110,822 $ 96,005 15.4%
Percentage rent 1,621 1,442 12.4%
Tenant recoveries 16,268 14,239 14.2%
Other 8,649 5,957 45.2%
- ------------------------------------------------------------------------------------------------
Total revenue 137,360 117,643 16.8%
- ------------------------------------------------------------------------------------------------
OPERATING EXPENSES:
Properties:
General operating expenses 10,158 8,706 16.7%
Salaries and benefits 7,042 5,873 19.9%
Repairs and maintenance 13,425 11,094 21.0%
Taxes, licenses, and insurance 11,872 9,936 19.5%
General and administrative 4,807 3,917 22.7%
Depreciation 28,409 20,955 35.6%
Amortization 1,082 680 59.1%
- ------------------------------------------------------------------------------------------------
Total operating expenses 76,795 61,161 25.6%
- ------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------
Income from operations 60,565 56,482 7.2%
- ------------------------------------------------------------------------------------------------
OTHER INCOME (EXPENSE):
Interest expense (27,459) (24,194) 13.5%
Income from subsidiaries 854 (966) 188.4%
Gains from sales of property 3,478 33 10439.4%
Minority interest in consolidated
property partnership (82) - N/A
- ------------------------------------------------------------------------------------------------
Total other expense (23,209) (25,127) -7.6%
- ------------------------------------------------------------------------------------------------
Income before extraordinary items and
minority interest 37,356 31,355 19.1%
Extraordinary income (loss) 115 (400) -128.8%
- ------------------------------------------------------------------------------------------------
Income before minority interest 37,471 30,955 21.0%
- ------------------------------------------------------------------------------------------------
Minority interest in income of CRLP (8,408) (7,900) (1) 6.4%
Distribution to preferred unitholders of CRLP (3,156) - N/A
- ------------------------------------------------------------------------------------------------
Net income $ 25,907 $ 23,055 (1) 12.4%
- ------------------------------------------------------------------------------------------------
Dividends to preferred shareholders (5,469) (5,469) 0.0%
- ------------------------------------------------------------------------------------------------
Net income available to common shareholders $ 20,438 $ 17,586 (1) 16.2%
- ------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------
EBITDA $ 93,308 $ 77,429 20.5%
- ------------------------------------------------------------------------------------------------
Basic and Diluted net income per common share:
--------------------------------------------------------------------------------------------
Net income per share before extraordinary items $ 0.79 $ 0.77 (1) 2.6%
============ ==============
Net income per share $ 0.79 $ 0.76 (1) 3.9%
============ ==============
Weighted average common shares outstanding 25,770 23,207
============ ==============
6
<FN>
(1)Net income available to common shareholders, net income per share, and
minority interest in net income for the second quarter and YTD 1998 have been
revised from previously reported results to reflect an adjustment for the
application of dividends paid on the preferred shares of beneficial interest
that were issued by the Company in November 1997. The effect of the adjustment
is to apply a weighted-average pro rata portion of the preferred dividends to
the minority interest in income, resulting in an increase in net income
available to common shareholders and net income per share, and a decrease in
minority interest in net income. The adjustment, and comparable adjustments that
will be made to the Company's reported results for 1998 and each of the other
fiscal quarters of 1998, do not affect the Company's previously reported
calculations of FFO or FFO per share, nor do they affect the federal income tax
treatment of distributions or dividends previously paid to shareholders or
unitholders. </FN>
</TABLE>
