10-K/A

 
                                 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. [_]


 
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:

       
 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



                                       2


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

 
                                  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

 
                             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

EX-27.1

 


 
<ARTICLE> 5
 
<MULTIPLIER> 1,000
       
                             
<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
<PREFERRED-MANDATORY>                               0
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<COMMON>                                            0
<OTHER-SE>                                  2,120,437
<TOTAL-LIABILITY-AND-EQUITY>                5,034,014
<SALES>                                       502,165
<TOTAL-REVENUES>                              509,678
<CGS>                                               0         
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<OTHER-EXPENSES>                               10,037
<LOSS-PROVISION>                                    0
<INTEREST-EXPENSE>                             84,585
<INCOME-PRETAX>                               121,413
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<INCOME-CONTINUING>                           121,413
<DISCONTINUED>                                  3,923
<EXTRAORDINARY>                                     0
<CHANGES>                                           0 
<NET-INCOME>                                   88,049
<EPS-PRIMARY>                                    1.28
<EPS-DILUTED>                                    1.26
        

 

EX-27.2

 


 
 
<ARTICLE> 5
 
<MULTIPLIER> 1000
       
                             
<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
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<PP&E>                                      4,482,434
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<BONDS>                                     1,715,387
<PREFERRED-MANDATORY>                               0
<PREFERRED>                                   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
        



 

EX-27.3

 


 
 
<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.

 
<MULTIPLIER> 1000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                         DEC-31-1997
<PERIOD-START>                            JAN-01-1997
<PERIOD-END>                              MAR-31-1997
<CASH>                                         84,829
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<BONDS>                                     1,294,641
<PREFERRED-MANDATORY>                               0
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<COMMON>                                            0
<OTHER-SE>                                          0
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<SALES>                                       139,496
<TOTAL-REVENUES>                              141,387
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<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
        



 

EX-27.4

 


 
<ARTICLE> 5
 
<MULTIPLIER> 1000
       
                             
<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
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<PP&E>                                      2,983,510
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<BONDS>                                     1,254,274
<COMMON>                                            0
<PREFERRED-MANDATORY>                               0
<PREFERRED>                                   393,000
<OTHER-SE>                                          0
<TOTAL-LIABILITY-AND-EQUITY>                2,986,127
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<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
        

 

EX-27.5

 


 
<ARTICLE> 5
 
<MULTIPLIER> 1000
       
                             
<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
<PREFERRED-MANDATORY>                               0
<PREFERRED>                                   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
        

 

EX-27.6

 


 
<ARTICLE> 5
 
<MULTIPLIER> 1000
       
                             
<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
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<COMMON>                                            0  
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<EXTRAORDINARY>                                     0
<CHANGES>                                           0 
<NET-INCOME>                                   44,605
<EPS-PRIMARY>                                     .65
<EPS-DILUTED>                                     .65
        


 

EX-27.7

 


 
<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.

 
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                         DEC-31-1996
<PERIOD-START>                            JAN-01-1996
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