EX-99.4 5 y46866ex99-4.txt PRO FORMA COMBINED STATEMENT OF OPERATIONS 1 Exhibit 99.4 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)
Pro Forma Adjustments ----------------------------------------------------- Properties sold prior to Sale of Spinoff of Historical December 31, 1999 Crossroads (1) Imperial (2) ---------- ----------------- -------------- ------------ Revenues Rents $ 109,839 $(53,647) $(11,378) Sales 6,643 Interest - Mortgage loans 463 - Short-term investments 2,649 (567) (7) (1,950) Equity in income from joint venture 64 Management fees 332 Other income 784 --------- -------- -------- ------- 120,774 (54,214) (11,385) (1,950) --------- -------- -------- ------- 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) $(1,950) ========= ======== ======== ======= 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) =========
Pro Forma Adjustments ---------------------------------------------------- Sale of Sale of Sale of Properties Temple Mall (3) Huntington (4) to Radiant (5) Pro Forma ---------------- -------------- -------------- --------- Revenues Rents $ (2,231) $(29,812) $ 12,771 Sales 6,643 Interest - Mortgage loans 463 - Short-term investments (87) 38 Equity in income from joint venture (64) -- Management fees 332 Other income 784 ------- -------- -------- -------- (64) (2,231) (29,899) 21,031 ------- -------- -------- -------- Expenses Property operating (78) (8,574) 4,386 Cost of goods sold 8,670 Real estate taxes (356) (3,068) 817 Depreciation and amortization (242) (7,742) 4,373 Interest - Mortgage loans (690) (9,074) 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 ------- -------- -------- -------- -- (1,366) (28,458) 48,394 ------- -------- -------- -------- Loss before capital gain, extraordinary loss, discontinued operations and preferred dividend $ (64) $ (865) $ (1,441) $(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) ========
1) Crossroads was sold in April 2000. 2) Spinoff of Imperial was in March 2000. 3) Temple Mall was sold in August 2000. 4) Huntington Garage was sold in December 2000. 5) The sale of properties to Radiant was in March 2001.