<PAGE>
Exhibit 99.1
EXCEL LEGACY CORPORATION
PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
AS OF MARCH 31, 2000
(Dollars in thousands)
(Unaudited)
The following unaudited Pro Forma Condensed Consolidated Balance Sheet has
been presented as if the Company sold the Galleria located in Scottsdale,
Arizona on March 31, 2000 and used the proceeds to repay debt. The unaudited
Pro Forma Condensed Consolidated Balance Sheet should be read in conjunction
with the consolidated financial statements of the Company filed in the Annual
Report on Form 10-K for the year ended December 31, 1999 and the Quarterly
Report on Form 10-Q for the quarter ended March 31, 2000. In management's
opinion, all significant pro forma adjustments have been made that are
necessary to reflect this transaction. The unaudited Pro Forma Condensed
Balance Sheet is not necessarily indicative of what the actual financial
position would have been at March 31, 2000, does not include other
transactions occurring after March 31, 2000, nor does it purport to present
the future financial position of the Company.
<TABLE>
<CAPTION>
HISTORICAL PRO FORMA COMPANY
COMPANY ADJUSTMENTS PRO FORMA
---------------- --------------- ---------------
<S> <C> <C> <C>
ASSETS
Real estate, net $ 83,431 $ (15,000) $ 68,431
Other assets 235,676 (400) 235,276
---------------- --------------- ---------------
Total assets $ 319,107 $ (15,400) $ 303,707
================ =============== ===============
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Mortgage and notes payable $ 110,013 $ (20,000) $ 90,013
Other liabilities 8,838 8,838
---------------- --------------- ---------------
Total Liabilities 118,851 (20,000) 98,851
Minority interests 969 - 969
Stockholders' Equity 199,287 4,600 203,887
---------------- --------------- ---------------
Total liabilities and stockholders' equity $ 319,107 $ (15,400) $ 303,707
================ =============== ===============
</TABLE>
<PAGE>
EXCEL LEGACY CORPORATION
PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF INCOME
For the Twelve Months Ended December 31, 1999
and the Three Months Ended March, 31, 2000
(Dollars in thousands)
(Unaudited)
The following unaudited Pro Forma Condensed Consolidated Statements of Income
have been presented as if as if the Company sold the Galleria located in
Scottsdale, Arizona on January 1, 1999 and used the proceeds to repay debt where
available. The unaudited Pro Forma Condensed Consolidated Statements of Income
should be read in conjunction with the consolidated financial statements of the
Company filed in the Annual Report on Form 10-K for the year ended December 31,
1999 and the Quarterly Report on Form 10-Q for the quarter ended March 31, 2000.
In management's opinion, all significant pro forma adjustments have been made
that are necessary to reflect this transaction. The unaudited Pro Forma
Condensed Statements of Income are not necessarily indicative of what the actual
results of operations of the Company would have been had this transaction
actually occurred as of January 1, 1999, do not include other transactions
occurring after the periods presented, nor do they purport to present the
results of operations of the Company for future periods.
<TABLE>
<CAPTION>
FOR THE TWELVE MONTHS ENDED
DECEMBER 31, 1999
-------------------------------------------------
PRO FORMA COMPANY
HISTORICAL ADJUSTMENTS PRO FORMA
-------------------------------------------------
<S> <C> <C> <C>
Revenue $ 25,917 $ 100 $ 26,017
Operating Expenses:
Interest 7,997 (1,700) 6,297
Depreciation and amortization 3,220 (300) 2,920
Operating expenses 8,121 (500) 7,621
General and administrative expenses 6,098 - 6,098
-------------- --------------- ---------------
25,436 (2,500) 22,936
Sales, impairment and write-off of real estate and other costs (1,765) 5,000 3,235
-------------- --------------- ---------------
Income before income taxes (1,284) 7,600 6,316
Benefit (provision) for income taxes 507 (3,040) (2,533)
-------------- --------------- ---------------
Net income (loss) $ (777) $ 4,560 $ 3,783
============== =============== ===============
Net income (loss) per common share - basic $ (0.02) $ 0.11
Net income (loss) per common share - diluted $ (0.02) $ 0.07
</TABLE>
<TABLE>
<CAPTION>
FOR THE THREE MONTHS ENDED
MARCH 31, 2000
--------------------------------------------------
PRO FORMA COMPANY
HISTORICAL ADJUSTMENTS PRO FORMA
--------------------------------------------------
<S> <C> <C> <C>
Revenue $ 3,693 $ - $ 3,693
Operating Expenses:
Interest 3,351 (500) 2,851
Depreciation and amortization 411 (100) 311
Operating expenses 1,575 (100) 1,475
General and administrative expenses 833 833
------------- --------------- ---------------
6,170 (700) 5,470
Sales, impairment and write-off of real estate and other costs 1,880 1,880
------------- --------------- ---------------
Income before income taxes (597) 700 103
Benefit (provision) for income taxes 224 (280) (56)
------------- --------------- ---------------
Net income (loss) $ (373) $ 420 $ 47
============= =============== ===============
Net income (loss) per common share - basic $ (0.01) $ 0.00
Net income (loss) per common share - diluted $ (0.01) $ 0.00
</TABLE>
