EX-99.3 4 y40814ex99-3.txt BALANCE SHEET 1 Exhibit 99.3 FIRST UNION REAL ESTATE EQUITY AND MORTGAGE INVESTMENTS PRO FORMA COMBINED BALANCE SHEET AS OF JUNE 30, 2000 (IN THOUSANDS)
Pro Forma Adjustments ------------------------------- Sale of Temple Mall Properties Historical Sale 4 to Radiant Pro Forma -------------- -------------- -------------- -------------- 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 ========= ========= ========= =========
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.