-----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, RIpfUXjaS816SOW8IPD0byVolrth0YOST/YahzMF1bxFrUTUVQm+UBxE11/r+SG2 dhU8uP2Scx4uxM2YF0L0JA== 0000950123-99-004839.txt : 19990518 0000950123-99-004839.hdr.sgml : 19990518 ACCESSION NUMBER: 0000950123-99-004839 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990331 FILED AS OF DATE: 19990517 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RCPI TRUST /DE/ CENTRAL INDEX KEY: 0000773652 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 133280472 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-08971 FILM NUMBER: 99627141 BUSINESS ADDRESS: STREET 1: C/O GOLDMAN SACHS & CO STREET 2: 85 BROAD STREET CITY: NEW YORK STATE: NY ZIP: 10004 BUSINESS PHONE: 2129021085 MAIL ADDRESS: STREET 1: C/O GOLDMAN SACHS & CO STREET 2: 85 BROAD STREET CITY: NW YORK STATE: NY ZIP: 10004 FORMER COMPANY: FORMER CONFORMED NAME: ROCKEFELLER CENTER PROPERTIES INC DATE OF NAME CHANGE: 19920703 10-Q 1 RCPI TRUST 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1999 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to _____________ Commission file number 1-8971 RCPI Trust (Exact name of registrant as specified in its charter) Delaware 13-7087445 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) c/o Tishman Speyer Properties, L.P. 45 Rockefeller Plaza, New York, N.Y. 10011 (Address of principal executive offices) (Zip Code) (212) 332-6500 (Registrant's telephone number, including area code) (Former name, former address, and former fiscal year, if changed since last report) 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 _____ 2 RCPI TRUST INDEX - -----
PART I--FINANCIAL INFORMATION PAGE - ----------------------------- ---- ITEM 1. FINANCIAL STATEMENTS The accompanying unaudited, interim financial statements have been prepared in accordance with the instructions to Form 10-Q. In the opinion of management, all adjustments necessary for a fair presentation have been included. RCPI Trust, Balance Sheets as of March 31, 1999 (unaudited) and December 31, 1998 1 RCPI Trust, Statements of Operations for the quarters ended March 31, 1999 and 1998 (unaudited) 2 RCPI Trust, Statements of Cash Flows for the quarters ended March 31, 1999 and 1998 (unaudited) 3 Notes to Financial Statements (unaudited) 4 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 6 ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 9 PART II--OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS 10 ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K 11
SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS UNDER THE SECURITIES LITIGATION REFORM ACT OF 1995. Except for historical information contained herein, the Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 which involve certain risks and uncertainties. The Company's actual results of outcomes may differ materially from those anticipated. In assessing forward-looking statements contained herein, readers are urged to carefully read those statements. When used in the Report on Form 10-Q, the words "estimate", "anticipate", "expect", "believe" and similar expressions are intended to identify forward-looking statements. 3 PART I -- FINANCIAL INFORMATION ITEM 1. Financial Statements RCPI TRUST (a Delaware business trust) BALANCE SHEETS ($ in thousands)
As of March 31, 1999 As of (Unaudited) December 31, 1998 --------------- ------------------ ASSETS: Real Estate: Land $158,149 $158,149 Buildings and improvements 642,221 637,288 Tenant improvements 62,333 58,086 Furniture, fixtures and equipment 5,111 4,920 -------- -------- 867,814 858,443 Less: Accumulated depreciation and amortization 49,700 44,311 -------- -------- 818,114 814,132 Cash and cash equivalents 13,929 31,270 Restricted cash 11,050 10,120 Accounts receivable 3,150 6,680 Prepaid expenses 9,707 973 Deferred costs, net of accumulated amortization of $5,796 and $5,918, respectively 43,805 40,724 Accrued rent 75,751 65,851 -------- -------- Total Assets $975,506 $969,750 ======== ======== LIABILITIES AND OWNERS' EQUITY Liabilities: Zero coupon convertible debentures, net of unamortized discount of $111,355 and $125,433, respectively $474,830 $460,752 14% debentures (includes premium of $22,714 and $23,127, respectively) 97,714 98,127 NationsBank loans 73,750 80,000 Accrued interest payable 1,914 4,738 Accounts payable and accrued expenses 15,664 21,392 Tenant security deposits payable 10,015 9,985 -------- -------- Total Liabilities 673,887 674,994 Commitments and Contingencies Owners' Equity 301,619 294,756 -------- -------- Total Liabilities and Owners' Equity $975,506 $969,750 ======== ========
SEE NOTES TO THE FINANCIAL STATEMENTS 1 4 RCPI TRUST (a Delaware business trust) STATEMENTS OF OPERATIONS ($ in thousands) (UNAUDITED)
For the Quarters Ended March 31, 1999 March 31, 1998 -------------- -------------- Revenues: Base rental $56,103 $47,461 Escalations and percentage rents 1,881 1,915 Interest and other income 1,012 1,465 ------- ------- Total revenues 58,996 50,841 ------- ------- Expenses: Interest 17,626 15,423 Real estate taxes 8,758 8,415 Payroll and benefits 5,052 4,391 Repairs, maintenance and supplies 3,211 2,838 Utilities 3,738 3,872 Cleaning 3,423 3,375 Professional fees 497 545 Insurance 222 314 Management and accounting fees 948 902 General and administration 769 826 Depreciation and amortization 7,889 5,465 ------- ------- Total expenses 52,133 46,366 ------- ------- Net income $ 6,863 $ 4,475 ======= =======
SEE NOTES TO THE FINANCIAL STATEMENTS 2 5 RCPI TRUST (a Delaware business trust) STATEMENTS OF CASH FLOWS ($ in thousands) (UNAUDITED)
For the Quarters Ended March 31, 1999 March 31, 1998 -------------- -------------- Cash Flows from Operating Activities: Net income $ 6,863 $ 4,475 Adjustment to reconcile net income to net cash provided by operating activities: Amortization of original issue discount and premium 13,665 12,105 Depreciation and amortization 7,889 5,465 Increase in restricted cash (930) (4,631) Decrease in accounts receivable 3,530 6,692 Increase in prepaid expenses (8,734) (8,354) Increase in accrued rent (9,900) (9,424) Increase in accounts payable, accrued expenses and tenant security deposits payable 1,513 1,824 Decrease in accrued interest payable (2,824) (4,432) -------- -------- Net cash provided by operating activities 11,072 3,720 -------- -------- Cash Flows from Investing Activities: Additions to building and improvements (4,515) (3,857) Additions to tenant improvements (6,136) (5,827) Additions to furniture, fixtures and equipment (191) (163) Additions to deferred costs (11,321) (3,825) -------- -------- Net cash used in investing activities (22,163) (13,672) -------- -------- Cash Flows from Financing Activities: Proceeds from NationsBank loans -- 20,000 Repayment of NationsBank loans (6,250) -- -------- -------- Net cash (used in) provided by financing activities (6,250) 20,000 -------- -------- (Decrease) increase in cash and cash equivalents (17,341) 10,048 Cash and cash equivalents at beginning of period 31,270 27,517 -------- -------- Cash and cash equivalents at end of period $ 13,929 $ 37,565 ======== ========
SEE NOTES TO THE FINANCIAL STATEMENTS 3 6 RCPI TRUST NOTES TO FINANCIAL STATEMENTS (UNAUDITED) 1. FINANCIAL STATEMENTS The balance sheet as of March 31, 1999 and the statements of operations and cash flows for the quarters ended March 31, 1999 and 1998 are unaudited, but in the opinion of the Company's management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary to present fairly the financial condition and results of operations at those dates and for those periods. The results of operations for the interim periods are not necessarily indicative of results for a full year. It is suggested that these financial statements be read in conjunction with the audited financial statements and notes thereto included in the Company's latest Form 10-K for the year ended December 31, 1998. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Deferred Costs The Company adopted the provisions of Statement of Position 98-5 "Reporting on the Costs of Start-up Activities" effective January 1, 1999. The effect of adopting this statement was an additional charge of $1.34 million related to the write off of the unamortized balance of organizational costs and is included as a component of depreciation and amortization in the accompanying statement of operations for the quarter ended March 31, 1999. 3. DEBT NationsBank Credit Facility On May 16, 1997, the Company entered into a Credit Agreement (the "Original NationsBank Credit Agreement") with NationsBank of Texas, N.A. ("NationsBank"), pursuant to which NationsBank agreed to make term loans (the "Original NationsBank Loans") to the Company in an aggregate principal amount of up to $100 million. The maximum amount of the Original NationsBank Loans which may be outstanding at any time reduces quarterly commencing March 31, 1998 through the May 16, 2000 maturity date. As of December 31, 1998, the outstanding balance on the Original NationsBank Loans was $80 million. On March 31, 1999, the Company repaid $6.25 million bringing the outstanding balance of the Original NationsBank Loans down to $73.75 million. 4. SUBSEQUENT EVENTS New NationsBank Credit Facility The Company entered into a second Credit Agreement (the "New NationsBank Credit Agreement") as of April 12, 1999, with NationsBank of Texas, N.A. ("NationsBank"), pursuant to which NationsBank agreed to make additional term loans (the "New NationsBank Loans") to the Company in an aggregate principal amount of up to $47 million. NationsBank made the first term loan to the Company, under the New 4 7 RCPI TRUST NOTES TO FINANCIAL STATEMENTS (UNAUDITED) 4. SUBSEQUENT EVENTS (Cont'd) NationsBank Credit Agreement, in the principal amount of $5 million on April 28, 1999. Similar to the Original NationsBank Credit Agreement, the Company may elect interest periods based on one, two, three, or six month LIBOR. Interest accrues at LIBOR plus 2.50% and is payable at the end of each interest period. The maximum amount of the New NationsBank Loans which may be outstanding at any time reduces quarterly commencing December 31, 1999 through the May 16, 2000 maturity date. Subject to the satisfaction of certain conditions precedent, the Company may extend the maturity date of the New NationsBank Loans to December 31, 2000 and such loans will bear interest based on LIBOR plus 2.50%. In connection with the New NationsBank Credit Agreement, the Company purchased an interest rate protection agreement from Goldman Sachs Capital Markets L.P. capping LIBOR at 7.85%. As a condition to making the New NationsBank Loans, the holder of the 14% Debentures and the Company amended the intercreditor and subordination agreement, executed as part of the Original NationsBank Loans (as defined in the December 31, 1998 Form 10-K) to include the New NationsBank Loans. The intercreditor and subordination agreement provides that the holder of the 14% Debentures agrees (i) to subordinate payment on the 14% Debentures to the NationsBank Loans, (ii) that in certain circumstances interest would accrue but not be paid on the 14% Debentures, and (iii) that NationsBank may take certain actions on behalf of the holder of the 14% Debentures upon the occurrence of certain bankruptcy related events in respect of the Company. In addition, certain members of the Investor Group (as defined in the December 31, 1998 Form 10-K) and/or certain of their affiliates entered into a Limited Recourse Agreement dated as of April 12, 1999, in favor of NationsBank. 5 8 RCPI TRUST ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Liquidity and Capital Resources - RCPI Trust Land and Building At March 31, 1999, the property, exclusive of 1.5 million square feet owned directly by the National Broadcasting Company, Inc. and NBC Trust No. 1996A, was approximately 92.4% occupied. Occupancy rates for the Property at various dates are presented in the following table: December 31, 1998 93.0% September 30, 1998 89.6% June 30, 1998 88.1% March 31, 1998 88.1% December 31, 1997 86.7% September 30, 1997 86.3% The following table shows selected lease expirations and vacancy of the Property as of March 31, 1999. Area, as presented below and discussed above, is measured based on standards promulgated by the New York Real Estate Board in 1987. Lease turnover could offer an opportunity to increase the revenue of the Property or might have a negative impact on the Property's revenue. Actual renewal and rental income will be affected significantly by market conditions at the time and by the terms at which the Company can then lease space.
Square Feet Percent Year Expiring Expiring ---- -------- -------- Vacant 448,462 7.6% 1999 177,196 3.0% 2000 424,780 7.2% 2001 134,792 2.3% 2002 221,923 3.8% 2003 177,055 3.0% Thereafter 4,315,489 73.1% ---------- ------- Total 5,899,697 100.0% ========== ======
Debt The Zero Coupon Convertible Debentures (the "Zero Coupons") due December 31, 2000 accrete to a face value of approximately $586.2 million at an effective annual interest rate of 12.10%. At March 31, 1999 and December 31, 1998, the carrying value of the Zero Coupons, net of unamortized discount, was approximately $474.8 million and $460.7 million, respectively. The 14% Debentures have a principal balance of $75 million and mature on December 31, 2007. At the time the Property was acquired by the Company, the carrying value of the 14% Debentures was adjusted to reflect their estimated fair value at that date, resulting in a premium. The effective interest rate, which is net of the amortization of this premium, is approximately 9.03%. Interest payments are made semi-annually on July 31 6 9 RCPI TRUST ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS and January 31. As of March 31, 1999 and December 31, 1998, the carrying value of the 14% Debentures was approximately $97.7 million and $98.1 million, respectively. As of March 31, 1999, the original NationsBank credit facility has an aggregate principal balance of $73.8 million and matures on May 16, 2000. The Company may elect interest periods based on one, two, three or six month LIBOR rates. Interest accrues at LIBOR plus 1.75% and is payable monthly in arrears. Cash Flow During the quarter ended March 31, 1999, the Company received cash flows of approximately $11.1 million from operations of the Property. The Company used this cash flow from operations to partially fund tenant improvements, building improvements and other leasing costs. Any remaining tenant or building improvements and leasing costs, which totaled an additional $11.1 million, were funded through the Company's existing working capital. The Company also used its existing working capital to make a $6.25 million amortization payment on the original NationsBank Loan on March 31, 1999. The Company believes that its current cash balance and future cash flows from operations, together with its expected borrowings in an amount currently believed not to exceed the additional $47 million, will be sufficient to fund its capital and debt service requirements for the foreseeable future. Inflation Inflation and changing prices during the current period did not significantly affect the markets in which the Company conducts its business. In view of the moderate rate of inflation, its impact on the Company's business has not been significant. RESULTS OF OPERATIONS - RCPI TRUST Base rent for the quarter ended March 31, 1999 increased approximately $8.6 million from the quarter ended March 31, 1998 partially due to higher rental rates on new leases as compared to the prior year. Additionally, the overall occupancy level increased to 92.4% as of March 31, 1999, as compared to 88.1% as of March 31, 1998. The Company also signed a number of new retail leases which had lease and rent commencement dates after the first quarter of 1998. Interest and other income decreased in the quarter ended March 31, 1999, as compared to the quarter ended March 31, 1998, primarily due to lower interest income. The decrease in interest income was due to a lower average cash balance in the quarter ended March 31, 1999. Interest expense increased by approximately $2.2 million for the quarter ended March 31, 1999, as compared to the quarter ended March 31, 1998, primarily due to the increase in the outstanding debt balance. Total outstanding debt as of March 31, 1999 was approximately $646.3 million as compared to $595.3 million as of March 31, 1998. The increase is due primarily to accretion of the Zero Coupons and a higher loan balance on 7 10 RCPI TRUST ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS the original NationsBank credit facility. The NationsBank Loans were at $80 million for the entire first quarter of 1999 and were at $75 million for most of the first quarter of 1998. The increase in payroll and benefits from the first quarter of 1998 to the first quarter of 1999 is primarily due to the fact that the retail leasing and construction groups were not fully staffed until after the first quarter of 1998. The increase in repairs and maintenance of approximately $373,000 in the quarter ended March 31, 1999, as compared to the quarter ended March 31, 1998, is primarily due to the accelerated timing of certain repairs and maintenance projects in 1999. The increase in depreciation and amortization expense of approximately $2.4 million from the first quarter of 1998 to the first quarter of 1999 is primarily due to additional capital expenditures being placed into service at the property between the first quarter of 1998 and the first quarter of 1999. Additionally, the increase in amortization expense was due to the adoption of the provisions of SOP 98-5 "Reporting on the Costs of Start-up Activities" effective January 1, 1999. This required the write-off of the Company's remaining organizational costs of approximately $1.34 million. 8 11 RCPI TRUST ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK The Company has no material exposure to market risk sensitive instruments other than the NationsBank Loans. The market risk associated with this floating rate loan is minimized by an interest rate protection agreement which caps out the floating rate on the NationsBank loans at 7.69% during the first two years of the initial term and 8.69% thereafter, including the extension period. The Company enters into derivative instruments only to hedge its exposure to changes in interest rates on some of its outstanding indebtedness, not for speculative or trading purposes, and does not enter into leveraged derivatives. See Note 6 to the Financial Statements included in the Company's Form 10-K for the year ended December 31, 1998 for information about the Company's interest rate protection agreement. 9 12 RCPI TRUST PART II - OTHER INFORMATION Item 1. Legal Proceedings There has been no material change to the status of existing litigation as reported in the Company's Form 10-K for the year ended December 31, 1998. 10 13 ITEM 6. (a) EXHIBITS (3.1) Certificate of Trust of RCPI Trust, dated March 22, 1996 is incorporated by reference to Exhibit 3.1 to the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 1996. (4.1) Amended and Restated Debenture Purchase Agreement dated as of July 17, 1996 between the Company and WHRC Real Estate Limited Partnership is incorporated by reference to exhibit 4.1 to the Company's Annual Report on Form 10-K for the year ended December 31, 1996 (the "1996 10-K"). (4.2) Indenture dated as of September 15, 1985 between the Predecessor and Manufacturers Hanover Trust Company, as Trustee, including the forms of Current Coupon Convertible Debenture, Zero Coupon Convertible Debenture and Floating Rate Note, is incorporated by reference to Exhibit 4 to the Predecessor's Quarterly Report on Form 10-Q for the period ended September 30, 1985. (4.3) First Supplemental Indenture dated as of December 15, 1985 between the Predecessor and the Trustee, is incorporated by reference to the Predecessor's Annual Report on Form 10-K for the year ended December 31, 1985. (4.4) Second Supplemental Indenture dated as of July 10, 1996 between the Company and the United States Trust Company of New York, as Trustee is incorporated by reference to exhibit 4.4 to the 1996 10-K. (4.5) Instrument of Resignation, Appointment and Acceptance dated as of December 1, 1993 among the Predecessor, Chemical Bank, successor by merger to Manufacturers Hanover Trust Company, and United States Trust Company of New York is incorporated by reference to Exhibit 4.21 to the Predecessor's Annual Report on Form 10-K for the year ended December 31, 1993. (10.1) Amended and Restated Loan Agreement dated as of July 17, 1996 among the Company, the lenders parties thereto and GSMC, as agent, is incorporated by reference to Exhibit 10.1 to the 1996 10-K. (10.2) Guarantee dated July 17, 1996 by Whitehall Street Real Estate Limited Partnership V, Exor Group S.A., Tishman Speyer Crown Equities, David Rockefeller, Troutlet Investments Corporation, Gribble Investments (Tortola) BVI, Inc. and Weevil Investments (Tortola) BVI, Inc., as guarantors in favor of GSMC, as agent and lender, is incorporated by reference to Exhibit 10.2 to the 1996 10-K. (10.3) Agreement and Plan of Merger dated as of November 7, 1995 among the Predecessor, RCPI Holdings Inc., RCPI Merger Inc., Whitehall Street Real Estate Limited Partnership V, Rockprop, L.L.C., David Rockefeller, Exor Group S.A. and Troutlet Investments Corporation is incorporated by reference to Exhibit 10.28 to the Predecessor's Current Report on Form 8-K dated November 13, 1995. 11 14 ITEM 6. (a) EXHIBITS (Cont'd) (10.4) Amendment No. 1 dated as of February 12, 1996 to the Agreement and Plan of Merger dated as of November 7, 1995 among the Predecessor, RCPI Holdings Inc., RCPI Merger Inc., Whitehall Street Real Estate Limited Partnership V, Rockprop, L.L.C., David Rockefeller, Exor Group S.A. and Troutlet Investments Corporation is incorporated by reference to Exhibit 10.31 to the Predecessor's Current Report on Form 8-K dated February 22, 1996. (10.5) Amendment No. 2 to the Agreement and Plan of Merger, dated as of April 25, 1996 is incorporated herein by reference to the Predecessor's Current Report on Form 8-K, filed on April 25, 1996. (10.6) Amendment No. 3 to the Agreement and Plan of Merger, dated as of May 29, 1996 is incorporated herein by reference to the Predecessor's Current Report on Form 8-K, filed on May 29, 1996. (10.7) Amendment No. 4 to the Agreement and Plan of Merger, dated as of June 30, 1996 is incorporated herein by reference to the Predecessor's Current Report on Form 8-K, filed on July 1, 1996. (10.8) Credit Agreement, dated as of May 16, 1997, between the Company and NationsBank of Texas, N.A. is incorporated by reference to Exhibit 4.6 to the Company's Quarterly Report on Form 10-Q for the period ended June 30, 1997. (10.9) Intercreditor and Subordination Agreement, dated as of May 16, 1997, between the Company and Whitehall is incorporated by reference to Exhibit 4.7 to the Company's Quarterly Report on Form 10-Q for the period ended June 30, 1997. (10.10) Limited Recourse Agreement, dated as of May 16, 1997, is incorporated by reference to Exhibit 4.8 to the Company's Quarterly Report on Form 10-Q for the period ended June 30, 1997. (27.1) Company's Financial Data Schedule. (b) REPORTS ON FORM 8-K No Current Reports on Form 8-K have been filed during the last fiscal quarter. 12 15 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. RCPI TRUST Date: May 17, 1999 By:/s/David Augarten ------------------------ David Augarten Vice President (Principal Financial Officer) 13 EX-27.1 2 FINANCIAL DATA SCHEDULE
5 This schedule contains summary financial information extracted from RCPI Trust's Balance Sheet as of March 31, 1999 and RCPI Trust's statement of Operations for the quarter ended March 31, 1999 and is qualified in its entirety by reference to such financial statements. 1,000 3-MOS DEC-31-1999 JAN-01-1999 MAR-31-1999 13,929 0 3,150 0 0 140,313 867,814 49,700 975,506 27,593 646,294 0 0 0 301,619 947,913 0 58,996 0 0 34,507 0 17,626 6,863 0 6,863 0 0 0 6,863 0 0
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