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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
{ X } ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934 (FEE REQUIRED)
For the fiscal year ended December 31, 2000
OR
{ } TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from to
Commission file number 0-17616
Realty Parking Properties L.P.
(Exact Name of Registrant as Specified in its Charter)
Delaware 52-1591575
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification Number)
225 East Redwood Street, Baltimore, Maryland 21202
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (410) 727-4083
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Name of each exchange on which registered
None
Securities registered pursuant to section 12(g) of the Act:
Assignee Units of Limited Partnership Interests
(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
As of December 31, 2000, there were 1,909,127 Units of Assignee and Limited
Partnership Interests held by non-affiliates of the Registrant. Because there is
not an established public trading market for the Units, the aggregate market
value of the Units held by non-affiliates of the Registrant cannot be
calculated.
Documents Incorporated by Reference
The Annual Report for 2000 is incorporated by reference.
REALTY PARKING PROPERTIES L.P.
INDEX
Part I Page(s)
Item 1. Business 3-4
Item 2. Properties 4-5
Item 3. Legal Proceedings 5
Item 4. Submission of Matters to a Vote of Security Holders 6
Part II.
Item 5. Market for Registrant's Common Equity
and Related Stockholder Matters 6
Item 6. Selected Financial Data 6
Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations 7-8
Item 7a. Quantitative and Qualitative Disclosures About Market Risk 8
Item 8. Financial Statements and Supplementary Data 9
Item 9. Changes in and Disagreements with Accountants on
Accounting and Financial Disclosure 9
Part III.
Item 10. Directors and Executive Officers of the Registrant 10
Item 11. Executive Compensation 11
Item 12. Security Ownership of Certain Beneficial Owners
and Management 11
Item 13. Certain Relationships and Related Transactions 11
Part IV.
Item 14. Exhibits, Financial Statement Schedules and
Reports on Form 8-K 11-14
Signatures 15
REALTY PARKING PROPERTIES L.P.
PART I
Item 1. Business
Realty Parking Properties L. P. (the "Partnership") is a Delaware
limited partnership formed on October 4, 1988. The Partnership's intent was to
acquire surface lots and parking garage buildings (the "Properties") to be held
for appreciation and used for parking operations to produce current income. The
Properties were acquired with an emphasis on surface commercial parking lots
believed to have significant future potential for eventual sale as development
sites. The Partnership acquired the Properties on an all-cash basis without debt
financing. The acquisition program is complete and only minor rehabilitation
expenditures and repairs to existing Properties are expected in the future.
The General Partner of the Partnership is Realty Parking Company, Inc., a
Maryland corporation.
A minimum of 80,000 units of assignee limited partnership interests (the
"Units") and an increased maximum of 2,400,000 Units were registered under the
Securities and Exchange Act of 1933, as amended. Throughout 1988 and 1989,
investors holding 1,909,087 Units, or $47,727,175 of gross offering proceeds,
were recognized on the books of the Partnership and the selling effort was
completed in November 1989. The offering proceeds, net of issuance-related fees,
were used to acquire the Properties and make necessary improvements on an
all-cash basis.
The Partnership has an Investment Advisory Agreement with Central Parking
System, Inc. (the "Advisor"). The Advisor identified properties for purchase by
the Partnership and leased such properties from the Partnership following
acquisition. Pursuant to the Investment Advisory Agreement, the Advisor will
earn a fee upon disposition of a property equal to 2% of the contract price for
the sale of the property. Such fee is earned for services rendered to advise the
General Partner on the timing and pricing of property sales.
The Partnership acquired fifteen Properties during 1989 and 1990. One
property has been sold in each of 1993, 1999 and 2000. The Partnership's
investment in the remaining twelve Properties, net of impairment losses and
accumulated depreciation, was $19,706,714 and $20,200,296 at December 31, 2000
and 1999, respectively.
The Partnership initially leased its parking properties to the Advisor for
periods of 10 years, expiring between April 1999 and November 2000, with options
to extend the leases for two additional terms of five years. The Advisor has
exercised extension options for eight properties held at December 31, 2000.
Under the terms of the leases, the Advisor is responsible for all operating
costs, including ad valorem real estate taxes and general and garage liability
insurance coverage. One of the leases differs slightly from the terms above in
order to accommodate specific circumstances of the related property.
Under the terms of the leases, the Advisor is obligated to pay the
Partnership the greater of minimum rent plus reimbursement of real estate taxes
or 60% of gross parking revenues ("percentage rent"). Percentage rents earned
during 2000, 1999 and 1998 totaled $197,902, $326,976, and $362,260,
respectively. The minimum rents are 7.0% of certain acquisition costs. Parking
lot revenues of $1,431,204 in 2000, $2,308,135 in 1999, and $2,340,413 in 1998,
represented minimum rents under the lease agreements.
Each of the eight leases with the Advisor is cancelable by the Partnership
upon the sale of the property and payment to the Advisor of a termination fee.
The termination fee generally equals 15% of the amount, if any, by which the
property's sale proceeds exceed the original acquisition cost of the property
plus a 12% compounded annual return on the original acquisition cost minus all
rental income received by the Partnership from the property.
The Advisor did not extend leases on four properties held at December 31,
2000. Three of these properties have been placed under month-to-month management
contracts with parking operators. Under the terms of the management contracts,
the parking operators receive a fixed fee for managing the properties. The
rental income from these properties is gross revenues net of the operating
expenses incurred. The Partnership is responsible for real estate taxes. Parking
operations at the remaining property ceased in November 2000 and the Partnership
is currently evaluating management contracts and/or disposition alternatives.
Parking lot revenues of $211,869 in 2000 represented rental income under the
management contracts.
3
REALTY PARKING PROPERTIES L.P.
Item 1. Business (continued)
The success of the Partnership will, to a large extent, depend on the
quality of management of the Partnership and the timing, terms and conditions of
any sale. Future development may be delayed or rendered legally or economically
unfeasible as a result, for example, of future building moratoriums, zoning
changes, and changes in growth and development patterns, any of which may impair
the value of the Partnership's investment in its properties.
The interim use of the Properties for parking operations to produce
current income is dependent, in part, upon the Advisor's ability to pay rents
under the terms of the lease agreements. Rents may vary due to percentage rental
payments (discussed above) which are influenced by a variety of factors,
including competition, traffic levels, parking demand and the location, design
and condition of the parking lot (see Item 7. Management's Discussion and
Analysis of Financial Condition and Results of Operations).
Item 2. Properties
The Partnership owns twelve properties in total, eleven of which are
wholly owned by the Partnership. The undivided tenants-in-common ownership of
one of the properties is noted below. The properties were acquired on an
all-cash basis and, therefore, are not subject to a mortgage or other lien or
encumbrance. As of December 31, 2000, the Partnership owns the following
properties:
Approximate (1) Investment (4) 2000 Parking
Location Size (Sq. Ft.) Type in Real Estate Lot Revenue Lease Date
Birmingham, Alabama 28,000 276-car garage $ 929,774 $ 159,647 5/90- 4/05
Corner of Fourth Ave.
North and 19th St.
Little Rock, Arkansas 35,000 surface lot 1,002,360 69,100 5/89- 4/04
East side of Broadway
between Third and
Fourth Streets
Los Angeles, California 41,800 surface lot 3,494,960 361,164 Monthly
800 Block S. Main St.
Miami, Florida 90,000 surface lot 4,900,458 340,627 8/89- 7/04
Block bounded by S. Miami
Ave., S.E. 2nd St.,
N.E. 1st Ave. (2)
St. Paul-Jackson, Minnesota 55,880 surface lot 1,437,095 127,946 11/90- 10/05
Bordered by 7th and 8th
Streets and N. Jackson
and Sibley Streets
4
REALTY PARKING PROPERTIES L.P.
Item 2. Properties (continued)
Approximate (1) Investment (4) 2000 Parking
Location Size (Sq. Ft.) Type in Real Estate Lot Revenue Lease Date
Kansas City, Missouri 35,650 400-car garage 1,776,783 136,504 10/90- 9/03
Fronting on Grand Ave.,
8th St. and Walnut St.
Reno, Nevada 30,670 surface lot 398,740 71,806 N/A
Triangle bordered by E.
First St., Lake St., and
Second St.
Rochester, New York 48,970 surface lot 400,000 53,636 Monthly
Pleasant St. at Andrews
and N. Clinton Streets
Dayton, Ohio 40,000 surface lot 499,000 54,008 Monthly
Month-to-month
Corner of Monument
and Ludlow St. (3)
Nashville, Tennessee 33,360 surface lot 1,558,046 108,609 10/90- 9/05
Commerce St. and
Seventh Ave.
Houston, Texas 81,000 surface lot 1,407,423 158,738 8/90- 7/05
Commerce St. at its
intersection with Austin St.
Milwaukee, Wisconsin 36,350 451-car garage 1,902,075 190,000 10/90- 9/05
East side of N. 7th St.
and N. 6th St. at West
Wells St. --------------- ---------------
$19,706,714 $ 1,831,785
========= =========
(1) Investment in real estate is recorded net of impairment losses totaling $6,460,303 and accumulated
depreciation totaling $1,152,212 (see Note 4. "Gain (Loss) on Properties" in Item 8. Financial Statements,
herein).
(2) The Partnership owns a three-quarter undivided interest in this property
with the remaining 25% owned by the Advisor.
(3) Property sold in March 2001.
(4) 2000 rental income does not include rental income from the property sold
during 2000.
Item 3. Legal Proceedings
The Partnership is not subject to any material pending legal proceedings.
5
REALTY PARKING PROPERTIES L.P.
Item 4. Submission of Matters to a Vote of Security Holders
There were no matters submitted to the security holders for a vote during
the last quarter of the fiscal year covered by this report.
PART II
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters
An established public trading market for the Units does not exist and the
Partnership does not anticipate that a public market will develop. Transfer of
Units by an investor and purchase of Units by the Partnership may be
accommodated under certain terms and conditions.
The Partnership Agreement imposes certain limitations on the transfer of
Units and may restrict, delay or prohibit a transfer primarily if:
o the transfer of Units would cause a technical termination of the
Partnership within meaning of Section 708(b)(1)(A) of the Internal Revenue Code;
o such a transfer would be a violation of any federal or state securities
laws that may cause the Partnership to be classified other than as a partnership
for federal income tax purposes; and,
o such transfers would cause the Partnership to be treated as a "publicly
traded partnership" under Sections 7704 and 469(k) of the Internal Revenue Code.
As of December 31, 2000, there were 2,936 holders of assignee and limited
partnership interests of the registrant, owning an aggregate of 1,909,127 units.
The Partnership made four quarterly cash distributions totaling $2,032,913
in 2000, and $2,473,212 in 1999 and 1998. These distributions were derived from
funds provided by operating activities and a return of capital of $70,387 in
2000. Additionally, in 2000, the Partnership distributed sales proceeds totaling
$9,581,634.
Item 6. Selected Financial Data
Revenues and net earnings (loss) information furnished below is for the years
ended December 31:
2000 1999 1998 1997 1996
Revenues
Parking lots $1,840,975 $2,635,111 $2,702,673 $2,508,271 $2,399,810
Interest income 99,133 64,155 47,354 53,389 66,240
Gain (loss) on properties 767,622 (4,158,255) - - -
Net earnings (loss) 2,345,661 (1,752,340) 2,436,246 2,251,096 2,169,490
Net earnings (loss) per Unit 1.21 (.97) 1.25 1.16 1.11
Total assets 20,824,038 30,267,124 34,354,969 34,399,045 34,658,079
Partners' capital 20,516,100 29,784,986 34,010,538 34,047,504 34,269,620
Cash distributions
paid per Unit:
Operations 1.01 1.27 1.27 1.21 1.20
Return of capital .03 - - .06 .07
Sales proceeds 5.02 - - - -
The above selected financial data should be read in conjunction with the
financial statements and accompanying notes incorporated by reference in this
report.
6
REALTY PARKING PROPERTIES L.P.
Item 7. Management's Discussion and Analysis of
Financial Condition and Results of Operations (continued)
Liquidity and Capital Resources
The Partnership was fully invested in parking properties as it entered
2000 and currently has no plans to use working capital to perform major repairs
or improvements to any of its properties.
At December 31, 2000, the Partnership had a working capital position that
included cash and cash equivalents of $833,887, accounts receivable (net of real
estate taxes payable) of $26,458 and accounts payable of $72,438. Cash and cash
equivalents decreased $8,969,756 during 2000. This decrease represents the net
effect of $1,504,611 in cash provided by operating activities, $2,032,913 in
quarterly cash distributions to investors, $1,140,180 from the sale of the St.
Paul-Tank property, a $1,141,704 distribution of the St. Paul-Tank sale
proceeds, and a $8,439,930 distribution of the proceeds from the 1999 sale of
the Denver property. It is anticipated that remaining cash and cash equivalents
will be sufficient to satisfy the Partnership's liquidity requirements.
The Partnership made quarterly cash distributions totaling $2,032,913 in
2000, and $2,473,212 in each of 1999 and 1998. These distributions were derived
from funds provided by operating activities and a return of capital of $70,387
in 2000. Additionally, in 2000, the Partnership distributed sales proceeds
totaling $9,581,634.
On February 15, 2001, the Partnership made a quarterly cash distribution
of $459,412, of which 98% was allocated to assignee and limited partners. The
distribution was comprised of funds provided by operating activities during 2000
and a return of capital of $135,559.
Results of Operations
Sale
On February 10, 2000, the Partnership sold its St. Paul-Tank, Minnesota
property for $1,335,586. The Partnership's investment in the property was
$372,558, net of accumulated depreciation of $1,189. The capital gain from the
sale totaled $767,622, net of expenses of $195,406.
Operations
Parking lot revenue includes base and percentage rents earned pursuant to
the lease agreements with the Advisor, and the net operating revenues of the
properties operated under management contracts. The Partnership leases eight of
its properties to the Advisor under terms that include a minimum rent calculated
as a percentage of certain acquisition costs. In addition, the Advisor is
obligated to pay percentage rent, calculated as a percentage of gross parking
revenues in excess of a base amount. Additionally, three properties are being
managed by parking operators under separate management contracts with the
Partnership. Under the terms of the typical management contract, the operator
forwards the property's net operating revenues to the Partnership. The
operator's management fee is generally fixed, but may include an annual
incentive fee if operations exceed budget. The Partnership is responsible for
the payment of real estate taxes for all properties that are operated under
management contracts.
Parking lot revenue for 2000, 1999 and 1998 totaled $1,840,975, $2,635,111
and $2,702,673, respectively.
Parking lot revenue declined during 2000 by $794,136 from 1999. This
decline resulted from: (1) reduced rental income of $476,335 related to the two
properties that were sold during late 1999 and early 2000, (2) reduced rental
income of $247,869, primarily from the three properties that are now operated
pursuant to management agreements, and (3) lower percentage rental income of
$69,932 earned at other properties.
The decline in rental income during 1999 was the result of the lower base
and percentage rent earned, primarily due to the sale of the Denver facility.
During 1999, four properties generated $326,976 in percentage rents, a 10%
decline from 1998, due primarily to lower gross parking revenues at both the
Denver and St. Paul-Jackson properties. The Partnership earned percentage rents
from six properties in 1998, totaling $362,260.
7
REALTY PARKING PROPERTIES L.P.
Item 7. Management's Discussion and Analysis of
Financial Condition and Results of Operations (continued)
Results of Operations (continued)
Expenses in 2000, net of depreciation, totaled $241,045, reflecting an
increase of $71,546 over 1999. The increase was primarily the result of $55,903
of real estate tax expense relating to the properties being operated under
management contracts during 2000. In addition, administrative expenses increased
due primarily to the additional costs and expenses incurred as a result of lease
extension and management contract negotiations.
Expenses in 1999, net of depreciation, totaled $169,499, reflecting a
decrease of $19,534 from 1998. This decrease was primarily the result of
consulting services rendered in 1998 that were not repeated in 1999. Expenses in
1998, net of depreciation, totaled $189,033.
Outlook
On March 1, 2001, the Partnership sold its Dayton, Ohio property for
$500,000. The Partnership's investment in the property was $499,000, net of
accumulated depreciation of $9,458 and an impairment loss totaling $679,959
recorded in 1999. The capital loss from the sale totaled $26,535, net of
expenses of $27,535.
A portion of the Milwaukee property has temporarily closed due to
structural damage. Repairs are currently being made by the Advisor, at its
expense, in accordance with the terms of the lease agreement. Percentage rental
income has declined in 2000 as a result of the partial closure. Once repairs are
complete, it is anticipated the property's revenues will eventually return to
levels previously achieved.
The Partnership has an option contract for the sale of the Rochester
property, and a signed contract for the sale of the St. Paul-Jackson property.
The potential buyers of both properties are currently performing their due
diligence, and there are no assurances that these properties will be sold.
Item 7a. Quantitative and Qualitative Disclosures About Market Risk
None.
8
REALTY PARKING PROPERTIES L.P.
Item 8. Financial Statements and Supplementary Data
Index to Financial Statements:
Pages(s)
Herein Annual Report
Independent Auditors' Report 12 4
Balance Sheets 5
Statements of Operations 6
Statements of Partners' Capital 7
Statements of Cash Flows 8
Notes to Financial Statements 9-15
Financial Statement Schedule
Schedule III - Real Estate and
Accumulated Depreciation 13-15
All other schedules are omitted because they are not applicable, not
required, or because the required information is included in the financial
statements or notes thereto.
Item 9. Changes in and Disagreements with Accountants on
Accounting and Financial Disclosure
None.
9
REALTY PARKING PROPERTIES L.P.
PART III
Item 10. Directors and Executive Officers of the Registrant
The General Partner of the Partnership is Realty Parking Company, Inc. The
Partnership's principal executive office is located at 225 East Redwood Street,
Baltimore, Maryland 21202, telephone (410) 727-4083. The General Partner had
primary responsibility for the selection and negotiation of terms concerning the
acquisition of the properties' sites, selecting a manager for the interim
investments, and the structure of the offering and the Partnership. The General
Partner is responsible for overseeing the performance of those who contract with
the Partnership, as well as making decisions with respect to the financing, sale
and liquidation of the Partnership's assets. It also provides all reports to,
and communications with, investors and others, all distributions and allocations
to investors, the administration of the Partnership's business and all filings
with the Securities and Exchange Commission and other federal or state
regulatory authorities. The Partnership Agreement provides for the removal of
the General Partner and the election of successor or additional general partner
by investors holding a majority in interest of the Units.
The directors and principal officers of the General Partner are as
follows:
John M. Prugh, age 52, has been a Director and President of the General
Partner since 1988, and of Alex. Brown Realty, Inc. and Armata Financial Corp.
since 1984. Mr. Prugh graduated from Gettysburg College in 1970, and was
designated a Certified Property Manager by the Institute of Real Estate
Management in 1979. He has worked in property management for H. G. Smithy Co.,
in Washington, D.C., and Dreyfus Bros., Inc. in Bethesda, Maryland. Since 1977,
Mr. Prugh has been involved in managing, administering, developing and selling
real estate investment projects sponsored by Alex. Brown Realty, Inc. and its
subsidiaries.
Peter E. Bancroft, age 48, has been a Director and Vice President of the
General Partner since 1988 and a Senior Vice President of Alex. Brown Realty,
Inc. and Armata Financial Corp. since 1983. Mr. Bancroft graduated from Amherst
College in 1974, attended the University of Edinburgh, and received a J.D.
degree from the University of Virginia School of Law in 1979. Prior to joining
Alex. Brown Realty, Inc. in 1983, Mr. Bancroft held legal positions with
Venable, Baetjer and Howard and T. Rowe Price Associates, Inc.
Terry F. Hall, age 54, has been the Secretary of the General Partner and a
Vice President and Secretary of, and Legal Counsel for, Alex. Brown Realty, Inc.
since 1989. Mr. Hall graduated from the University of Nebraska-Lincoln in 1968,
and received a J.D. degree from the University of Pennsylvania Law School in
1973. Prior to joining Alex. Brown Realty, Inc. in 1986, Mr. Hall was a Partner
at the law firm of Venable, Baetjer and Howard from 1981 to 1986 and an
associate at the same firm from 1973 to 1981.
Timothy M. Gisriel, age 44, has been the Treasurer of the General Partner
and of Alex. Brown Realty, Inc. and Armata Financial Corp. since 1990. He was
the Controller of Alex. Brown Realty, Inc. and Armata Financial Corp. from 1984
through 1989. Mr. Gisriel graduated from Loyola College in 1978 and received his
Masters of Business Administration degree from the Robert G. Merrick School of
Business, University of Baltimore, in 1993. Prior to joining Alex. Brown Realty,
Inc. in 1984, Mr. Gisriel was an audit supervisor in the Baltimore office of
Coopers & Lybrand. He is a Maryland Certified Public Accountant.
There is no family relationship among the officers and directors of the
General Partner.
10
REALTY PARKING PROPERTIES L.P
Item 11. Executive Compensation
The officers and directors of the General Partner received no compensation
from the Partnership.
The General Partner is entitled to receive a share of cash distributions
and a share of profits and losses as described in the Agreement of Limited
Partnership (see Note 8. "Partners' Capital" in Item 8. Financial Statements,
herein).
For a discussion of compensation and fees to which the General Partner is
entitled, see Item 13, Certain Relationships and Related Transactions, herein.
Item 12. Security Ownership of Certain Beneficial Owners and Management
No person is known to the Partnership to own beneficially more than 5% of
the outstanding assignee units of limited partnership interest of the
Partnership.
The Assignor Limited Partner, Parking Properties Holding Co., Inc., an
affiliate of the General Partner, holds 40 Units representing a beneficial
interest in limited partnership interests in the Partnership. The Units held by
the Assignor Limited Partner have all rights attributable to such Units under
the Limited Partnership Agreement except that these Units of assignee limited
partnership interests are nonvoting.
The General Partner has a 2% interest in the Partnership as the General
Partner, but holds no Units.
For the three years ending December 31, 2000, the Advisor held 43,011
assignee limited partnership interests (an approximate 2% investment in the
Partnership).
There are no arrangements known to the Partnership, the operation of which
may, at a subsequent date, result in a change of control of the registrant.
Item 13. Certain Relationships and Related Transactions
The General Partner and its affiliates have and are permitted to engage in
transactions with the Partnership. For a summarization of fees paid during 2000,
1999 and 1998, and to be paid to the General Partner and its affiliates at
December 31, 2000, see Note 6, "Related Party Transactions," in Item 8,
Financial Statements, herein.
PART IV
Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K
(a) 1. Financial Statements: See Index to Financial Statements in
Item 8 on page 9, herein.
2. Financial Statement Schedule: See Index to Financial Statements
and Financial Statement Schedule in Item 8 on page 9.
3. Exhibits:
(3, 4) Limited Partnership Agreement on pages 1 through 38 of
Exhibit A to the Partnership's Registration Statement on
Form S-11 (File No. 33-24961) incorporated herein by
reference.
(13) Annual Report for 2000.
(b) Reports on Form 8-K: None.
11
INDEPENDENT AUDITORS' REPORT
The Partners
Realty Parking Properties L.P.:
Under date of January 19, 2001, we reported on the balance sheets of Realty
Parking Properties L.P. as of December 31, 2000 and 1999, and the related
statements of operations, partners' capital and cash flows for each of the years
in the three-year period ended December 31, 2000 as contained in the 2000 Annual
Report. These financial statements and our report thereon are incorporated by
reference in the Annual Report on Form 10-K for 2000. In connection with our
audits of the aforementioned financial statements, we also audited the related
financial statement schedule as listed in the accompanying index. This financial
statement schedule is the responsibility of the Partnership's management. Our
responsibility is to express an opinion on the financial statement schedule
based on our audits.
In our opinion, such financial statement schedule, when considered in relation
to the basic financial statements taken as a whole, presents fairly, in all
material respects, the information set forth therein.
/s/ KPMG LLP
Baltimore, Maryland
January 19, 2001
12
REALTY PARKING PROPERTIES L.P. page 1 of 3
SCHEDULE III. REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2000
COLUMN A COLUMN C COLUMN D COLUMN E
COST CAPITALIZED GROSS AMOUNT
SUBSEQUENT AT WHICH CARRIED
INITIAL COST TO THE TO ACQUISITION AT CLOSE OF PERIOD
PARTNERSHIP LAND BUILDING LAND & BUILDING &
DESCRIPTION LAND BUILDING IMPROVE. IMPROVE. IMPROVE. IMPROVE. TOTAL
LITTLE ROCK, ARKANSAS
approximately 35,000
square-foot surface
parking lot $1,002,360 1,002,360 0 1,002,360
MIAMI, FLORIDA
approximately 90,000
square-foot surface
parking lot 4,900,458 4,900,458 0 4,900,458
DAYTON, OHIO
approximately 40,000
square-foot surface
parking lot 493,458 15,000 508,458 0 508,458
BIRMINGHAM, ALABAMA
276-car garage on
appoximately 28,000
square-foot lot 307,791 672,075 209,737 307,791 881,812 1,189,603
ROCHESTER, NEW YORK
approximately 48,970
square-foot surface
parking lot 400,000 400,000 0 400,000
LOS ANGELES, CALIFORNIA
approximately 41,800
square-foot surface
parking lot 3,454,621 75,619 3,530,240 0 3,530,240
HOUSTON, TEXAS
approximately 81,000
square-foot surface
parking lot 1,407,423 1,407,423 0 1,407,423
NASHVILLE, TENNESSEE
approximately 33,360
square-foot surface
parking lot 1,558,046 1,558,046 0 1,558,046
KANSAS CITY, MISSOURI
400-car garage on
approximately 35,650
square-foot lot 1,151,154 625,447 34,485 274,294 1,185,639 899,741 2,085,380
MILWAUKEE, WISCONSIN
451-car garage on
approximately 36,350
square-foot lot 738,914 929,946 734,278 738,914 1,664,224 2,403,138
ST.PAUL-JACKSON, MINN.
approximately 55,880
square-foot surface
parking lot 1,418,393 44,781 1,463,174 0 1,463,174
RENO, NEVADA
approximately 30,670
square-foot surface
parking lot 391,878 18,768 410,646 0 410,646
----------- --------- ------- --------- ---------- --------- ----------
$17,224,496 2,227,468 188,653 1,218,309 17,413,149 3,445,777 20,858,926
13
REALTY PARKING PROPERTIES L.P. page 2 of 2
SCHEDULE III. REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2000
COLUMN A COLUMN F COLUMN H COLUMN I
LIFE ON
WHICH
ACCUMULATED DEPRECIATION
DEPRECIATION DATE IN LATEST I/S
DESCRIPTION ("A/D") ACQUIRED IS COMPUTED
LITTLE ROCK, ARKANSAS
approximately 35,000 square-foot
surface parking lot N/A 1989 N/A
MIAMI, FLORIDA
approximately 90,000 square-foot
surface parking lot N/A 1989 N/A
DAYTON, OHIO
approximately 40,000 square-foot
surface parking lot 9,458 1989 SEE NOTE 5
BIRMINGHAM, ALABAMA
276-car garage on appoximately
28,000 square-foot lot 259,829 1990 SEE NOTE 5
ROCHESTER, NEW YORK
approximately 48,970 square-foot
surface parking lot N/A 1990 N/A
LOS ANGELES, CALIFORNIA
approximately 41,800 square-foot
surface parking lot 35,280 1990 SEE NOTE 5
HOUSTON, TEXAS
approximately 81,000 square-foot
surface parking lot N/A 1990 N/A
NASHVILLE, TENNESSEE
approximately 33,360 square-foot
surface parking lot N/A 1990 N/A
KANSAS CITY, MISSOURI
400-car garage on approximately
35,650 square-foot lot 308,597 1990 SEE NOTE 5
MILWAUKEE, WISCONSIN
451-car garage on approximately
36,350 square-foot lot 501,063 1990 SEE NOTE 5
ST. PAUL-JACKSON, MINNESOTA
approximately 55,880 square-foot
surface parking lot 26,079 1990 SEE NOTE 5
RENO, NEVADA
approximately 30,670 square-foot
surface parking lot 11,906 1990 SEE NOTE 5
---------
1,152,212
14
REALTY PARKING PROPERTIES L. page 3 of 3
SCHEDULE III. REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2000
(1) 2000 1999 1998
REAL ESTATE A/D REAL ESTATE A/D REAL ESTATE A/D
BALANCE AT BEGIN. OF PERIOD $ 21,232,673 1,032,377 33,844,298 921,965 33,844,298 797,217
ADDITIONS - 121,024 - 123,852 - 124,748
REAL ESTATE SOLD (373,747) (1,189) (6,151,322) (13,440) - -
IMPAIRMENT LOSSES - - (6,460,303) - - -
------------ --------- ---------- --------- ----------
BALANCE AT CLOSE OF PERIOD $ 20,858,926 1,152,212 21,232,673 1,032,377 33,844,298 921,965
(2) AGGREGATE COST FOR FEDERAL INCOME TAX PURPOSES IS $27,319,229 AT DECEMBER 31, 2000
(3) SEE NOTES 3 AND 4 OF THE NOTES TO FINANCIAL STATEMENTS FOR INFORMATION REGARDING THE PARTNERSHIP'S
INVESTMENT IN REAL ESTATE AND THE IMPAIRMENT LOSSES RECORDED IN 1999. IMPAIRMENT LOSSES HAVE BEEN
APPLIED TO REDUCE THE INITIAL COST OF LAND, WHERE APPLICABLE.
(4) THERE ARE NO ENCUMBRANCES ON THE REAL ESTATE SET FORTH ABOVE.
(5) LAND IMPROVEMENTS ARE DEPRECIATED OVER 15 YEARS STRAIGHT LINE
BUILDING AND IMPROVEMENTS IN SERVICE PRIOR TO JANUARY 1, 1994 ARE
DEPRECIATED OVER 31.5 YEARS STRAIGHT LINE BUILDING AND IMPROVEMENTS IN
SERVICE AFTER JANUARY 1, 1994 ARE DEPRECIATED OVER 39 YEARS STRAIGHT LINE
15
REALTY PARKING PROPERTIES L.P.
SIGNATURES
Pursuant to the requirements of Section 13 or 15 (d) of the Securities Exchange
Act of 1934, as amended, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
REALTY PARKING PROPERTIES L. P.
DATE: 3/26/01 BY: /s/ John M. Prugh
John M. Prugh
President and Director
Realty Parking Company, Inc.
General Partner
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
this report has been signed by the following in the capacities and on the dates
indicated.
DATE: 3/26/01 BY: /s/ John M. Prugh
John M. Prugh
President and Director
Realty Parking Company, Inc.
General Partner
DATE: 3/28/01 BY: /s/ Peter E. Bancroft
Peter E. Bancroft
Vice President and Director
Realty Parking Company, Inc.
General Partner
DATE: 3/28/01 BY: /s/ Terry F. Hall
Terry F. Hall
Secretary
Realty Parking Company, Inc.
General Partner
DATE: 3/26/01 BY: /s/ Timothy M. Gisriel
Timothy M. Gisriel
Treasurer
Realty Parking Company, Inc.
General Partner
-15-