EX-99.2 2 y47595ex99-2.txt PRO FORMA COMBINED BALANCE SHEET 1 EXHIBIT 99.2 FIRST UNION REAL ESTATE EQUITY and MORTGAGE INVESTMENTS PRO FORMA COMBINED BALANCE SHEET DECEMBER 31, 2000 (IN THOUSANDS)
Pro Forma Adjustments --------------------------------- Sale of North Valley Properties Historical Financing (4) to Radiant (1) Pro Forma ------------ --------------- ---------------- --------------- ASSETS Investments in real estate Land $ 45,692 $ (39,607) $ 6,085 Buildings and improvements 227,691 (163,866) 63,825 ----------- ------------- ------------ ----------- 273,383 (203,473) 69,910 Less - Accumulated depreciation (68,507) 60,313 (8,194) ----------- ------------- ------------ ----------- Total investments in real estate 204,876 (143,160) 61,716 (2) Mortgage loans and notes receivable 1,468 5,532 7,000 Other assets Cash and cash equivalents - unrestricted 19,477 $ 5,439 44,993 69,909 - restricted 4,412 789 (3,242) 1,959 (3) Accounts receivable and prepayments, net of allowances 5,386 5,386 Investments 220,648 220,648 Inventory 3,097 3,097 Unamortized debt issue costs 1,439 272 (1,286) 425 Other 1,795 (1,575) 220 ----------- ------------- ------------ ----------- Total assets $ 462,598 $ 6,500 $ (98,738) $ 370,360 =========== ============= ============ =========== LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Mortgage loans $ 158,772 $ 6,500 $(122,922) $ 42,350 Notes payable 150,110 150,110 Senior notes 12,538 12,538 Accounts payable and accrued liabilities 18,040 (1,757) 16,283 Deferred items 2,755 (2,653) 102 ----------- ------------- ------------ ----------- Total liabilities $ 342,215 $ 6,500 $(127,332) $ 221,383 ----------- ------------- ------------ ----------- Shareholders' equity Preferred shares of beneficial interest 23,171 23,171 Shares of beneficial interest 39,697 39,697 Additional paid in capital 214,336 214,336 Undistributed loss from operations (156,821) 28,594 (128,227) ----------- ------------- ------------ ----------- Total shareholders' equity 120,383 28,594 148,977 ----------- ------------- ------------ ----------- Total liabilities and shareholders' equity $ 462,598 $ 6,500 $ (98,738) $ 370,360 =========== ============= ============ ===========
(1) Received approximately $45 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. (2) The balance consists primarily of investments in real estate at Circle Tower of approximately $2.4 million and Park Plaza of approximately $59.3 million. (3) The balance of restricted cash consists of a severance escrow of approximately $1.2 million and Park Plaza escrow balances of approximately $.7 million. (4) 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.