SEC Comment Letter for BNP RESIDENTIAL PROPERTIES INC (CIK 0000812150) — Jun 16, 2005
BNP RESIDENTIAL PROPERTIES INC (CIK 0000812150)
Date: June 16, 2005 · CIK: 0000812150 · Accession: 0000000000-05-030494
AI Filing Summary & Sentiment
File numbers found in text: 001-09496
Referenced dates: April 15, 2005
Letter
June 7, 2005 VIA USMAIL and FAX (704) 944-2039 Mail Stop 4561 Ms. Pamela B. Bruno Vice President - Treasurer and Chief Accounting Officer BNP Residential Properties, Inc. 301 S. College St., Suite 3850 Charlotte, NC 28202-6024
Re: BNP Residential Properties, Inc. Form 10-K for the year ended 12/31/2004 File No. 001-09496
Dear Ms. Pamela B. Bruno:
We have reviewed your response letter dated April 15, 2005 and have the following additional comments. These comments should be addressed in all future filings with the Commission, if indicated. Supplementally provide to us the information requested if indicated and please be as detailed as necessary in your explanation.
FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2004
Item 7. Management`s Discussion and Analysis of Financial Condition and Results Of Operations.
Funds from Operations, pages 22 - 24
1. We have considered your response to comment 1 and note that you use FAD as a measure of your liquidity. We continue to question a presentation in which you use a non-GAAP performance measure as an anchor to a non-GAAP liquidity measure. Please advise or revise future filings to reconcile FAD from the most comparable GAAP measure. Reference is made to Item 10(e)(1)(i)(B) of Regulation S-K.
Financial Statements and Notes
Note 11 - Subsequent Events, page 64
The Villages of Chapel Hill - Phase 5
2. We note from the third paragraph on page 10 of your first quarter Form 10-Q, that you determined that the limited partners had certain voting rights that precluded control by the general partner. Please tell us what rights held by your limited partners were used in reaching your conclusion. Contrast these with the rights disclosed in your response to comment 2 that you considered to be non- substantive participating rights. Lastly, please advise us where you are accounting for the earnings associated with this equity method investment. To the extent these amounts were recorded in revenues, advise us what consideration was given to Rule 5-03 of Regulation S- X.
* * * *
As appropriate, please respond to these comments within 10 business days or tell us when you will provide us with a response. Please furnish a cover letter that keys your responses to our comments and provides any requested supplemental information. Detailed cover letters greatly facilitate our review. Please file your cover letter on EDGAR. Please understand that we may have additional comments after reviewing your responses to our comments.
You may contact Wilson K. Lee, at (202) 551-3468 or me, at (202) 551-3413 if you have questions.
Sincerely,
Cicely Luckey
Accounting Branch Chief
Show Raw Text
<DOCUMENT>
<TYPE>LETTER
<SEQUENCE>1
<FILENAME>filename1.txt
<TEXT>
June 7, 2005
VIA USMAIL and FAX (704) 944-2039
Mail Stop 4561
Ms. Pamela B. Bruno
Vice President - Treasurer and Chief Accounting Officer
BNP Residential Properties, Inc.
301 S. College St., Suite 3850
Charlotte, NC 28202-6024
Re: BNP Residential Properties, Inc.
Form 10-K for the year ended 12/31/2004
File No. 001-09496
Dear Ms. Pamela B. Bruno:
We have reviewed your response letter dated April 15, 2005
and
have the following additional comments. These comments should be
addressed in all future filings with the Commission, if indicated.
Supplementally provide to us the information requested if
indicated
and please be as detailed as necessary in your explanation.
FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2004
Item 7. Management`s Discussion and Analysis of Financial
Condition
and Results Of Operations.
Funds from Operations, pages 22 - 24
1. We have considered your response to comment 1 and note that you
use FAD as a measure of your liquidity. We continue to question a
presentation in which you use a non-GAAP performance measure as an
anchor to a non-GAAP liquidity measure. Please advise or revise
future filings to reconcile FAD from the most comparable GAAP
measure. Reference is made to Item 10(e)(1)(i)(B) of Regulation
S-K.
Financial Statements and Notes
Note 11 - Subsequent Events, page 64
The Villages of Chapel Hill - Phase 5
2. We note from the third paragraph on page 10 of your first
quarter
Form 10-Q, that you determined that the limited partners had
certain
voting rights that precluded control by the general partner.
Please
tell us what rights held by your limited partners were used in
reaching your conclusion. Contrast these with the rights
disclosed
in your response to comment 2 that you considered to be non-
substantive participating rights. Lastly, please advise us where
you
are accounting for the earnings associated with this equity method
investment. To the extent these amounts were recorded in
revenues,
advise us what consideration was given to Rule 5-03 of Regulation
S-
X.
* * * *
As appropriate, please respond to these comments within 10
business days or tell us when you will provide us with a response.
Please furnish a cover letter that keys your responses to our
comments and provides any requested supplemental information.
Detailed cover letters greatly facilitate our review. Please file
your cover letter on EDGAR. Please understand that we may have
additional comments after reviewing your responses to our
comments.
You may contact Wilson K. Lee, at (202) 551-3468 or me, at
(202)
551-3413 if you have questions.
Sincerely,
Cicely Luckey
Accounting Branch Chief
??
??
??
??
BNP Residential Properties, Inc.
June 7, 2005
Page 1
</TEXT>
</DOCUMENT>