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Previous: FIRST UNION REAL ESTATE EQUITY & MORTGAGE INVESTMENTS, 8-K, EX-99.2, 2000-09-27 |
Next: FIRST UNION REAL ESTATE EQUITY & MORTGAGE INVESTMENTS, 8-K, EX-99.4, 2000-09-27 |
<PAGE> 1
Exhibit 99.3
FIRST UNION REAL ESTATE EQUITY AND MORTGAGE INVESTMENTS
PRO FORMA COMBINED BALANCE SHEET AS OF JUNE 30, 2000
(IN THOUSANDS)
<TABLE>
<CAPTION>
Pro Forma Adjustments
-------------------------------
Sale of
Temple Mall Properties
Historical Sale 4 to Radiant Pro Forma
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
ASSETS
Investment in real estate
Land 47,292 (40,407) 6,885
Building and improvements 247,137 (184,440) 62,697
--------- --------- --------- ---------
294,429 (224,847) 69,582
Less - Accumulated depreciation (66,445) 59,178 (7,267)
--------- --------- --------- ---------
Total investment in real estate 227,984 (165,669) 62,315 2
Investment in joint venture 1,671 (1,671) - -
Mortgage loans and notes receivable 2,698 (1,200) (1,498) -
Other assets
Cash and cash equivalents - unrestricted 9,305 3,600 82,300 1 95,205
- restricted 4,882 (2,746) 2,136 3
Accounts receivable and prepayments, net of allowances 4,782 (43) 4,739
Investments 209,461 - 209,461
Inventory 4,424 - 4,424
Unamortized debt issue costs, net 1,815 (1,390) 425
Other 664 - 664
--------- --------- --------- ---------
Total assets 467,686 729 (89,046) 379,369
========= ========= ========= =========
LIABILITIES AND SHAREHOLDER'S EQUITY
Liabilities
Mortgage loans 159,092 (117,120) 41,972
Notes payable 145,117 - 145,117
Senior notes 12,538 - 12,538
Accounts payable and accrued liabilities 12,639 - 12,639
Deferred items 2,675 (2,260) 415
--------- --------- --------- ---------
Total liabilities 332,061 - (119,380) 212,681
--------- --------- --------- ---------
Shareholder's equity
Preferred shares of beneficial interest 23,171 - 23,171
Shares of beneficial interest 42,258 - 42,258
Additional paid in capital 218,595 - 218,595
Undistributed loss from operations (148,399) 729 30,334 (117,336)
--------- --------- --------- ---------
Total shareholder's equity 135,625 729 30,334 166,688
--------- --------- --------- ---------
Total liabilities and shareholder's equity 467,686 729 (89,046) 379,369
========= ========= ========= =========
</TABLE>
1) Projected to receive approximately $84.6 million from the sale, after
assumption of debt of $117 million (at June 30, 2000), expenses related to the
sale and other adjustments. In addition, approximately $2.3 million of cash is
expected to be transferred to Radiant for Richmond Garage construction.
2) The balance consists of fixed assets at Circle Tower of $2.225 million and at
Park Plaza of $60.090 million.
3) The balance of this account consists of a severance escrow of $1.152 million
and Park Plaza Escrow balances of $.984 million.
4) Temple Mall joint venture was sold in August 2000.
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