<PAGE> 1
FIRST UNION REAL ESTATE EQUITY and MORTGAGE INVESTMENTS Exhibit 99
Combined Balance Sheets
(In thousands, except shares)
<TABLE>
<CAPTION>
September 30,
2000 December 31,
(Unaudited) 1999
----------- ----
<S> <C> <C>
ASSETS
Investments in real estate
Land $ 47,292 $ 53,028
Buildings and improvements 249,583 271,223
------------ ------------
296,875 324,251
Less - Accumulated depreciation (69,172) (75,161)
------------ ------------
Total investments in real estate 227,703 249,090
Investment in joint venture - 1,786
Mortgage loans and notes receivable 1,483 5,426
Other assets
Cash and cash equivalents - unrestricted 21,441 45,005
- restricted 4,512 12,836
Accounts receivable and prepayments, net of allowances
of $771 and $496, respectively 3,550 10,386
Investments 209,914 104,013
Inventory 5,438 3,395
Unamortized debt issue costs 1,844 4,479
Other 1,006 1,629
Net assets of discontinued operations - 64,747
------------ ------------
Total assets $ 476,891 $ 502,792
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Mortgage loans $ 166,764 $ 195,051
Notes payable 150,113 75,628
Senior notes 12,538 12,538
Accounts payable and accrued liabilities 13,243 37,776
Deferred obligation - 10,579
Deferred items 3.040 1,510
------------ ------------
Total liabilities 345,698 333,082
------------ ------------
Shareholders' equity
Preferred shares of beneficial interest, $25 liquidation preference, 2,300,000
shares authorized, 984,800 and 1,349,000 shares
outstanding in 2000 and 1999 23,171 31,737
Shares of beneficial interest, $1 par, unlimited authorization, outstanding 41,046 42,472
Additional paid-in capital 216,269 218,831
Undistributed loss from operations (149,293) (123,322)
Deferred compensation - (8)
------------ ------------
Total shareholders' equity 131,193 169,710
------------ ------------
Total liabilities and shareholders' equity $ 476,891 $ 502,792
============ ============
</TABLE>
16
<PAGE> 2
FIRST UNION REAL ESTATE EQUITY and MORTGAGE INVESTMENTS Exhibit 99
Combined Statements of Operations
Unaudited (In thousands, except per share data)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
Revenues
Rents $11,346 $22,945 $ 37,195 $ 85,636
Sales 2,063 1,429 6,642 3,152
Interest - Mortgage loans 43 116 193 346
- Short-term investments 3,119 763 7,654 1,364
Dividends 338 - 450 -
Equity in loss from joint venture (33) (45) (148) (18)
Other income - 655 179 968
------- ------- -------- --------
16,876 25,863 52,165 91,448
------- ------- -------- --------
Expenses
Property operating 3,207 7,874 10,306 28,671
Cost of goods sold 1,976 1,627 6,410 3,727
Real estate taxes 1,180 1,932 4,324 7,979
Depreciation and amortization 2,948 4,536 9,170 19,401
Interest - Mortgage loans 4,006 6,956 13,330 20,959
- Notes payable 2,290 69 4,922 4,200
- Senior notes 279 279 835 835
- Bank loans and other - 438 - 4,445
General and administrative 2,158 3,671 10,059 8,910
Unrealized loss on carrying value
of assets identified for disposition
and impaired assets - - - 9,002
------- ------- -------- --------
18,044 27,382 59,356 108,129
------- ------- -------- --------
Loss before capital gains, extraordinary
loss from early extinguishment
of debt, loss from discontinued
operations and preferred dividend (1,168) (1,519) (7,191) (16,681)
Capital gains 772 118 59,913 27,907
Extraordinary loss from early
extinguishment of debt - - (5,459) -
------- ------- -------- --------
(Loss) income before loss from discontinued
operations and preferred dividend (396) (1,401) 47,263 11,226
Loss from discontinued operations - (154) - (1,763)
------- ------- -------- --------
Net (loss) income before preferred dividend (396) (1,555) 47,263 9,463
Preferred dividend (517) (708) (1,933) (2,124)
------- ------- -------- --------
Net (loss) income attributable to shares
of beneficial interest $ (913) $ (2,263) $ 45,330 $ 7,339
======= ======== ======== ========
Per share data
Basic weighted average shares 41,751 43,554 42,229 35,520
======= ======== ======== ========
Diluted weighted average shares 46,596 48,019 48,258 39,985
======= ======== ======== ========
(Loss) income before extraordinary loss and
loss from discontinued operations, basic $ (0.02) $ (0.05) $ 1.22 $ 0.26
Extraordinary loss from early extinguishment
of debt, basic - - (0.13) -
Loss from discontinued operations, basic - - - (0.05)
------- ------- -------- --------
Net (loss) income applicable to shares
of beneficial interest, basic $ (0.02) $ (0.05) $ 1.09 $ 0.21
======= ======== ======== ========
(Loss) income before extraordinary loss and
loss from discontinued operations, diluted $ (0.02) $ (0.05) $ 1.09 $ 0.26
Extraordinary loss from early extinguishment
of debt, diluted - - (0.11) -
Loss from discontinued operations, diluted - - - (0.05)
------- ------- -------- --------
Net (loss) income applicable to shares of
beneficial interest, diluted $ (0.02) $ (0.05) $ 0.98 $ 0.21
======= ======== ======== ========
Combined Statements of Comprehensive Income
Net (loss) income $ (913) $ (2,263) $ 45,330 $ 7,339
Other comprehensive income
Foreign currency translation adjustment - 31 - 162
------- ------- -------- --------
Comprehensive (loss) income $ (913) $ (2,232) $ 45,330 $ 7,501
======= ======== ======== ========
</TABLE>
17
<PAGE> 3
FIRST UNION REAL ESTATE EQUITY and MORTGAGE INVESTMENTS Exhibit 99
Combined Statements of Cash Flows
Unaudited (In thousands)
<TABLE>
<CAPTION>
Nine Months
Ended September 30,
-------------------
2000 1999
---- ----
<S> <C> <C>
Cash provided by operations
Net income before preferred dividend $ 47,263 $ 9,463
Adjustments to reconcile net income before preferred dividend
to net cash provided by operations
Depreciation and amortization 9,178 19,401
Loss from discontinued operations - 1,763
Extraordinary loss from early extinguishment of debt 5,459 -
Unrealized loss on carrying value of assets identified
for disposition and impaired assets - 9,002
Capital gains (59,913) (27,907)
Increase (decrease) in deferred items 2,495 (2,270)
Net changes in other assets and liabilities 106 3,858
------------ ----------
Net cash provided by operations 4,588 13,310
------------ ----------
Cash (used for) provided by investing
Principal received from mortgage investments 3,866 43
Net proceeds from sale of real estate 2,451 158,071
Proceeds from sale of fixed assets 175 -
Proceeds from sale of investment in joint venture 2,410 -
Purchase of investments (1,109,231) -
Sale of investments 1,003,668 -
Sale of InnerTec - 648
Investments in capital and tenant improvements (7,118) (7,012)
------------ ----------
Net cash (used for) provided by investing (103,779) 151,750
------------ ----------
Cash provided by (used for) financing
Decrease in short-term loans - (101,000)
Increase (decrease) in notes payable 100,985 (94,865)
Increase in mortgage loans 50,000 37,100
Repayment of mortgage loans - Normal payments (1,098) (2,705)
- Balloon payments (1,000) (3,618)
Payment of deferred obligation (10,579) -
Deferred obligation repayment penalty (3,092) (340)
Payments for Impark spin-off (37,087) -
Purchase of First Union common shares (4,150) (7,989)
Purchase of First Union preferred shares (7,739) -
Income from variable stock options (666) -
Sale and employee option exercises of First Union shares - 46,476
Debt issue costs paid (567) (3,273)
Dividends paid on shares of beneficial interest (13,166) -
Dividends paid on preferred shares of beneficial interest (2,124) (2,124)
------------ ----------
Net cash provided by (used for) financing 69,717 (132,338)
------------ ----------
(Decrease) increase in cash and cash equivalents (29,474) 32,722
Cash and cash equivalents at beginning of period 57,841 43,019
------------ ----------
Cash and cash equivalents at end of period 28,367 75,741
Change in cash from discontinued operations (2,414) 515
------------ ----------
Cash and cash equivalents at end of period, including discontinued
operations $ 25,953 $ 76,256
============ ==========
Supplemental Disclosure of Cash Flow Information
Interest Paid $ 19,551 $ 31,642
============ ==========
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Discontinued operations included in accounts payable $ 1,232 $ -
============ ==========
Discontinued non-cash net assets charged to dividends paid $ 24,014 $ -
============ ==========
Transfer of mortgage loan obligations in connection with real estate sales $ 76,189 $ 49,000
============ ==========
</TABLE>
18
<PAGE> 4
Exhibit 99
Notes to Combined Financial Statements
Accounting Policies
The Trust follows the Financial Accounting Standards Board's Emerging
Issues Task Force Bulletin 98-9 (EITF98-9), "Accounting for Contingent Rent in
Interim Financial Periods". EITF98-9 requires that contingent rental income,
such as percentage rent which is dependent on sales of retail tenants, be
recognized in the period that a tenant exceeds its specified sales breakpoint.
Consequently, the Trust accrues the majority of percentage rent income in the
fourth quarter of each year in accordance with EITF98-9.
During 1998, the Financial Accounting Standards Board issued SFAS No.
133, "Accounting for Derivative Instruments and Hedging Activities", which was
subsequently amended in 1999 and 2000. The Statement requires companies to
recognize all derivatives on the balance sheet as assets or liabilities,
measured at fair value. Gains or losses resulting from changes in the values of
those derivatives would be accounted for depending on the use of the derivatives
and whether they qualify for hedge accounting. This Statement is effective for
fiscal years beginning after June 15, 2000. The Trust believes that the effect
of SFAS 133 on its financial statements will be immaterial.
Business Segments
The Trust's and Company's business segments include ownership of
shopping centers, office buildings, parking facilities, mortgage investments and
parking and transit ticket equipment manufacturing. Management evaluates
performance based upon net operating income which is income before depreciation,
amortization, interest and non-operating items. The apartment portfolio was sold
in May 1999 and during 1999, the Trust sold 16 shopping centers, two office
facilities and a parking lot. Impark and the Trust's Canadian parking facilities
are shown as discontinued operations because they were spun off to the Trust's
shareholders in March 2000. During the nine months ended September 30, 2000, the
Trust sold one shopping mall. Property net operating income is property rent and
sales revenue less property operating expense, cost of goods sold and real
estate taxes. Corporate interest expense consists of the Trust's senior notes,
and borrowings collateralized by U.S. Treasury bills. Corporate depreciation and
amortization consist primarily of the amortization of deferred issue costs on
non-recourse debt and the leasehold improvements for its former corporate
office. Corporate assets consist primarily of cash and cash equivalents, and
deferred issue costs for non-recourse debt and senior notes. All intercompany
transactions between segments have been eliminated (see table of business
segments).
Contingent Liability
In January 2000, the Trust received $2.5 million from the Richmond
Redevelopment and Housing Authority (the "Authority") to expand the Trust's
garage located in Richmond, Virginia. If the Trust is unable to successfully
complete the renovation or does not continue to provide an easement for a period
of 84 years, all or a portion of the $2.5 million must be returned to the
Authority. The receipt of the $2.5 million has been recorded as a deferred item
at September 30, 2000. This property, and the liabilities associated with it,
are among those that are to be purchased and assumed by Radiant under the Sale
Contract.
19
<PAGE> 5
Exhibit 99
Deferred Obligation
In January 2000, the Trust repaid a $10.6 million deferred obligation
relating to the purchase of the Huntington garage resulting in a prepayment
penalty of $3.1 million.
Distribution of Impark
In March 2000, the Trust distributed all common stock of Impark to its
shareholders. One share of Impark common stock was distributed for every 20
Trust common shares of beneficial interest held on March 20, 2000. Approximately
2.1 million shares of Impark common stock were distributed. As part of the
spin-off, the Trust repaid Imperial's bank credit facility of approximately
$24.2 million, contributed to Impark approximately $7.5 million in cash, its 14
Canadian parking properties and $6.7 million for a parking development located
in San Francisco, California. The Trust has also provided a secured line of
credit for $8 million to Impark. The unused line of credit expired on September
27, 2000. The Company retained ownership of Ventek formerly a manufacturing
subsidiary of Impark.
The Trust also adjusted the conversion price with respect to its Series
A Cumulative Redeemable Preferred Shares of Beneficial Interest ("Preferred
Shares"). The conversion price of the Preferred Shares has been decreased to
$5.0824 per common share (equivalent to a conversion rate of 4.92 common shares
for each Preferred Share) in connection with the distribution of the Impark
shares, in accordance with the provisions of the documents establishing the
terms of the Preferred Shares.
Mortgage Loans
In April 2000, the Trust obtained a $42 million first mortgage loan
secured by the Park Plaza Mall. The loan is non-recourse, has a 10 year term and
a fixed interest rate of 8.69% payable on a 30 year amortization schedule. The
Trust received proceeds, net of closing costs and escrow deposits, of $41.4
million. In August 2000, the Trust received an additional $.5 million on this
loan. The loan requires monthly payments of approximately $401,000 for
principal, interest and escrow deposits. Prepayment of the loan is permitted
(after an initial lockout period of three years or two years from
securitization), only with yield maintenance or defeasance, as defined in the
loan agreement.
In September 2000, the Trust obtained an $8.5 million first mortgage
loan secured by the Westgate Town Center property. The Trust received $7.3
million, net of closing costs, of the proceeds at the closing and an additional
$1.0 million will be advanced upon the satisfaction of certain contingencies.
The loan has an interest rate option, at the election of the Trust, of either
the bank's prime rate plus .25% per annum or the adjusted LIBOR rate (as
defined) plus 2.6%. The interest period of the LIBOR rate is to be designated by
the Trust as either 30, 60 or 90 days. The interest rate at September 30, 2000
was approximately 9.2%. The loan presently requires monthly payments of $7,576
for principal plus accrued interest. Upon the advance of the additional $1.0
million, the monthly payments of principal will increase to $8,586. The maturity
date of the loan is September 30, 2003. Prepayment of the loan is permitted
without premium or penalty.
Sale of Property
In April 2000, the Trust sold Crossroads Center Mall for $80.1 million,
of which approximately $78.1 million was applied against a loan payable to the
purchaser, the assumption of the first mortgage debt on the mall and other
liabilities. The Trust recognized a gain on the sale of approximately $59
million, less an extraordinary loss on extinguishment of debt of approximately
$2.4 million.
20
<PAGE> 6
Investment
In May 2000, the Trust made a $10 million investment in convertible
preferred stock issued by HQ Global Workplaces, Inc. ("HQ"). The convertible
preferred stock accrues a 13.5% "payment-in-kind" dividend which increases
annually. The shares and accrued dividends are convertible into common shares,
if and when HQ conducts an initial public offering. In addition, the Trust
received warrants to purchase shares of common stock for a nominal strike price.
Repurchase of Shares
In June 2000, the Trust repurchased, in a private transaction, an
aggregate of 364,200 shares of its Series A cumulative redeemable preferred
shares of beneficial interest from three institutional investors at a purchase
price of $21.25 per share, for an aggregate cash consideration of $7,739,250. As
a result of this transaction, there are presently 984,800 shares of Series A
cumulative redeemable preferred shares of beneficial interest outstanding. The
Trust also resumed its previously authorized common share repurchase program and
began to repurchase shares of common stock in 2000. From June 2000 through
September 30, 2000, the Trust had repurchased 1,425,955 common shares for
$4,150,488. As a result of these transactions, there are 41,045,774 common
shares of beneficial interest outstanding at September 30, 2000.
Investment in Joint Venture
In August 2000, the Trust received approximately $2.4 million
representing its 50% non-controlling ownership interest in the net proceeds from
the sale of Temple Mall. The Trust accounted for its interest in Temple Mall as
an investment in a joint venture using the equity method of accounting. The
Trust recognized a gain from the investment in the joint venture of
approximately $.8 million during the third quarter of 2000. Temple Mall was sold
for approximately $25.7 million, of which approximately $19.5 million was
applied against the first mortgage debt on the mall. In addition, Temple Mall
repaid its $1.2 million note payable to the Trust from cash reserves.
Contract for Sale of Properties
In September 2000, the Trust entered into two sales contracts and a
letter agreement (the "Sale Contract") for a significant asset sale to Radiant
Investors LLC ("Radiant"). The proposed transactions contemplate the sale of
certain real estate assets (the "Purchased Assets") for a sales price of
approximately $205 million (which includes approximately $125 million in assumed
mortgage debt at September 30, 2000) and subject to certain adjustments
including the Trust's share of certain transaction costs.
In connection with the sale, Radiant has made deposits of $7 million as
required under the terms of the Sale Contract. The deposits are non-refundable
with respect to financing contingencies. In October 2000, Radiant confirmed to
the Trust, by amendment to the Sale Contract, that it had obtained acceptable
financing with respect to the Sale Contract. In the event that Radiant is not
able to obtain consents to assignments of existing mortgages or obtain third
party financing on one or more of the Purchased Assets, the Trust may be
required to provide Radiant with up to $46 million in financing. However, based
upon written assurances from Radiant, the Trust does not expect that it will be
required to provide financing to Radiant.
21
<PAGE> 7
In October 2000, the Trust entered into a definitive purchase agreement
(the "Northeastern Contract") for the sale of the Huntington Garage property in
Cleveland, Ohio to Northeastern Security Development Corp., a private real
estate investment firm headquartered in New York. The purchase price is
$21,250,000 and the purchaser has made a non-refundable deposit of $1,000,000 to
be applied to the purchase price at closing. The sale is expected to close no
later than January 2001.
This property is among those that Radiant agreed to acquire from the
Trust under the Sale Contract. Under the Sale Contract, Radiant and the Trust
had agreed that the Trust was permitted to sell the Huntington Garage property
to a third party.
The Sale Contract as amended provides that Radiant will receive a
credit towards the $205 million purchase price equal to the net sales price to
be realized by the Trust from the sale of the Huntington Garage under the
Northeastern Contract.
Following the execution of the Sale Contract, the Trust notified the
party holding the right of first refusal for the purchase of the Long Street
Garage in Columbus, Ohio of the terms and conditions of the offer by Radiant.
Such party failed to exercise its right of first refusal within the time frame
permitted and as a result the Long Street Garage is among the Purchased Assets
that will be sold to Radiant.
The assets to be purchased by Radiant under the Sale Contract include:
- 55 Public Square and CEI Office Buildings - Cleveland, Ohio
- 55 Public Square Garage - Cleveland, Ohio
- West Third Street Parking Lot - Cleveland, Ohio
- North Valley Tech Center - Thornton, Colorado
- Two Rivers Business Center - Clarksville, Tennessee
- Westgate Town Center - Abilene, Texas
- Pecanland Mall - Monroe, Louisiana
- Long Street Garage - Columbus, Ohio
- Madison and Wells Garage - Chicago, Illinois
- Printers Alley Garage - Nashville, Tennessee
- 5th and Marshall Garage - Richmond, Virginia
- Club Associates' note receivable, face amount of approximately
$1.5 million.
- Ancillary assets including furniture, fixtures and equipment,
and reserve and escrow accounts related to the Purchased
Assets.
- Net operating income from all of the Purchased Assets from
June 1, 2000 less (a) debt service on the purchased assets,
(b) capital expenditures committed subsequent to May 9, 2000
and (c) 66.6% of asset management fees paid to the Management
Company from June 1, 2000 until the closing of the
transaction.
The Trust would retain ownership of the following assets:
- Unrestricted cash and Treasury bills
- Convertible preferred investment in HQ Global Workplaces, Inc.
- Severance and prior trustees escrow account
- Park Plaza Mall - Little Rock, Arkansas
- Circle Tower - Indianapolis, Indiana
- Peachtree Mall legal claim
In addition, the Company would retain ownership of Ventek.
22
<PAGE> 8
The Trust will remain liable for the following obligations:
- 8.2% convertible preferred shares; $33,725,000 approximate
face amount (reduced to $24,620,000 as of September 30, 2000)
- 8.875% publicly-traded senior notes; $12,500,000 approximate
face amount
- Dallas management office lease (the Trust has sub-leased this
space)
- Certain liabilities arising out of the Purchased Assets
arising prior to June 1, 2000, except for certain potential
liabilities of the Westgate Town Center
- Corporate expenses and liabilities not related to the
Purchased Assets (including the Ventek guarantee)
- Property level mortgage debt on retained assets
- Other ordinary course liabilities
The Sale Contract provided that the Management Company would continue
to manage the Trust's remaining assets for $250,000 per year for two years.
The Sale Contract is subject to several conditions, including the
consent of shareholders of the Trust. The closing is expected to occur during
December 2000 or January 2001, although it may be extended under certain
circumstances to a date not later than April 29, 2001.
Earnings Per Share
The computation of basic and diluted earnings per share before
extraordinary loss and loss from discontinued operations is as follows (in
thousands, except per share data):
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
---------------------- -----------------------
2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
Basic
(Loss) income before extraordinary loss and loss
from discontinued operations, basic $ (396) $ (1,401) $ 52,722 $ 11,226
Preferred dividend (517) (708) (1,933) (2,124)
Discount on preferred stock redemption - - 827 -
-------- -------- -------- --------
(Loss) income before extraordinary loss and loss
from discontinued operations attributable to
common shares, basic $ (913) $ (2,109) $ 51,616 $ 9,102
======== ======== ======== ========
Basic weighted average shares 41,751 43,554 42,229 35,520
======== ======== ======== ========
(Loss) income per share before extraordinary
loss and loss from discontinued operations, basic $ (0.02) $ (0.05) $ 1.22 $ .26
======== ======== ======== ========
Diluted
(Loss) income before extraordinary loss and loss
from discontinued operations, diluted $ (396) $ (1,401) $ 52,722 $ 11,226
Preferred dividend (517) (708) - (2,124)
Discount on preferred stock redemption - - - -
-------- -------- -------- --------
(Loss) income before extraordinary loss and loss
from discontinued operations attributable to
commons shares, diluted $ (913) $ (2,109) $ 52,722 $ 9,102
======== ======== ======== ========
Basic weighted average shares 41,751 43,554 - 35,520
======== ======== ======== ========
Diluted weighted average shares - - 48,258 -
======== ======== ======== ========
(Loss) income per share before extraordinary
loss and loss from discontinued operations, diluted $ (0.02) $ (0.05) $ 1.09 $ .26
======== ======== ======== ========
</TABLE>
23
<PAGE> 9
Business Segments Exhibit 99
<TABLE>
<CAPTION>
Nine Months Ended September 30,
-------------------------------
2000 1999
-------- --------
<S> <C> <C>
Rents and Sales
Shopping Centers $ 19,731 $ 61,279
Apartments - 6,046
Office Buildings 9,490 9,723
Parking Facilities 7,766 7,972
Ventek 6,642 3,152
Corporate 208 616
-------- --------
43,837 88,788
Less - Operating Expenses and
Costs of Goods Sold
Shopping Centers 5,855 20,881
Apartments - 2,353
Office Buildings 4,103 4,265
Parking Facilitie 355 602
Ventek 6,410 3,727
Corporate (7) 570
-------- --------
16,716 32,398
Less - Real Estate Taxes
Shopping Centers 1,891 5,320
Apartments - 339
Office Buildings 1,005 850
Parking Facilities 1,428 1,470
-------- --------
4,324 7,979
Property - Net Operating Income (Loss)
Shopping Centers 11,985 35,078
Apartments - 3,354
Office Buildings 4,382 4,608
Parking Facilities 5,983 5,900
Ventek 232 (575)
Corporate 215 46
-------- --------
22,797 48,411
</TABLE>
24
<PAGE> 10
Business Segments (Continued)
Exhibit 99
<TABLE>
<CAPTION>
Nine Months Ended September 30,
-------------------------------
2000 1999
------- ------
<S> <C> <C>
Less - Depreciation and Amortization $ 9,170 $ 19,401
Less - Interest Expense 19,087 30,439
Mortgage Investment Income 193 346
Corporate Income (Expense)
Short-term investment income 8,104 1,364
Other income 31 950
General and administrative (10,059) (8,910)
Unrealized loss on carrying value of real estate - (9,002)
-------- --------
Loss before Capital Gains, Discontinued Operations,
Extraordinary Loss and Preferred Dividend $ (7,191) $(16,681)
======== ========
Capital Expenditures
Shopping Centers $ 830 $ 4,418
Apartments - 262
Office Buildings 5,979 2,235
Parking Facilities 224 97
Ventek 44 -
Corporate 41 -
-------- --------
$ 7,118 $ 7,012
======== ========
</TABLE>
<TABLE>
<CAPTION>
September 30,
---------------------------
2000 1999
------ ------
<S> <C> <C>
Identifiable Assets
Shopping Centers $149,701 $350,351
Apartments - -
Office Buildings 55,080 42,477
Parking Facilities 77,046 70,110
Mortgages 1,483 5,465
Ventek 7,258 3,913
Corporate 186,323 62,510
-------- --------
Total Assets (net of discontinued operations) $476,891 $534,826
======== ========
25
</TABLE>
