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Previous: FIRST UNION REAL ESTATE EQUITY & MORTGAGE INVESTMENTS, 8-K, EX-99.4, 2000-09-27 |
Next: FIRST UNION REAL ESTATE EQUITY & MORTGAGE INVESTMENTS, 8-K, EX-99.6, 2000-09-27 |
<PAGE> 1
Exhibit 99.5
FIRST UNION REAL ESTATE EQUITY and MORTGAGE INVESTMENTS
PRO FORMA COMBINED STATEMENT OF OPERATIONS
For the Year Ended December 31, 1999
(In thousands, except per share data)
<TABLE>
<CAPTION>
Pro Forma Adjustments
---------------------------------
Properties sold
prior to Sale of
Historical December 31, 1999 Crossroads 1
---------- ----------------- ------------
<S> <C> <C> <C>
Revenues
Rents 109,839 (53,647) (11,378)
Sales 6,643
Interest - Mortgage loans 463
- Short-term investments 2,649 (567) (7)
Equity in income from joint venture 64
Management fees 332
Other Income 784
-------- -------- --------
120,774 (54,214) (11,385)
-------- -------- --------
Expenses
Property operating 36,224 (21,342) (1,844)
Cost of goods sold 8,670
Real estate taxes 9,937 (3,709) (1,987)
Depreciation and amortization 25,331 (11,283) (1,691)
Interest - Mortgage loans 28,264 (11,221) (4,327)
- Notes payable 4,232 (4,193)
- Senior notes 1,113
- Bank loans and other 4,833 (3,253)
General and administrative 14,664
Unrealized loss on carrying value of assets identified for
disposition and impaired assets 9,800
-------- -------- --------
143,068 (55,001) (9,849)
-------- -------- --------
Loss before capital gain, extraordinary loss, discontinued
operations and preferred dividend (22,294) 787 (1,536)
======== ======== ========
Per share data
Basic weighted average shares 38,827
========
Diluted weighted average shares 38,836
========
Loss before capital gain, extraordinary loss, discontinued
operations and preferred dividend, basic and diluted (0.57)
========
<CAPTION>
Pro Forma Adjustments
------------------------------------------
Sale of
Spinoff of Temple Mall Properties
Impark Sale 2 to Radiant Pro Forma
---------- ----------- ---------- ---------
<S> <C> <C> <C> <C>
Revenues
Rents (32,043) 12,771
Sales 6,643
Interest - Mortgage loans 463
- Short-term investments (1,950) (87) 38
Equity in income from joint venture (64) -
Management fees 332
Other Income 784
-------- -------- -------- --------
(1,950) (64) (32,130) 21,031
-------- -------- -------- --------
Expenses
Property operating (8,652) 4,386
Cost of goods sold 8,670
Real estate taxes (3,424) 817
Depreciation and amortization (7,984) 4,373
Interest - Mortgage loans (9,764) 2,952
- Notes payable 39
- Senior notes 1,113
- Bank loans and other 1,580
General and administrative 14,664
Unrealized loss on carrying value of assets identified for
disposition and impaired assets 9,800
-------- -------- -------- --------
- - (29,824) 48,394
-------- -------- -------- --------
Loss before capital gain, extraordinary loss, discontinued
operations and preferred dividend (1,950) (64) (2,306) (27,363)
======== ======== ======== ========
Per share data
Basic weighted average shares 38,827
========
Diluted weighted average shares 38,836
========
Loss before capital gain, extraordinary loss, discontinued
operations and preferred dividend, basic and diluted (0.70)
========
</TABLE>
1) Crossroads was sold in April 2000.
2) Temple Mall was sold in August 2000.
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