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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): February 18, 1998
WEEKS REALTY, L.P.
(Exact name of registrant as specified in its charter)
Georgia 000-22933 58-2121388
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(State of (Commission File (IRS Employer
Incorporation) Number) Identification No.)
4497 Park Drive, Norcross, Georgia 30093
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(Address of principal executive offices, including zip code)
(770) 923-4076
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(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
Statement of Financial Accounting Standards ("SFAS") 128, "Earnings Per Share,"
was issued requiring a new method for computing earnings per share. SFAS 128 is
effective for financial statements issued after December 15, 1997 and requires a
restatement of prior period earnings per share data and additional disclosures
regarding the details of the computation of both basic and diluted earnings per
share as set forth in SFAS 128. Weeks Realty, L.P. (the "Operating
Partnership") has provided, in an exhibit to this Form 8-K, restated earnings
per unit for the Operating Partnership's financial statements included in its
Form 10/A dated and filed on October 1, 1997 and the Operating Partnership's
Quarterly Report on Form 10-Q for the quarter ended September 30, 1997.
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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
Exhibit No. Description
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99.1 Earnings per unit -- restated for Statement of
Financial Accounting Standards No. 128
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 hereunto duly authorized.
WEEKS REALTY, L.P.
Registrant
By: Weeks GP Holdings, Inc.,
general partner
Date: February 18, 1998 /s/ David P. Stockert
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David P. Stockert
Senior Vice President and
Chief Financial Officer
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INDEX TO EXHIBITS
Exhibit Description Page
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99.1 Earnings per unit -- restated for Statement
of Financial Accounting Standards No. 128 5
4
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EXHIBIT 99.1
Earnings Per Unit -- Restated for Statement of
Financial Accounting Standards No. 128
The table below contains earnings per unit data as restated under the provisions
of Statement of Financial Accounting Standards ("SFAS") 128. This data restates
the Operating Partnership's selected financial data included in its Form 10/A,
Item 2 for the periods detailed below.
<TABLE>
<CAPTION>
Six months Six months Year Year
ended ended ended ended Aug. 24 to
June 30, 1997 June 30, 1996 Dec. 31, 1996 Dec. 31, 1995 Dec. 31, 1994
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Per Unit Data:
Income before extraordinary
loss -- basic $0.59 $0.56 $1.11 $1.03 $0.36
Income before extraordinary
loss -- diluted $0.59 $0.55 $1.10 $1.03 $0.36
Net income -- basic $0.59 $0.56 $1.11 $1.03 $0.10
Net income -- diluted $0.59 $0.55 $1.10 $1.03 $0.10
</TABLE>
Earnings per unit data for periods prior to August 24, 1994, the date the
Operating Partnership's majority owner, Weeks Corporation, completed its initial
public offering, are not relevant as prior to this date the Operating
Partnership's predecessor represented a combination of partnerships and
corporations under common control.
The table below contains restated earnings per unit data under SFAS 128
applicable to the Company's unaudited quarterly financial information included
in footnote 18 to the Operating Partnership's financial statements for the year
ended December 31, 1996 included in its Form 10/A.
First Second Third Fourth
Quarter Quarter Quarter Quarter
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1996
Net income per unit -- basic $0.28 $0.28 $0.27 $0.28
Net income per unit -- diluted $0.28 $0.28 $0.27 $0.28
1995
Net income per unit -- basic $0.27 $0.28 $0.25 $0.24
Net income per unit -- diluted $0.27 $0.27 $0.25 $0.24
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The table below presents additional required disclosures regarding the
computation of basic and diluted earnings per unit under SFAS 128 for the
periods detailed and included in the Operating Partnership's Form 10/A for the
year ended December 31, 1996.
<TABLE>
<CAPTION>
Six months Six months Year Year
ended ended ended ended Aug. 24 to
June 30, 1997 June 30, 1996 Dec. 31, 1996 Dec. 31, 1995 Dec. 31, 1994
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Computation of Earnings Per Unit:
Income before extraordinary loss --
basic and diluted $11,756 $7,619 $15,809 $11,107 $3,734
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Net income -- basic and diluted $11,756 $7,619 $15,809 $11,107 $1,067
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Weighted average units -- basic 19,791 13,723 14,280 10,760 10,268
Dilutive securities -- stock options 217 65 106 72 18
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Weighted average units -- diluted 20,008 13,788 14,386 10,832 10,286
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Earnings Per Unit Data:
Income before extraordinary loss --
basic $0.59 $0.56 $1.11 $1.03 $0.36
Income before extraordinary loss --
diluted $0.59 $0.55 $1.10 $1.03 $0.36
Net income -- basic $0.59 $0.56 $1.11 $1.03 $0.10
Net income -- diluted $0.59 $0.55 $1.10 $1.03 $0.10
</TABLE>
Basic earnings per unit were computed by dividing net income -- basic by the
weighted average number of common units -- basic during the period. Diluted
earnings per unit were computed by dividing net income -- diluted by the
weighted average units -- diluted during the period. Diluted earnings per unit
was determined based on the dilutive effect of stock options outstanding during
the period.
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The table below presents earnings per unit data as restated under the provisions
of SFAS 128 and the additional disclosures required under SFAS 128 for the
period ended September 30, 1997 and 1996 included in the Operating Partnership's
Quarterly Report on Form 10-Q.
Three months Nine months
ended ended
Sept. 30 Sept. 30
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Computation of Earnings Per Unit Data:
1997
Net income -- basic and diluted $7,451 $19,206
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Weighted average units -- basic 22,834 20,816
Dilutive securities -- stock options 183 202
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Weighted average units -- diluted 23,017 21,018
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1996
Net income -- basic and diluted $3,731 $11,350
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Weighted average units -- basic 13,741 13,729
Dilutive securities -- stock options 119 84
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Weighted average units -- diluted 13,860 13,813
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Earnings Per Unit Data:
1997
Net income per unit -- basic $ 0.33 $ 0.92
Net income per unit -- diluted $ 0.32 $ 0.91
1996
Net income per unit -- basic $ 0.27 $ 0.83
Net income per unit -- diluted $ 0.27 $ 0.82
Basic earnings per unit were computed by dividing net income -- basic by the
weighted average number of common units outstanding -- basic during the period.
Diluted earnings per unit were computed by dividing net income -- diluted by
the weighted average units -- diluted during the period. Diluted earnings per
unit was determined based on the dilutive effect of stock options outstanding
during the period.
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