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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, 1997
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, 1997, 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 1997 is incorporated by reference.
REALTY PARKING PROPERTIES L.P.
INDEX
Part I Page(s)
Item 1. Business 3
Item 2. Properties 4-5
Item 3. Legal Proceedings 5
Item 4. Submission of Matters to a Vote of Security Holders 5
Part II.
Item 5. Market for Registrant's Common Equity
and Related Stockholder Matters 5-6
Item 6. Selected Financial Data 6
Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations 7-8
Item 8. Financial Statements and Supplementary Data 8
Item 9. Changes in and Disagreements with Accountants on
Accounting and Financial Disclosure 8
Part III.
Item 10. Directors and Executive Officers of the Registrant 8-9
Item 11. Executive Compensation 9
Item 12. Security Ownership of Certain Beneficial Owners
and Management 9-10
Item 13. Certain Relationships and Related Transactions 10
Part IV.
Item 14. Exhibits, Financial Statement Schedules and
Reports on Form 8-K 10-13
Signatures 14
-2-
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 entered into an Investment Advisory Agreement
with Allright Corporation (the "Advisor"), one of the nation's largest parking
operators. The Advisor identified properties for purchase by the Partnership and
leased such properties from the Partnership following acquisition. The
Properties are leased to the Advisor for a 10 year period (expiring between
April 1999 and November 2000) with the Advisor obligated to pay the Partnership
the greater of the minimum rent plus property taxes or 60% of the gross parking
revenues ("percentage rent"). The minimum rents are currently equal to 7% of
certain property acquisition costs. Under the terms of the leases, the parking
lot operator is responsible for all operating costs, including ad valorem real
estate taxes and general and garage liability insurance coverage. Each lease is
cancelable by the Partnership upon the sale of a 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 sales 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 Partnership acquired fifteen Properties during 1989 and 1990 and
sold one Property and a small portion of another Property in 1993. The
Partnership's total investment in the Properties before depreciation charges,
including acquisition related costs and improvements, is $33,844,298 at December
31, 1997 and 1996, respectively (see Item 2. Properties).
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 or financing. 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.
The interim use of the Properties for parking operations to produce
current income is dependent on 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).
-3-
REALTY PARKING PROPERTIES L.P.
Item 2. Properties
The Partnership owns fourteen properties in total, twelve of which
are wholly owned by the Partnership. The undivided tenants-in-common ownership
of two 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, 1997 the Partnership owns the following
properties:
Approximate Gross 1997
Location Size (Sq. Ft.) Type Investment Cost Rental Income Lease Date
Birmingham, Alabama 28,000 276-car garage $ 1,189,603 $ 138,080 5/90- 4/00
Corner of Fourth Ave.
North and 19th St.
Little Rock, Arkansas 35,000 surface lot 1,002,360 69,100 5/89- 4/99
East side of Broadway
between Third and
Fourth Streets
Los Angeles, California 41,800 surface lot 7,939,864 553,432 6/90- 5/00
800 Block of S. Main St.
Denver, Colorado 100,600 surface lots and 6,151,323 419,015 10/89- 9/99
Fronting on Fourteenth St. 413-car garage
between Champa and
California Streets (1)
Miami, Florida 90,000 surface lot 4,900,458 340,627 8/89- 7/99
Block bounded by S. Miami
Ave., S.E. 2nd St.,
N.E. 1st Ave. (1)
St. Paul, Minnesota #1 55,880 surface lot 1,463,174 101,716 11/90- 10/00
Bordered by 7th and 8th
Streets and N. Jackson
and Sibley Streets
St. Paul, Minnesota #2 32,930 surface lot 373,748 25,824 11/90- 10/00
Located on the I94 frontage
road, north of the Science
Museum of Minnesota
Kansas City, Missouri 35,650 400-car garage 2,085,380 151,550 10/90- 9/00
Fronting on Grand Ave.,
8th St. and Walnut St.
Reno, Nevada 30,670 surface lot 1,047,190 72,661 12/90- 11/00
Triangle bordered by E.
First St., Lake St., and
Second St.
(1)The Partnership owns three-quarter undivided interests in these
properties with the remaining 25% owned by the Advisor.
-4-
REALTY PARKING PROPERTIES L.P.
Item 2. Properties (continued)
Approximate Gross 1997
Location Size (Sq. Ft.) Type Investment Cost Rental Income Lease Date
Rochester, New York 48,970 surface lot 1,134,175 79,025 5/90- 4/00
Pleasant St. at Andrews
and N. Clinton Streets
Dayton, Ohio 40,000 surface lot 1,188,416 82,056 12/89- 11/99
Corner of Monument Ave.
and Ludlow St.
Nashville, Tennessee 33,360 surface lot 1,558,046 103,945 10/90- 9/00
Commerce St. and
Seventh Ave.
Houston, Texas 81,000 surface lot 1,407,423 97,867 8/90- 7/00
Commerce St. at its
intersection with Austin St.
Milwaukee, Wisconsin 36,350 451-car garage 2,403,138 273,373 10/90- 9/00
East side of N. 7th St.
and N. 6th St. at West
Wells St. --------------- --------------
$33,844,298 $ 2,508,271
========= ========
Item 3. Legal Proceedings
The Partnership is not subject to any material pending legal proceedings.
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.
-5-
REALTY PARKING PROPERTIES L.P.
Item 5. Market for Registrant's Common Equity and
Related Stockholder Matters (continued)
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, 1997, there were 3,134 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 in 1997, 1996 and
1995 totaling $2,473,212 each year. These distributions were derived from funds
provided by operations and a return of capital of $124,170, $142,963 and
$181,697 in 1997, 1996 and 1995, respectively.
Item 6. Selected Financial Data
Revenues and net earnings information furnished below is for the years
ended December 31:
1997 1996 1995 1994 1993
Revenues
Gain from sale of properties $ - $ - $ - $ - $5,905,030
Rental income 2,508,271 2,399,810 2,376,440 2,362,440 2,634,582
Interest income 53,389 66,240 86,000 68,982 88,127
Net earnings 2,251,096 2,169,490 2,193,290 2,174,334 8,317,900
Net earnings per Unit 1.16 1.11 1.13 1.12 4.33
Total assets 34,399,045 34,658,079 34,958,378 35,247,450 35,742,357
Partners' capital 34,047,504 34,269,620 34,573,342 34,853,264 35,262,758
Cash distributions
paid per Unit:
operations 1.21 1.20 1.18 1.20 1.32
return of capital .06 .07 .09 .13 .30
sales proceeds - - - - 5.47
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
Liquidity and Capital Resources
The Partnership was fully invested in parking properties as it entered
1997. No further acquisitions are contemplated. The Partnership sold no
properties in 1997.
The Partnership did not make any improvements to any of its properties in
1997 and does not contemplate doing so in the future.
The Partnership allocated approximately $2,386,000 (5% of the gross
proceeds of its public offering of interests) as initial working capital
reserves. As of December 31, 1997, all of these reserves had been released as
part of quarterly cash distributions to partners. At December 31, 1997, the
Partnership had $1,057,674 of cash and cash equivalents, primarily invested in
money market instruments. These resources are deemed sufficient to satisfy the
Partnership's liquidity requirements.
The Partnership made quarterly cash distributions totaling $2,473,212 in
1997, 1996 and 1995. These distributions were derived from funds provided by
operations, and a return of capital of $124,170 in 1997, $142,963 in 1996 and
$181,697 in 1995.
On February 13, 1998, the Partnership made a cash distribution of $618,303
to partners. This distribution comprised $575,057 in funds from operations for
the quarter ended December 31, 1997 and a return of capital of $43,246 deemed
available for distribution by the General Partner.
Results of Operations
Parking lot rental income includes base rents and percentage rents earned
pursuant to the lease agreements in effect during each period.
Rental income for 1997, 1996 and 1995 totaled $2,508,271, $2,399,810 and
$2,376,440, respectively. The increases are attributable to scheduled increases
in minimum rents due to property improvements and increases in percentage rental
payments received under the terms of the leases. During 1997, 1996 and 1995
minimum rents under the leases for each of the Partnership's properties were
calculated at 7% of the Partnership's basis in the respective sites. Each lease
also provides for percentage rental payments under certain circumstances. During
1997, the Partnership earned percentage rent payments with respect to three of
its properties: Birmingham, Milwaukee and Kansas City. The Birmingham garage
generated percentage rents of $54,844 in 1997, $30,360 in 1996 and $29,727 in
1995. The Milwaukee garage generated percentage rents of $106,802 in 1997,
$36,269 in 1996 and $17,776 in 1995. In 1997, the Kansas City property generated
$6,211 in percentage rents. Percentage rental payments have increased in 1997
and 1996 by 150% and 41%, respectively.
Interest earnings declined in 1997 from their 1996 levels due to the
Partnership's lower average working capital reserve balances. Interest rates
were fairly steady throughout 1997. Interest earnings declined during 1996 over
1995 levels due to lower average working capital reserve balances.
Expenses in 1997, net of depreciation, were $185,816, reflecting an
increase of $11,256 over 1996. This increase is primarily the result of
increased reimbursement for time spent reviewing various disposition strategies
and on its site visits. Expenses in 1996, net of depreciation, were $174,560,
reflecting an increase of $22,450 over 1995. This increase is primarily the
result of increased travel and administrative expenses due to an increased focus
on the current condition and values of the Properties in the portfolio.
Additionally, management fees increased during 1996 resulting from an increase
in gross receipts reported at the properties.
-7-
REALTY PARKING PROPERTIES L.P.
Item 7. Management's Discussion and Analysis of
Financial Condition and Results of Operations (continued)
Outlook
The information management gained during its site visits has permitted
better analysis of disposition strategies. While it was originally anticipated
that the highest returns would be obtained from property sales to buyers who
desired sites for near-term development potential, management now believes that
certain properties could be sold at substantial gains based on their parking
economics.
Management continues to monitor the status of its Los Angeles property.
Downtown Los Angeles has not recovered from the early 90's recession. Economic
conditions in certain sections of the City have declined in recent years.
Management is hopeful that this situation will improve in the future in concert
with California's ongoing economic recovery.
Management has initiated a program to prepare the Partnership's computer
systems and applications for the year 2000. The Partnership expects to incur
additional administrative costs as well as consulting and other expenses related
to infrastructures and facilities' enhancements necessary to prepare the systems
for the year 2000. A significant proportion of these costs are not likely to be
incremental costs to the Partnership, but rather will represent the redeployment
of the existing information technology resources.
Item 8. Financial Statements and Supplementary Data
Index to Financial Statements:
Page(s)
Herein Annual Report
Independent Auditors' Report 12 5
Balance Sheets 6
Statements of Operations 7
Statements of Partners' Capital 8
Statements of Cash Flows 9
Notes to Financial Statements 10-15
Financial Statement Schedule
Schedule III - Real Estate and
Accumulated Depreciation 13-14
All other schedules are omitted because they are not applicable, or 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.
-8-
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 offices are 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 will provide 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 49, 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 Dreyfuss 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 45, 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 51, 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 41, 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.
-9-
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 7. "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, 1997, 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 1997,
1996 and 1995, and to be paid to the General Partners and their affiliates at
December 31, 1997, see Note 5, "Related Party Transactions," in Item 8,
Financial Statements, herein.
-10-
REALTY PARKING PROPERTIES L.P.
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 8, herein.
2. Financial Statement Schedule: See Index to Financial Statements
and Financial Statement Schedule in Item 8 on page 8.
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 1997
(b) Reports on Form 8-K:
None
-11-
REALTY PARKING PROPERTIES L.P.
SCHEDULE III. REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 1997
page 1 of 2
COLUMN A COLUMN C COLUMN D COLUMN E
COST CAPITALIZED GROSS AMOUNT
SUBSEQUENT CARRIED
INITIAL COST TO THE TO ACQUISITION AT CLOSE OF PERIOD
PARTNERSHIP LAND BUILDING LAND & BUILDING &
DESCRIPTION LAND BUILDING IMPROVE. IMPROVE. IMPROVE. IMPROVEMENTS TOTAL
LITTLE ROCK, ARKANSAS
approximately 35,000 square foot
surface parking lot $1,001,806 554 1,002,360 0 1,002,360
MIAMI, FLORIDA
approximately 90,000 square foot
surface parking lot 4,897,744 2,714 4,900,458 0 4,900,458
DENVER, COLORADO
413 car garage on appoximately
100,600 square foot lot 6,352,707 (201,384) 6,151,323 0 6,151,323
DAYTON, OHIO
approximately 40,000 square foot
surface parking lot 1,172,759 15,657 1,188,416 0 1,188,416
BIRMINGHAM, ALABAMA
276 car garage on appoximately
28,000 square foot lot 307,221 672,075 570 209,737 307,791 881,812 1,189,603
ROCHESTER, NEW YORK
approximately 48,970 square foot
surface parking lot 1,133,547 628 1,134,175 0 1,134,175
LOS ANGELES, CALIFORNIA
approximately 41,800 square foot
surface parking lot 7,859,891 79,973 7,939,864 0 7,939,864
HOUSTON, TEXAS
approximately 81,000 square foot
surface parking lot 1,406,643 780 1,407,423 0 1,407,423
NASHVILLE, TENNESSEE
approximately 33,360 square foot
surface parking lot 1,557,184 862 1,558,046 0 1,558,046
KANSAS CITY, MISSOURI
400 car garage on approximately
35,650 square foot lot 1,150,000 625,447 35,639 274,294 1,185,639 899,741 2,085,380
MILWAUKEE, WISCONSIN
451 car garage on approximately
36,350 square foot lot 737,585 929,946 1,330 734,277 738,915 1,664,223 2,403,138
ST. PAUL, MINNESOTA #1
approximately 55,880 square foot
surface parking lot 1,417,583 45,591 1,463,174 0 1,463,174
ST. PAUL, MINNESOTA #2
approximately 32,930 square foot
surface parking lot 371,391 2,357 373,748 0 373,748
RENO, NEVADA
approximately 30,670 square foot
surface parking lot 1,027,839 19,351 1,047,190 0 1,047,190
$30,393,900 2,227,468 4,622 1,218,308 30,398,522 3,445,776 33,844,298
12
REALTY PARKING PROPERTIES L.P.
SCHEDULE III. REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 1997
page 2 of 2
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
DENVER, COLORADO
413 car garage on appoximately
100,600 square foot lot 7,168 1989 SEE NOTE 5
DAYTON, OHIO
approximately 40,000 square foot
surface parking lot 6,458 1989 SEE NOTE 5
BIRMINGHAM, ALABAMA
276 car garage on appoximately
28,000 square foot lot 178,757 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 20,160 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 215,957 1990 SEE NOTE 5
MILWAUKEE, WISCONSIN
451 car garage on approximately
36,350 square foot lot 342,543 1990 SEE NOTE 5
ST. PAUL, MINNESOTA #1
approximately 55,880 square foot
surface parking lot 17,139 1990 SEE NOTE 5
ST. PAUL, MINNESOTA #2
approximately 32,930 square foot
surface parking lot 909 1990 SEE NOTE 5
RENO, NEVADA
approximately 30,670 square foot
surface parking lot 8,126 1990 SEE NOTE 5
797,217
(1) 1997 1996 1995
REAL ESTATE A/D REAL ESTATE A/D REAL ESTATE A/D
BALANCE AT BEGINNING OF PERIOD $33,844,298 672,469 33,683,487 550,469 33,683,487 433,429
ADDITIONS TO INVESTMENT IN R/E 0 124,748 160,811 122,000 0 117,040
BALANCE AT CLOSE OF PERIOD $33,844,298 797,217 33,844,298 672,469 33,683,487 550,469
(2) AGGREGATE COST FOR FEDERAL INCOME TAX PURPOSES IS $33,844,298 AT DECEMBER
31, 1997 (3) SEE NOTE 3 OF NOTES TO THE FINANCIAL STATEMENTS FOR INFORMATION
REGARDING THE PARTNERSHIP'S
INVESTMENT IN REAL ESTATE.
(4) THERE ARE NO ENCUMBRANCES ON THE REAL ESTATE SET FORTH ABOVE.
(5) LAND IMPROVEMENTS ARE DEPRECIATED OVER 15 YEARS STRAIGHT LINE
BUILDING & IMPROVEMENTS IN SERVICE PRIOR TO JANUARY 1, 1994 ARE DEPRECIATED
OVER 31.5 YEARS STRAIGHT LINE BUILDING & IMPROVEMENTS IN SERVICE AFTER
JANUARY 1, 1994 ARE DEPRECIATED OVER 39 YEARS STRAIGHT LINE
13
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: 3/24/98 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: 3/24/98 BY: /s/ John M. Prugh
John M. Prugh
President and Director
Realty Parking Company, Inc.
General Partner
DATE: 3/24/98 BY: /s/ Peter E. Bancroft
Peter E. Bancroft
Vice President and Director
Realty Parking Company, Inc.
General Partner
DATE: 3/24/98 BY: /s/ Terry F. Hall
Terry F. Hall
Secretary
Realty Parking Company, Inc.
General Partner
DATE: 3/24/98 BY: /s/ Timothy M. Gisriel
Timothy M. Gisriel
Treasurer
Realty Parking Company, Inc.
General Partner
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REALTY PARKING PROPERTIES L.P.
INDEPENDENT AUDITORS' REPORT
The Partners
Realty Parking Properties L.P.:
Under date of January 23, 1998 we reported on the balance sheets of Realty
Parking Properties L.P. as of December 31, 1997 and 1996, and the related
statements of operations, partners' capital and cash flows for each of the years
in the three-year period ended December 31, 1997 as contained in the 1997 Annual
Report. These financial statements and our report thereon are incorporated by
reference in the Annual Report on Form 10-K for 1997. In connection with our
audits of the aforementioned financial statements, we also have 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.
KPMG PEAT MARWICK LLP
Baltimore, Maryland
January 23, 1998