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Previous: WELLPOINT HEALTH NETWORKS INC /DE/, SC 13G/A, 2000-02-03 |
Next: COLONIAL REALTY LIMITED PARTNERSHIP, 424B3, 2000-02-03 |
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): January 18, 2000
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 January 18, 2000, Colonial Properties Trust, the general partner of
Colonial Realty Limited Partnership, issued a press release announcing financial
results for the quarter and year to date for the period ended December 31, 1999.
The registrant is filing as exhibits to this Form 8-K the Balance Sheet
Highlights, Fourth 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. Fourth 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: February 3, 2000 /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. Fourth 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)
December 31, December 31,
1999 1998
----------- -----------
ASSETS:
<S> <C> <C>
Real estate owned, before depreciation $ 2,006,827 $ 1,864,699
Accumulated depreciation (206,451) (169,522)
Cash and equivalents 4,640 4,583
Investment in subsidiaries 24,166 25,181
Other assets 34,336 30,508
----------- -----------
Total assets $ 1,863,518 $ 1,755,449
----------- -----------
LIABILITIES AND EQUITY:
Notes and mortgages payable $ 1,039,863 $ 909,322
Other liabilities 42,391 36,733
----------- -----------
Total liabilities 1,082,254 946,055
Total equity, including minority interest 781,264 809,394
----------- -----------
Total liabilities and equity $ 1,863,518 $ 1,755,449
----------- -----------
OTHER:
----------- -----------
Ending common shares outstanding 21,872 26,147
----------- -----------
Ending shares and units outstanding 32,870 36,761
----------- -----------
Ending stock price per share $ 23.188 26.625
----------- -----------
Total market capitalization $ 2,027,036 $ 2,013,084
----------- -----------
Ratio of debt to total market capitalization 51.3% 45.2%
----------- -----------
</TABLE>
4
<PAGE>
<TABLE>
COLONIAL PROPERTIES TRUST
OPERATING RESULTS
(In Thousands, Except Per Share Data)
<CAPTION>
(Unaudited)
4th Qtr 4th Qtr Percent
1999 1998 Change
---------------------------------
REVENUE:
<S> <C> <C> <C>
Minimum rent $ 58,621 $ 55,565 5.5%
Percentage rent 2,580 2,009 28.4%
Tenant recoveries 8,737 9,164 -4.7%
Other 5,132 4,804 6.8%
------ ------ ------
Total revenue 75,070 71,542 4.9%
------ ------ ------
OPERATING EXPENSES:
Properties:
General operating expenses 4,922 6,047 -18.6%
Salaries and benefits 3,570 3,535 1.0%
Repairs and maintenance 7,257 6,864 5.7%
Taxes, licenses, and insurance 5,152 6,277 -17.9%
General and administrative 2,150 1,551 38.6%
Depreciation 13,700 13,944 -1.7%
Amortization 627 599 4.7%
------ ------ ------
Total operating expenses 37,378 38,817 -3.7%
------ ------ ------
------ ------ ------
Income from operations 37,692 32,725 15.2%
------ ------ ------
OTHER INCOME (EXPENSE):
Interest expense (14,922) (13,954) 6.9%
Income (loss) from unconsolidated subsidiaries 402 (115) 449.6%
Gains (losses) from sales of property (260) (36) 622.2%
Minority interest in consolidated
property partnership 0 (92) -100.0%
------ ------ ------
Total other expense (14,780) (14,197) 4.1%
------ ------ ------
Income before extraordinary items and
minority interest 22,912 18,528 23.7%
Extraordinary loss 0 0 N/A
------ ------ ------
------ ------ ------
Income before minority interest 22,912 18,528 23.7%
------ ------ ------
Minority interest in income of CRLP (5,875) (4,256) 38.0%
Distribution to preferred unitholders of CRLP (2,214) 0 N/A
------ ------ ------
Net income $ 14,823 $ 14,272 3.9%
------ ------ ------
Dividends to preferred shareholders (2,740) (2,735) 0.2%
------ ------ ------
------ ------ ------
Net income available to common shareholders $ 12,083 $ 11,537 4.7%
------ ------ ------
------ ------ ------
EBITDA $ 53,901 $ 47,543 13.4%
------ ------ ------
Basic and Diluted net income per common share:
------ ------ ------
Net income per share before extraordinary items $ 0.54 $ 0.44 22.7%
====== ====== ======
Net income per share $ 0.54 $ 0.44 22.7%
====== ====== ======
Weighted average common shares outstanding 22,387 26,104
====== ======
</TABLE>
5
<PAGE>
<TABLE>
COLONIAL PROPERTIES TRUST
OPERATING RESULTS
(In Thousands, Except Per Share Data)
<CAPTION>
(Unaudited)
YTD YTD Percent
Dec 1999 Dec 1998 Change
----------------------------------
REVENUE:
<S> <C> <C> <C>
Minimum rent $ 227,241 $ 206,234 10.2%
Percentage rent 4,683 4,002 17.0%
Tenant recoveries 32,913 31,573 4.2%
Other 17,727 15,558 13.9%
------- ------- -------
Total revenue 282,564 257,367 9.8%
------- ------- -------
OPERATING EXPENSES:
Properties:
General operating expenses 20,324 20,590 -1.3%
Salaries and benefits 14,547 12,600 15.5%
Repairs and maintenance 27,664 24,795 11.6%
Taxes, licenses, and insurance 23,061 22,312 3.4%
General and administrative 8,758 7,675 14.1%
Depreciation 52,913 46,841 13.0%
Amortization 2,272 1,806 25.8%
------- ------- -------
Total operating expenses 149,539 136,619 9.5%
------- ------- -------
------- ------- -------
Income from operations 133,025 120,748 10.2%
------- ------- -------
OTHER INCOME (EXPENSE):
Interest expense (57,211) (52,063) 9.9%
Income (loss) from unconsolidated subsidiaries 510 (1,424) 135.8%
Gains (losses) from sales of property 7,444 (19) -39278.9%
Minority interest in consolidated
property partnership (82) (154) -46.8%
------- ------- -------
Total other expense (49,339) (53,660) -8.1%
------- ------- -------
Income before extraordinary items and
minority interest 83,686 67,088 24.7%
Extraordinary loss (628) (401) 56.6%
------- ------- -------
------- ------- -------
Income before minority interest 83,058 66,687 24.5%
------- ------- -------
Minority interest in income of CRLP (19,694) (16,465) 19.6%
Distribution to preferred unitholders of CRLP (7,588) 0 N/A
------- ------- -------
Net income $ 55,776 $ 50,222 11.1%
------- ------- -------
Dividends to preferred shareholders (10,943) (10,938) 0.0%
------- ------- -------
------- ------- -------
Net income available to common shareholders $ 44,833 $ 39,284 14.1%
------- ------- -------
------- ------- -------
EBITDA $ 194,222 $ 168,676 15.1%
------- ------- -------
Basic and Diluted net income per common share:
------- ------- -------
Net income per share before extraordinary items $ 1.83 $ 1.59 15.1%
======= ======= =======
Net income per share $ 1.83 $ 1.59 15.1%
======= ======= =======
Weighted average common shares outstanding 24,478 24,641
======= =======
</TABLE>
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