-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LmlzaPE+Q3UFdDnOjV7mujfqu39RSBvA+KIqncgDF19V9PHaid63wYLPbfQabqLK e96aDaC/fB1Bkew+vFOrww== 0001157523-04-001537.txt : 20040218 0001157523-04-001537.hdr.sgml : 20040218 20040217180104 ACCESSION NUMBER: 0001157523-04-001537 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040213 ITEM INFORMATION: FILED AS OF DATE: 20040218 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERIVEST PROPERTIES INC CENTRAL INDEX KEY: 0000927102 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 841240264 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14462 FILM NUMBER: 04610851 BUSINESS ADDRESS: STREET 1: 1780 S BELLAIRE ST STREET 2: SUITE 515 CITY: DENVER STATE: CO ZIP: 80222 BUSINESS PHONE: 3032971800 MAIL ADDRESS: STREET 1: 1780 S. BELLAIRE ST. STREET 2: SUITE 515 CITY: DENVER STATE: CO ZIP: 80222 8-K 1 a4574885.txt AMERIVEST 8-K 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 13, 2004 AmeriVest Properties Inc. (Exact name of small business issuer as specified in its charter) Maryland 1-14462 84-1240264 (State or other jurisdiction of (Commission File No.) (I.R.S. Employer incorporation or organization) Identification No.) 1780 South Bellaire Street Suite 100, Denver, Colorado 80222 (Address of principal executive offices) (303) 297-1800 (Registrant's telephone number) Item 12. Results of Operations and Financial Condition. On February 13, 2004, AmeriVest Properties Inc. ("AmeriVest") announced its occupancy results and other financial information for the quarter ended and year ended December 31, 2003. A copy of AmeriVest's press release is furnished as Exhibit 99.1 to this report on Form 8-K. The information contained in the first sentence of the third paragraph of Exhibit 99.1, is being furnished pursuant to Item 12 of Form 8-K. The information contained in this report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by AmeriVest under the Securities Act of 1933, as amended. 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. AMERIVEST PROPERTIES INC. Dated: February 17, 2004 By: /s/ Kathryn L. Hale ------------------------------------- Kathryn L. Hale Chief Financial Officer EX-99.1 3 a4574885ex99.txt EXHIBIT 99.1 PRESS RELEASE Exhibit 99.1 AmeriVest Properties Announces Fourth Quarter 2003 Occupancy and Other Information DENVER--(BUSINESS WIRE)--Feb. 13, 2004--AmeriVest Properties Inc. (AMEX:AMV) announced today property occupancy information as of December 31, 2003. At December 31, 2003, portfolio occupancy was 84.2%, compared to 88.0% at December 31, 2002, and 86.8% at September 30, 2003. "Same-store" occupancy (buildings owned for the entire year) was 88.9%, compared to 89.9% at the end of 2002. This decrease in occupancy reflects ongoing challenges in AmeriVest's core markets. "Although we are never satisfied with a portfolio occupancy rate of less than 90%, we are very pleased that our same-store occupancies and average rent declined only 1% during an extremely difficult year for office leasing. We are also pleased to have acquired four quality buildings in Phoenix and Dallas during the year, which we hope to reposition for our target small-business customers during 2004. We continue to see increased activity and leasing momentum in all our markets and remain confident that our focus on providing the best office space for small- and medium-size companies in markets well-positioned for long-term growth will result in higher occupancies over the long term," said Charles Knight, President and Chief Operating Officer of AmeriVest. AmeriVest also noted that during the fourth quarter of 2003, it incurred additional unbudgeted corporate and operating charges of approximately $600,000 related to recruiting, severance and other personnel expenses, rent and bad debt write-offs related to tenants going out of business and adjustments for unanticipated property tax and utility increases. On February 26, 2004, the Company intends to release its financial results for the fourth quarter and year ended December 31, 2003. Company Information AmeriVest Properties Inc., with its principal office in Denver, Colorado, provides Smart Space for Small Business(SM) in Denver, Phoenix, Dallas, and Indianapolis through the acquisition, repositioning and operation of multi-tenant office buildings in those markets. To receive AmeriVest's latest news and information, visit our website at www.amvproperties.com. In addition to historical information, this press release contains forward-looking statements and information under the federal securities laws. These statements are based on expectations, estimates and projections about the industry and markets in which AmeriVest operates, management's beliefs and assumptions made by management. While AmeriVest management believes the assumptions underlying its forward-looking statements and information are reasonable, such information is necessarily subject to uncertainties and may involve certain risks, many of which are difficult to predict and are beyond management's control. As such, these statements and information are not guarantees of future performance, and actual operating results may differ materially from what is expressed or forecasted in this press release. In particular, the factors that could cause actual operating results to differ materially include, without limitation, continued qualification as a real estate investment trust, the effects of general and local economic and market conditions, competition, regulatory changes, the ability to enter into new leases or renew leases on favorable terms, dependence on tenants' financial condition, the uncertainties of real estate development and acquisition activity, development and construction costs, insurance risks, the costs and availability of financing, potential liability relating to environmental matters and liquidity of real estate investments and other risks and uncertainties detailed in AmeriVest's 2002 Annual Report on Form 10-KSB and from time to time in the Company's filings with the Securities and Exchange Commission. AmeriVest Properties Inc. Property Occupancy Information At December 31, At December 31, 2003: 2002: --------------- --------------- Building/ Year Rentable Occupancy Average Occupancy Average Location Acquired Area(1) Rate(2) Rent Per Rate(2) Rent Per SF(3) SF(3) -------- -------- -------- -------- -------- -------- -------- Same-Store: Chateau Plaza Dallas, TX 2002 171,294 100.0% $22.70 97.6% $22.79 Centerra Denver, CO 2002 186,377 72.9% 19.89 68.1% 20.78 Parkway Centre II Dallas, TX 2002 151,968 95.4% 20.61 97.9% 20.84 Kellogg Building Littleton, CO 2001 111,580 85.8% 21.04 98.6% 21.92 Arrowhead Fountains Peoria, AZ 2001 96,092 100.0% 21.85 100.0% 21.41 AmeriVest Plaza at Inverness Englewood, CO 2001 118,720 91.3% 23.10 99.2% 23.57 Sheridan Center Denver, CO 2000 140,162 82.7% 16.36 79.5% 15.83 ------- ------- ------- ------- ------- Subtotal 976,193 88.9% $20.84 89.9% $21.13 ------- ------- ------- ------- ------- 2003 Acquisitions and Developments: Greenhill Park Dallas, TX 2003 251,917 76.7% $18.84 N/A N/A Scottsdale Norte Scottsdale, AZ 2003 79,223 80.9% 23.16 N/A N/A Financial Plaza Mesa, AZ 2003 310,828 80.5% 23.02 N/A N/A Keystone Office Park(4) Indianapolis, IN 1999/2003 114,060 86.4% 17.71 97.1% $17.33 Southwest Gas Building Phoenix, AZ 2003 147,660 80.4% 22.10 N/A N/A ------- ------- ------- ------- ------- Subtotal 903,688 80.2% $21.05 N/A N/A ------- ------- ------- ------- ------- Joint Ventures: Panorama Falls(5) Englewood, CO 2000 59,561 78.0% $19.01 70.8% $19.15 ------- ------- ------- ------- ------- Subtotal 59,561 78.0% $19.01 70.8% $19.15 ------- ------- ------- ------- ------- Non-Core: Texas Bank Buildings(6) Texas 1998 60,095 100.0% $15.88 97.4% $16.00 Texas State Buildings(7) Texas 1997-98 222,542 76.8% 9.00 77.7% 9.05 ------- ------- ------- ------- ------- Subtotal 282,637 81.7% $10.79 81.9% $10.81 ------- ------- ------- ------- ------- Total 2,222,079 84.2% $19.63 88.0% $18.86 ========= ======= ======= ======= ======= (1) Includes office space but excludes storage, telecommunications and garage space. (2) Includes space leased but not yet occupied. (3) Annualized base rent divided by leased rentable area. (4) A fourth building was constructed during 2003, as such 2002 is not comparable. (5) 20% of the property is owned by AmeriVest and 80% of the property is owned by Freemark Abbey Panorama, LLC as tenants in common. (6) Buildings leased approximately 63% to Bank of America, with the remainder leased to a number of small- and medium-size tenants. (7) 11 of 13 buildings are leased primarily to various agencies of the State of Texas. The Clint, Texas, and Paris, Texas, buildings are currently vacant. CONTACT: AmeriVest Properties Inc., Denver Investor Relations: Kim P. Boswood, 303-297-1800 ext. 118 kim@amvproperties.com -----END PRIVACY-ENHANCED MESSAGE-----