EX-99.2 3 y46866ex99-2.txt PRO FORMA COMBINED BALANCE SHEET 1 Exhibit 99.2 FIRST UNION REAL ESTATE EQUITY AND MORTGAGE INVESTMENTS PRO FORMA COMBINED BALANCE SHEET SEPTEMBER 30, 2000 (IN THOUSANDS)
Pro Forma Adjustments ---------------------------------------------- Sale of Sale of North Valley Huntington Properties Historical Financing (5) Garage (1) to Radiant (2) Pro Forma ---------- ------------- ---------- -------------- --------- ASSETS Investments in real estate Land $ 47,292 $ $ (1,600) $ (39,607) $ 6,085 Buildings and improvements 249,583 (6,602) (179,383) 63,598 --------- ------- --------- --------- --------- 296,875 (8,202) (218,990) 69,683 Less - Accumulated depreciation (69,172) 3,457 57,997 (7,718) --------- ------- --------- --------- --------- Total investments in real estate 227,703 (4,745) (160,993) 61,965(3) Mortgage loans and notes receivable 1,483 5,517 7,000(2) Other assets Cash and cash equivalents - unrestricted 21,441 5,439 12,684 44,768 84,332 - restricted 4,512 789 (2,943) 2,358(4) Accounts receivable and prepayments, net of allowances 3,550 (20) (23) 3,507 Investments 209,914 209,914 Inventory 5,438 5,438 Unamortized debt issue costs 1,844 272 (94) (1,601) 421 Other 1,006 (641) 365 --------- ------- --------- --------- --------- Total assets $ 476,891 $ 6,500 $ 7,825 $(115,916) $ 375,300 ========= ======= ========= ========= ========= LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Mortgage loans $ 166,764 $ 6,500 $ (7,692) $(123,169) $ 42,403 Notes payable 150,113 150,113 Senior notes 12,538 12,538 Accounts payable and accrued liabilities 13,243 (300) 12,943 Deferred items 3,040 (3,040) -- --------- ------- --------- --------- --------- Total liabilities 345,698 6,500 (7,692) (126,509) 217,997 --------- ------- --------- --------- --------- Shareholders' equity Preferred shares of beneficial interest 23,171 23,171 Shares of beneficial interest 41,046 41,046 Additional paid in capital 216,269 216,269 Undistributed loss from operations (149,293) 15,517 10,593 (123,183) --------- ------- --------- --------- --------- Total shareholders' equity 131,193 15,517 10,593 157,303 --------- ------- --------- --------- --------- Total liabilities and shareholders' equity $ 476,891 $ 6,500 $ 7,825 $(115,916) $ 375,300 ========= ======= ========= ========= =========
1) Received approximately $12.7 million from the sale, after assumption of debt of approximately $7.6 million and expenses related to the sale. 2) Received approximately $44.8 million in cash from the sale, after assumption and repayment of debt of approximately $123 million and expenses and adjustments related to the sale. In addition, First Union provided $7 million in short term financing to the purchaser. Approximately $3.3 million of additional capital expenditures required to be paid by First Union after September 30, 2000 have been reflected as paid. 3) The balance consists primarily of investments in real estate at Circle Tower of approximately $2.2 million and Park Plaza of approximately $59.8 million. 4) The balance of restricted cash consists of a severance escrow of approximately $1.2 million and Park Plaza escrow balances of approximately $1.2 million. 5) In February 2001, in accordance with the Radiant sales agreement, First Union amended the mortgage loan on the North Valley Tech Center property to provide for an additional $6.5 million of financing.