<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-K/A
Amendment No. 1
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year Ended DECEMBER 31, 1997
OR
[_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 0-24920
ERP OPERATING LIMITED PARTNERSHIP
(Exact Name of Registrant as Specified in Its Charter)
Illinois 36-3894853
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
Two North Riverside Plaza, Chicago, Illinois 60606
(Address of Principal Executive Offices) (Zip Code)
(312) 474-1300
(Registrant's Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
7.57% Notes due August 15, 2026 New York Stock Exchange
(Title of Class) (Name of Each Exchange on Which Registered)
Securities registered pursuant to Section 12(g) of the Act:
Units of Limited Partnership Interest
-------------------------------------
(Title of Class)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
--- ---
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of the registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [_]
<PAGE>
On May 22, 1998, ERP Operating Limited Partnership (the "Operating Partnership")
hereby amends its Annual Report on Form 10-K for the year ended December 31,
1997, to include Restated Financial Data Schedules for the following periods as
a result of the Operating Partnership's adoption of Statement of Financial
Accounting Standards No. 128, "Earnings Per Share":
- Nine Months Ended September 30, 1997
- Six Months Ended June 30, 1997
- Three Months Ended March 31, 1997
- Year Ended December 31, 1996
- Nine Months Ended September 30, 1996
- Six Months Ended June 30, 1996
- Three Months Ended March 31, 1996
PART IV
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K
(a) (3) Exhibits:
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4.1** Indenture, dated as of May 16, 1994, by and among the Operating
Partnership, as obligor, the Company, as guarantor and The First
National Bank of Chicago, as trustee in connection with 8 1/2% senior
notes due May 15, 1999
4.2*** Indenture, dated October 1, 1994, between the Operating Partnership,
as obligor and The First National Bank of Chicago, as trustee in
connection with up to $500 million of debt securities
10.1*** Fourth Amended and Restated Agreement of Limited Partnership of ERP
Operating Limited Partnership
10.2* Form of Property Management Agreement (REIT properties)
10.3** Form of Property Management Agreement (Non-REIT properties)
10.4**** Amended and Restated Master Reimbursement agreement, dated as of
November 1, 1996 by and between Federal National Mortgage Association
and EQR-Bond Partnership
10.5+ Second Amended and Restated Revolving Credit Agreement, dated as of
September 9, 1997 among the Operating Partnership and Morgan Guaranty
Trust Company of New York, as lead agent, Bank of America National
Trust and Savings Association, as co-lead agent, The First National
Bank of Chicago, as co-agent, U.S. Bank National Association f/k/a
and d/b/a First Bank National Association, as co-agent and NationsBank
of Texas, N.A., as co-agent
10.6++ Amendment No. 1 to Amended and Restated Agreement of Limited
Partnership of Evans Withycombe Residential, L.P.
12++ Computation of Ratio of Earnings to Fixed Charges
</TABLE>
2
<PAGE>
21++ List of Subsidiaries of the Operating Partnership
23.1++ Consent of Grant Thornton LLP
23.2++ Consent of Ernst & Young LLP
24.1++ Power of Attorney for John W. Alexander dated March 2, 1998
24.2++ Power of Attorney for James D. Harper, Jr. dated March 2, 1998
24.3++ Power of Attorney for Errol R. Halperin dated March 2, 1998
24.4++ Power of Attorney for B. Joseph White dated March 2, 1998
24.5++ Power of Attorney for Barry S. Sternlicht dated March 4, 1998
24.6++ Power of Attorney for Henry H. Goldberg dated March 2, 1998
24.7++ Power of Attorney for Edward Lowenthal dated March 2, 1998
24.8++ Power of Attorney for Jeffrey H. Lynford dated March 2, 1998
24.9++ Power of Attorney for Stephen O. Evans dated March 2, 1998
27.1 Restated Financial Data Schedule for the nine months ended September 30,
1997
27.2 Restated Financial Data Schedule for the six months ended June 30, 1997
27.3 Restated Financial Data Schedule for the three months ended March 31,
1997
27.4 Restated Financial Data Schedule for the year ended December 31, 1996
27.5 Restated Financial Data Schedule for the nine months ended September 30,
1996
27.6 Restated Financial Data Schedule for the six months ended June 30, 1996
27.7 Restated Financial Data Schedule for the three months ended March 31,
1996
- --------------------
* Included as an exhibit to the Company's Form S-11 Registration Statement
File No. 33-63158, and incorporated herein by reference.
** Included as an exhibit to the Operating Partnership's Form 10/A, dated
December 12, 1994, File No. 0-24920, and incorporated herein by
reference.
*** Included as an exhibit to the Operating Partnership's Form 10-Q for the
quarter ended September 30, 1995, dated November 7, 1995, and
incorporated herein by reference.
**** Included as an exhibit to the Operating Partnership's Form 10-K for the
year ended December 31, 1996.
+ Included as an exhibit to the Operating Partnership's Form 8-K dated
September 10, 1997, filed on September 10, 1997.
++ Included as an exhibit to the Operating Partnership's initial Annual
Report on Form 10-K for the year ended December 31, 1997.
3
<PAGE>
SIGNATURES
----------
Pursuant to the requirements of the Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
behalf by the undersigned thereunto duly authorized.
ERP OPERATING LIMITED PARTNERSHIP
BY: EQUITY RESIDENTIAL PROPERTIES TRUST,
ITS GENERAL PARTNER
Date: May 29, 1998 By: /s/ Douglas Crocker II
------------ ------------------------------------------
Douglas Crocker II
President, Chief Executive Officer,
Trustee and *Attorney-in-Fact
Date: May 29, 1998 By: /s/ David J. Neithercut
------------ ------------------------------------------
David J. Neithercut
Executive Vice-President and
Chief Financial Officer
Date: May 29, 1998 By: /s/ Michael J. McHugh
------------ ------------------------------------------
Michael J. McHugh
Executive Vice-President, Chief Accounting
Officer, Treasurer and *Attorney-in-fact
Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following persons on behalf of the registrant and
in the capacities and on the dates indicated.
Date: May 29, 1998 By: /s/ Samuel Zell
------------ ------------------------------------------
Samuel Zell
Chairman of the Board of Trustees
Date: May 29, 1998 By: /s/ Gerald A. Spector
------------ ------------------------------------------
Gerald A. Spector
Executive Vice-President, Chief
Operating Officer and Trustee
Date: May 29, 1998 By: /s/ Sheli Z. Rosenberg
------------ ------------------------------------------
Sheli Z. Rosenberg
Trustee
4
<PAGE>
SIGNATURES-CONTINUED
--------------------
Date: May 29, 1998 By: *
------------ -------------------------------------
James D. Harper
Trustee
Date: May 29, 1998 By: *
------------ -------------------------------------
Errol R. Halperin
Trustee
Date: May 29, 1998 By: *
------------ -------------------------------------
Barry S. Sternlicht
Trustee
Date: May 29, 1998 By: *
------------ -------------------------------------
John W. Alexander
Trustee
Date: May 29, 1998 By: *
------------ -------------------------------------
B. Joseph White
Trustee
Date: May 29, 1998 By: *
------------ -------------------------------------
Henry H. Goldberg
Trustee
Date: May 29, 1998 By: *
------------ -------------------------------------
Jeffrey H. Lynford
Trustee
Date: May 29, 1998 By: *
------------ -------------------------------------
Edward Lowenthal
Trustee
Date: May 29, 1998 By: *
------------ -------------------------------------
Stephen O. Evans
Executive Vice President--
Strategic Investments and
Trustee
*/s/ Michael J. McHugh
----------------------------------------
By: Michael J. McHugh, as
attorney-in-fact
5
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<PAGE>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<CASH> 277,997
<SECURITIES> 0
<RECEIVABLES> 2,614
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 424,025
<PP&E> 4,822,779
<DEPRECIATION> (400,550)
<TOTAL-ASSETS> 5,034,014
<CURRENT-LIABILITIES> 194,971
<BONDS> 1,718,111
0
1,000,495
<COMMON> 0
<OTHER-SE> 2,120,437
<TOTAL-LIABILITY-AND-EQUITY> 5,034,014
<SALES> 502,165
<TOTAL-REVENUES> 509,678
<CGS> 0
<TOTAL-COSTS> 185,006
<OTHER-EXPENSES> 10,037
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 84,585
<INCOME-PRETAX> 121,413
<INCOME-TAX> 0
<INCOME-CONTINUING> 121,413
<DISCONTINUED> 3,923
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 88,049
<EPS-PRIMARY> 1.28
<EPS-DILUTED> 1.26
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<PAGE>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<CASH> 311,358
<SECURITIES> 0
<RECEIVABLES> 2,078
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 429,076
<PP&E> 4,482,434
<DEPRECIATION> (357,599)
<TOTAL-ASSETS> 4,738,734
<CURRENT-LIABILITIES> 181,441
<BONDS> 1,715,387
0
725,495
<COMMON> 0
<OTHER-SE> 2,116,411
<TOTAL-LIABILITY-AND-EQUITY> 4,738,734
<SALES> 301,920
<TOTAL-REVENUES> 306,324
<CGS> 0
<TOTAL-COSTS> 112,246
<OTHER-EXPENSES> 6,206
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 52,144
<INCOME-PRETAX> 71,384
<INCOME-TAX> 0
<INCOME-CONTINUING> 71,384
<DISCONTINUED> 3,632
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 54,077
<EPS-PRIMARY> .86
<EPS-DILUTED> .85
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<PAGE>
<ARTICLE> 5
<LEGEND> This schedule contains summary financial information extracted from
Consolidated Balance Sheet and Statement of Operations and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 84,829
<SECURITIES> 0
<RECEIVABLES> 1,351
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 144,073
<PP&E> 3,201,581
<DEPRECIATION> (328,321)
<TOTAL-ASSETS> 3,113,235
<CURRENT-LIABILITIES> 128,593
<BONDS> 1,294,641
0
393,000
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 3,113,235
<SALES> 139,496
<TOTAL-REVENUES> 141,387
<CGS> 0
<TOTAL-COSTS> 51,916
<OTHER-EXPENSES> 2,975
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 23,896
<INCOME-PRETAX> 32,756
<INCOME-TAX> 0
<INCOME-CONTINUING> 32,756
<DISCONTINUED> 3,632
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 27,327
<EPS-PRIMARY> 0.46
<EPS-DILUTED> 0.45
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<PAGE>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<CASH> 147,271
<SECURITIES> 0
<RECEIVABLES> 1,450
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 196,896
<PP&E> 2,983,510
<DEPRECIATION> (301,512)
<TOTAL-ASSETS> 2,986,127
<CURRENT-LIABILITIES> 122,386
<BONDS> 1,254,274
<COMMON> 0
0
393,000
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 2,986,127
<SALES> 473,980
<TOTAL-REVENUES> 478,385
<CGS> 0
<TOTAL-COSTS> 188,812
<OTHER-EXPENSES> 9,857
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 85,593
<INCOME-PRETAX> 97,033
<INCOME-TAX> 0
<INCOME-CONTINUING> 97,033
<DISCONTINUED> 22,402
<EXTRAORDINARY> (3,512)
<CHANGES> 0
<NET-INCOME> 86,645
<EPS-PRIMARY> 1.70
<EPS-DILUTED> 1.69
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> SEP-30-1996
<CASH> 152,545
<SECURITIES> 0
<RECEIVABLES> 2,126
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 211,632
<PP&E> 2,747,081
<DEPRECIATION> (273,395)
<TOTAL-ASSETS> 2,784,866
<CURRENT-LIABILITIES> 120,514
<BONDS> 1,237,623
0
393,000
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 2,784,866
<SALES> 341,815
<TOTAL-REVENUES> 344,047
<CGS> 0
<TOTAL-COSTS> 141,602
<OTHER-EXPENSES> 6,690
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 61,492
<INCOME-PRETAX> 67,504
<INCOME-TAX> 0
<INCOME-CONTINUING> 67,504
<DISCONTINUED> 2,346
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 66,716
<EPS-PRIMARY> .94
<EPS-DILUTED> .93
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<PAGE>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<CASH> 11,906
<SECURITIES> 0
<RECEIVABLES> 1,734
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 69,171
<PP&E> 2,479,974
<DEPRECIATION> (252,872)
<TOTAL-ASSETS> 2,394,135
<CURRENT-LIABILITIES> 100,638
<BONDS> 1,036,484
<COMMON> 0
0
278,000
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 2,394,135
<SALES> 218,408
<TOTAL-REVENUES> 219,588
<CGS> 0
<TOTAL-COSTS> 91,372
<OTHER-EXPENSES> 4,105
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 38,919
<INCOME-PRETAX> 42,259
<INCOME-TAX> 0
<INCOME-CONTINUING> 42,259
<DISCONTINUED> 2,346
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 44,605
<EPS-PRIMARY> .65
<EPS-DILUTED> .65
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND> This schedule contains summary financial information extracted from
Consolidated Balance Sheet and Statements of Operations and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<CASH> 8,496
<SECURITIES> 0
<RECEIVABLES> 1,077
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 48,111
<PP&E> 2,305,972
<DEPRECIATION> (235,211)
<TOTAL-ASSETS> 2,217,506
<CURRENT-LIABILITIES> 94,980
<BONDS> 964,037
<COMMON> 0
0
278,000
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 2,217,506
<SALES> 105,698
<TOTAL-REVENUES> 106,321
<CGS> 0
<TOTAL-COSTS> 44,486
<OTHER-EXPENSES> 2,079
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 19,185
<INCOME-PRETAX> 19,955
<INCOME-TAX> 0
<INCOME-CONTINUING> 19,955
<DISCONTINUED> 1,340
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 21,295
<EPS-PRIMARY> 0.32
<EPS-DILUTED> 0.31
</TABLE>
