|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: IRT PROPERTY CO, 10-Q, EX-27, 2000-11-14 |
Next: CASA MUNRAS HOTEL PARTNERS L P, 10QSB, 2000-11-14 |
<PAGE> 1
EXHIBIT 99
Unaudited Financial Statements of IRT Partners L.P. for the three and nine
months ended September 30, 2000
IRT PARTNERS L.P.
BALANCE SHEETS
(Dollars in thousands)
<TABLE>
<CAPTION>
September 30, December 31,
2000 1999
------------- ------------
<S> <C> <C>
ASSETS
Rental properties $ 149,424 $ 147,123
Accumulated depreciation (23,137) (20,518)
--------- ---------
Net rental properties 126,287 126,605
Cash and cash equivalents 4,210 359
Advances to affiliate, net 2,703 8,923
Prepaid expenses and other assets 2,558 1,947
--------- ---------
Total assets $ 135,758 $ 137,834
========= =========
LIABILITIES & PARTNERS' CAPITAL
Liabilities:
Mortgage notes payable, net $ 30,746 $ 31,181
Accrued expenses and other liabilities 2,543 2,545
--------- ---------
Total liabilities 33,289 33,726
Limited partners' capital interest (815,852 OP Units in 2000
and 1999, respectively) at redemption value 6,899 6,374
Commitments and contingencies (Note 3)
Partners' capital
General partner (114,613 OP Units in 2000 and
1999, respectively) 1,025 1,041
Limited partner (10,530,883 OP Units in 2000 and
1999, respectively) 94,545 96,693
--------- ---------
Total partners' capital 95,570 97,734
--------- ---------
Total liabilities and partners' capital $ 135,758 $ 137,834
========= =========
</TABLE>
The accompanying notes are an integral part of these balance sheets.
17
<PAGE> 2
IRT PARTNERS L.P.
STATEMENTS OF EARNINGS
For the Three and Nine Months Ended September 30, 2000 and 1999
(In thousands)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
------------------- ---------------------
2000 1999 2000 1999
------ ------ ------- -------
<S> <C> <C> <C> <C>
Revenues:
Income from rental properties $5,049 $4,783 $15,224 $14,788
Interest income from affiliate 70 120 304 192
------ ------ ------- -------
Total revenues 5,119 4,903 15,528 14,980
Expenses:
Operating expenses of rental properties 1,357 1,208 3,990 3,615
Interest on mortgages 609 620 1,835 1,800
Depreciation 873 826 2,619 2,524
General and administrative 271 -- 641 3
------ ------ ------- -------
Total expenses 3,110 2,654 9,085 7,942
------ ------ ------- -------
Earnings before gain on sales of properties 2,009 2,249 6,443 7,038
Gain on sales of properties -- -- -- 1,130
------ ------ ------- -------
Net earnings $2,009 $2,249 $ 6,443 $ 8,168
====== ====== ======= =======
</TABLE>
The accompanying notes are an integral part of this statement.
18
<PAGE> 3
IRT Partners L.P.
STATEMENT OF CASH FLOWS
For the Nine Months Ended September 30, 2000 and 1999
(In thousands)
<TABLE>
<CAPTION>
Nine Months Ended
September 30,
2000 1999
------- --------
<S> <C> <C>
Cash flows from operating activities:
Net earnings $ 6,443 $ 8,168
Adjustments to reconcile earnings to net cash from operating activities:
Depreciation 2,619 2,524
Gain on sales of properties -- (1,131)
Changes in assets and liabilities:
Increase in prepaid expenses and other assets (611) (713)
(Decrease) increase in accrued expenses and other liabilities (1) 1,509
------- --------
Net cash flows from operating activities 8,450 10,357
------- --------
Cash flows used in investing activities:
Additions to real estate investments, net (2,301) (16,415)
Proceeds from sales of properties, net -- 8,867
------- --------
Net cash flows used in investing activities (2,301) (7,548)
------- --------
Cash flows used in financing activities:
Distributions paid, net (8,083) (7,805)
Collection (disbursement) of advances to affiliate, net 6,220 (10,124)
Increase in mortgage notes payable -- 5,742
Issuance of units for cash -- 9,259
Principal amortization of mortgage notes payable (435) (385)
------- --------
Net cash flows used in financing activities (2,298) (3,313)
------- --------
Net decrease in cash and cash equivalents 3,851 (504)
Cash and cash equivalents at beginning of period 359 1,103
------- --------
Cash and cash equivalents at end of period $ 4,210 $ 599
------- --------
Supplemental disclosures of cash flow information:
Total cash paid for interest $ 1,838 $ 1,767
======= ========
</TABLE>
The accompanying notes are an integral part of this statement.
19
<PAGE> 4
IRT PARTNERS L.P.
NOTES TO FINANCIAL STATEMENTS
September 30, 2000
1. Unaudited Financial Statements
These financial statements for interim periods are unaudited. In
the opinion of management, all adjustments (which include only normal
recurring adjustments) necessary to a fair presentation of the
financial statements as of September 30, 2000 have been recorded. The
results of operations for the interim periods are not necessarily
indicative of the results that may be expected for future interim
periods or for a full year.
2. Organization and Nature of Operations
IRT Partners L.P. ("LP"), a Georgia limited partnership formed on
July 15, 1998, is the entity through which IRT Property Company (the
"Company"), a self-administered and self-managed real estate investment
trust, conducts a portion of its business and owns (either directly or
through subsidiaries) a portion of its assets. LP was formed by the
Company in order to enhance acquisition opportunities by offering
potential sellers of properties the ability to engage in tax-deferred
sales in exchange for Operating Partnership Units ("OP Units") of LP
which are redeemable for shares of common stock of the Company. The
Company serves as general partner of LP and, on August 1, 1998,
contributed 20 of its shopping centers and related assets and cash to
LP in exchange for OP Units.
As a result of acquisitions and dispositions, as of September 30,
2000, LP owned 24 neighborhood and community shopping centers located
in Florida, Georgia, Tennessee and North Carolina. The Company and IRT
Management Company, one of the Company's wholly-owned subsidiaries,
collectively own approximately 92.9% of LP as of September 30, 2000.
The shopping centers are anchored by necessity-oriented retailers such
as supermarkets, drug stores and/or discount variety stores.
LP currently has several unaffiliated limited partners resulting
from the acquisition of three Florida properties in August 1998. The
unaffiliated limited partners have the option to require LP to redeem
their OP Units at any time, in which event LP has the option to
purchase the OP Units for cash or convert them into one share of the
Company's common stock for each OP Unit.
3. Commitments and Contingencies
LP has guaranteed the bank indebtedness and senior indebtedness
of the Company.
20
|
|