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Previous: FIRST UNION REAL ESTATE EQUITY & MORTGAGE INVESTMENTS, 8-K, EX-99.3, 2000-09-27 |
Next: FIRST UNION REAL ESTATE EQUITY & MORTGAGE INVESTMENTS, 8-K, EX-99.5, 2000-09-27 |
<PAGE> 1
Exhibit 99.4
FIRST UNION REAL ESTATE EQUITY AND MORTGAGE INVESTMENTS
PRO FORMA COMBINED STATEMENT OF OPERATIONS
For the six months Ended June 30, 2000
(In thousands, except per share data)
<TABLE>
<CAPTION>
Pro Forma Adjustments
---------------------------------------
Sale of
Sale of Temple Mall Properties
Historical Crossroads 1 Sale 2 to Radiant Pro Forma
------------ ------------ ----------- ------------ -----------
<S> <C> <C> <C> <C> <C>
Revenues
Rents 25,849 (3,170) (16,225) 6,454
Sales 4,579 - 4,579
Interest - Mortgage loans 150 (36) (77) 37
- Short-term investments 4,535 (4) (103) 4,428
Dividends 112 - 112
Equity in loss from joint venture (115) 115 - -
Other Income 179 (6) - 173
------- ------- ------- ------- -------
35,289 (3,180) 79 (16,405) 15,783
------- ------- ------- ------- -------
Expenses
Property operating 7,099 (655) (4,240) 2,204
Cost of goods sold 4,434 - 4,434
Real estate taxes 3,144 (707) (2,010) 427
Depreciation and amortization 6,222 (730) (4,434) 1,058
Interest - Mortgage loans 9,324 (2,571) (6,023) 730
- Notes payable 2,632 (48) 2,584
- Senior notes 556 - 556
General and administrative 7,901 - 7,901
------- ------- ------- ------- -------
41,312 (4,663) - (16,755) 19,894
------- ------- ------- ------- -------
Loss before capital loss, extraordinary loss
and preferred dividend (6,023) 1,483 79 350 (4,111)
======= ======= ======= ======= =======
Per share data
Basic weighted average shares 42,470 42,470
======= =======
Diluted weighed average shares 49,098 49,098
======= =======
Loss before capital loss, extraordinary loss and
preferred dividend, basic and diluted (0.14) (0.10)
======= =======
</TABLE>
1) Crossroads was sold in April 2000.
2) Temple Mall was sold in August 2000.
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