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Previous: IMPROVENET INC, S-1MEF, 2000-03-15 |
Next: LOGILITY INC, 10-Q, 2000-03-15 |
<PAGE> 1
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 reported) March 14, 2000
EOP OPERATING LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)
DELAWARE 1-13625 36-4156801
(State or other jurisdiction of (Commission File (I.R.S. Employer
incorporation or organization) Number) Identification o.)
TWO NORTH RIVERSIDE PLAZA, 60606
SUITE 2100, CHICAGO, ILLINOIS (Zip Code)
(Address of principal executive offices)
(312) 466-3300
(Registrant's telephone number, including area code)
NOT APPLICABLE
(Former name or former address, if changed since last report)
<PAGE> 2
ITEM 5. OTHER EVENTS
On February 8, 2000, Equity Office Properties Trust, the general partner of
EOP Operating Limited Partnership, issued its earnings release announcing
fourth quarter 1999 and 1999 results. The Equity Office earnings release
included a financial supplement consisting of statements of operations, funds
from operations and balance sheet data for Equity Office on a comparative basis
with the corresponding prior year periods. Set forth below is comparable data
for EOP Operating Limited Partnership.
<PAGE> 3
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.
EOP OPERATING LIMITED PARTNERSHIP
By: Equity Office Properties Trust,
its general partner
Date: March 14, 2000 By: /s/ Stanley M. Stevens
-------------------------------------------
Stanley M. Stevens
Executive Vice President,
Chief Legal Counsel and Secretary
<PAGE> 4
EOP OPERATING LIMITED PARTNERSHIP
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
December 31,
-----------------------------------
1999 1998
------------------------------------
(Dollars in thousands)
<S> <C> <C>
Assets:
Investment in real estate $12,847,389 $13,349,627
Developments in process 229,225 268,373
Land available for development 125,926 65,819
Accumulated depreciation (630,387) (352,259)
----------- -----------
Investment in real estate, net of accumulated depreciation 12,572,153 13,331,560
Cash and cash equivalents 2,338 67,080
Tenant and other receivables (net of allowance for doubtful accounts of
$1,244 and $1,013, respectively) 54,497 36,193
Deferred rent receivable 138,697 87,115
Escrow deposits and restricted cash 19,754 159,576
Investment in unconsolidated joint ventures 865,863 378,534
Deferred financing costs (net of accumulated amortization of $14,863
and $6,242, respectively) 55,196 53,181
Deferred leasing costs (net of accumulated amortization of $22,461 and
$9,714, respectively) 97,743 65,090
Prepaid expenses and other assets (net of discount on note receivable of
$62,393 and $0, respectively) 239,817 82,962
----------- -----------
Total Assets $14,046,058 $14,261,291
=========== ===========
Liabilities and Partners' Capital:
Mortgage debt (including a net premium of $10,574 and $13,517, respectively) $1,743,871 $2,350,088
Unsecured notes (including a net premium of $47 and $4,317, respectively) 3,655,047 2,459,317
Lines of credit 453,000 1,216,000
Accounts payable and accrued expenses 318,003 347,970
Due to affiliates - 1,136
Dividend/distribution payable 5,446 5,080
Other liabilities 161,164 93,022
----------- -----------
Total Liabilities 6,336,531 6,472,613
----------- -----------
Commitments and contingencies
Minority Interests - partially owned properties 39,027 28,360
----------- -----------
Preferred Units, 100,000,000 authorized:
8.98% Series A Cumulative Redeemable Preferred Units, liquidation preference
$25.00 per unit, 8,000,000 issued and outstanding 200,000 200,000
5.25% Series B Convertible, Cumulative Redeemable Preferred Units, liquidation
preference $50.00 per unit, 6,000,000 issued and outstanding 300,000 300,000
8.625% Series C Cumulative Redeemable Preferred Units, liquidation preference
$25.00 per unit, 4,600,000 issued and outstanding 115,000 115,000
General Partners Capital 58,381 118,309
Limited Partners Capital 6,986,181 7,027,009
Accumulated other comprehensive income 10,938 -
----------- -----------
Total Partners' Capital 7,670,500 7,760,318
----------- -----------
Total Liabilities and Partner's Capital $14,046,058 $14,261,291
=========== ===========
</TABLE>
<PAGE> 5
EOP OPERATING LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
For the three months ended December 31, For the years ended December 31,
-------------------------------------- -------------------------------
1999 1998 1999 1998
----------------- ---------------- --------------- ---------------
(Dollars in thousands)
<S> <C> <C> <C> <C>
Revenues:
Rental $377,458 $361,974 $1,493,196 $1,299,044
Tenant reimbursements 70,405 68,918 281,358 239,390
Parking 27,140 24,975 112,204 94,241
Other 10,073 7,859 32,298 25,745
Fee income 3,452 1,805 8,939 9,571
Interest/dividends 5,945 3,471 14,248 11,708
----------------- ---------------- --------------- ---------------
Total revenues 494,473 469,002 1,942,243 1,679,699
----------------- ---------------- --------------- ---------------
Expenses:
Interest:
Expense incurred 103,560 101,417 413,995 338,611
Amortization of deferred financing costs 981 1,255 4,693 6,404
Depreciation 89,053 83,226 339,751 291,213
Amortization 4,822 3,418 14,545 8,365
Real estate taxes 56,452 55,036 243,778 203,805
Insurance 2,447 2,033 9,589 7,736
Repairs and maintenance 56,008 56,878 209,630 191,588
Property operating 48,790 52,247 199,879 189,577
Ground rent 1,765 2,276 6,887 7,661
General and administrative 22,999 18,427 80,927 63,564
----------------- ---------------- --------------- ---------------
Total expenses 386,877 376,213 1,523,674 1,308,524
----------------- ---------------- --------------- ---------------
Income before allocation to minority interests, income from
investment in unconsolidated joint ventures, net
gain on sales of real estate and extraordinary items 107,596 92,789 418,569 371,175
Minority Interests - partially owned properties (583) (506) (1,981) (2,114)
Income from investment in unconsolidated joint ventures 5,743 3,112 13,824 11,267
Net gain on sales of real estate 51,576 12,433 59,661 12,433
----------------- ---------------- --------------- ---------------
Income before extraordinary items 164,332 107,828 490,073 392,761
Extraordinary items - - (10,548) (7,506)
----------------- ---------------- --------------- ---------------
Net income 164,332 107,828 479,525 385,255
Put option settlement (1,031) - (5,658) -
Preferred distributions (10,908) (9,072) (43,603) (32,202)
----------------- ---------------- --------------- ---------------
Net income available for Units $152,393 $ 98,756 $ 430,264 $ 353,053
================= ================ =============== ===============
Property Revenues less Property Operating Expenses $321,379 $297,532 $1,256,180 $1,065,714
================= ================ =============== ===============
Property Operating Margin 66.3% 64.2% 65.5% 64.3%
================= ================ =============== ===============
</TABLE>
<PAGE> 6
EOP OPERATING LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS
<TABLE>
<CAPTION>
For the three months ended December 31, For the year ended December 31,
-------------------------------------- -------------------------------
1999 1998 1999 1998
-------------------------------------- -------------------------------
(Dollars in thousands, except per Unit amounts)
<S> <C> <C> <C> <C>
Income before allocation to minority interests, income
from investment in unconsolidated joint ventures,
net gain on sales of real estate and extraordinary items $107,596 $ 92,789 $ 418,569 $371,175
Add back (deduct):
(Income) allocated to minority interests for
partially owned properties (583) (506) (1,981) (2,114)
Income from investments in unconsolidated joint ventures 5,743 3,112 13,824 11,267
Depreciation and amortization (real estate related) 98,088 90,133 368,490 313,519
Net amortization of discount/premium on mortgage debt (359) 124 (658) 940
Put option settlement (1,031) - (5,658) -
Preferred distributions (10,908) (9,072) (43,603) (32,202)
------------------ ----------------- ---------------- ------------
Funds from Operations 198,546 176,580 748,983 662,585
Less deferred rental revenue (16,502) (17,701) (65,397) (68,107)
Plus deferred rental expense 501 653 2,083 2,613
------------------ ----------------- ---------------- ------------
Adjusted Funds from Operations $182,545 $ 159,532 $ 685,669 $597,091
------------------ ----------------- ---------------- ------------
Weighted average Units outstanding - Basic 287,540 288,160 288,327 282,114
------------------ ----------------- ---------------- ------------
Funds from Operations per Unit - Basic $ 0.69 $ 0.61 $ 2.60 $ 2.35
------------------ ----------------- ---------------- ------------
Weighted average Units outstanding - Diluted 290,550 291,437 291,157 283,975
------------------ ----------------- ---------------- ------------
Funds from Operations per Unit - Diluted $ 0.68 $ 0.61 $ 2.57 $ 2.33
------------------ ----------------- ---------------- ------------
</TABLE>
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