-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SlOlih/u5ptyPrZl0E/9dYUZB/IzJ86Uod5JPXHoBkPcTrknJc2YuTaZL+lUw+Y+ M1bHudBTLcFj1papnXDejQ== 0000950152-98-001387.txt : 19980225 0000950152-98-001387.hdr.sgml : 19980225 ACCESSION NUMBER: 0000950152-98-001387 CONFORMED SUBMISSION TYPE: DEFA14A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19980224 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST UNION REAL ESTATE EQUITY & MORTGAGE INVESTMENTS CENTRAL INDEX KEY: 0000037008 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 346513657 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEFA14A SEC ACT: SEC FILE NUMBER: 001-06249 FILM NUMBER: 98547878 BUSINESS ADDRESS: STREET 1: 55 PUBLIC SQUARE STREET 2: STE 1900 CITY: CLEVELAND STATE: OH ZIP: 44113 BUSINESS PHONE: 2167814030 MAIL ADDRESS: STREET 1: 55 PUBLIC SQUARE SUITE 1910 CITY: CLEVELAND STATE: OH ZIP: 44113 FORMER COMPANY: FORMER CONFORMED NAME: FIRST UNION REALTY DATE OF NAME CHANGE: 19691012 DEFA14A 1 FIRST UNION REAL ESTATE --DEF. PROXY/SOLICT. MAT. 1 ================================================================================ SCHEDULE 14A (RULE 14a) INFORMATION REQUIRED IN PROXY STATEMENT SCHEDULE 14A INFORMATION PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. ) Filed by the Registrant [X] Filed by a Party other than the Registrant [ ] Check the appropriate box: [ ] Preliminary Proxy Statement [ ] CONFIDENTIAL, FOR USE OF THE COMMISSION ONLY (AS PERMITTED BY RULE 14a-6(e)(2)) [ ] Definitive Proxy Statement [ ] Definitive Additional Materials [X] Soliciting Material Pursuant to sec.240.14a-11(c) or sec.240.14a-12
FIRST UNION REAL ESTATE EQUITY and MORTGAGE INVESTMENTS (NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) (NAME OF PERSON(S) FILING PROXY STATEMENT, IF OTHER THAN THE REGISTRANT) Payment of Filing Fee (Check the appropriate box): [X] No fee required. [ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. (1) Title of each class of securities to which transaction applies: ....... (2) Aggregate number of securities to which transaction applies: .......... (3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is calculated and state how it was determined): ............ (4) Proposed maximum aggregate value of transaction: ...................... (5) Total fee paid: ....................................................... [ ] Fee paid previously with preliminary materials. [ ] Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. (1) Amount Previously Paid: ............................................... (2) Form, Schedule or Registration Statement No.: ......................... (3) Filing Party: ......................................................... (4) Date Filed: ........................................................... ================================================================================ 2 [FIRST UNION LOGO] 3 [FIRST UNION LOGO] REAL ESTATE INVESTMENTS 4 [FIRST UNION LOGO] since 1961 5 [FIRST UNION LOGO] A Diversified REIT 6 [FIRST UNION LOGO] FUR Listed NYSE 7 [FIRST UNION LOGO] WHO ARE WE? Assets - $1 billion Market Cap - $400 million People - 4,500 Portfolio - Diversified 8 [FIRST UNION LOGO] WHAT WE OWN [MAP OF U.S.] 9 [FIRST UNION LOGO] WHAT WE'VE DONE 1961-1993 Evolved into $400 million trust Sustained three downturns 128 quarterly dividends Survived real estate recession of 80's/90's 10 [FIRST UNION LOGO] WHAT WE'VE DONE 1993-1997 Turned around a fledging real estate portfolio Initiated an aggressive growth plan - - Acquisitions of $450 million - Raised $200 million of equity - Shares outstanding have doubled 11 [FIRST UNION LOGO] FOCUS: 1998 & 1999 Maximize total return to shareholders (target 20% total return) Build and train people Increase market penetration Capitalize on all opportunities 12 [FIRST UNION LOGO] FOCUS: PARKING 1997 Parking $100,000,000 1998 Parking 250,000,000 1999 Parking 350,000,000 ------------ $700,000,000 ------------ 13 [FIRST UNION LOGO] WHY PARKING? Fragmented ownership Economies of scale Strong management team We can provide equipment and/or services 14 [FIRST UNION LOGO] Chicago, IL [PICTURE] 201 West Madison 15 [FIRST UNION LOGO] WHY RETAIL? We own a substantial base with solid ROI Retail has management-related opportunities - Security - Maintenance - Vending services - Parking-related services 16 [FIRST UNION LOGO] Little Rock, AR [PICTURE] Park Plaza 17 [FIRST UNION LOGO] Monroe, LA [PICTURE] Pecanland Mall 18 [FIRST UNION LOGO] Shawnee, OK [PICTURE] Shawnee Mall 19 [FIRST UNION LOGO] Santa Fe, NM [PICTURE] Villa Linda Mall 20 [FIRST UNION LOGO] WHY DIVERSIFICATION? Maximizes shareholder return Minimizes single product risk Real estate has complementary synergies Growth dominance 21 [FIRST UNION LOGO] WHAT'S OUR RECORD? Capital Expenditures (millions) 1991 1992 1993 1994 1995 1996 1997
22 [FIRST UNION LOGO] Reading, PA Before [PICTURE] Fairgrounds Square 23 [FIRST UNION LOGO] Reading, PA After [PICTURE] Fairgrounds Square 24 [FIRST UNION LOGO] Reading, PA Before [PICTURE] Fairgrounds Square 25 [FIRST UNION LOGO] Reading, PA After [PICTURE] Fairgrounds Square 26 [FIRST UNION LOGO] St. Cloud, MN Before [PICTURE] Crossroads Mall 27 [FIRST UNION LOGO] St. Cloud, MN After [PICTURE] Crossroads Mall 28 [FIRST UNION LOGO] St. Cloud, MN Before [PICTURE] Crossroads Mall 29 [FIRST UNION LOGO] St. Cloud, MN After [PICTURE] Crossroads Mall 30 [FIRST UNION LOGO] Denver, CO Before [PICTURE] North Valley Tech Center 31 [FIRST UNION LOGO] Denver, CO After [PICTURE] North Valley Tech Center 32 [FIRST UNION LOGO] Denver, CO After [PICTURE] North Valley Tech Center 33 [FIRST UNION LOGO] Denver, CO After [PICTURE] North Valley Tech Center 34 [FIRST UNION LOGO] WHAT'S OUR RECORD? Revenues
(millions) 1991 1992 1993 1994 1995 1996 1997
35 [FIRST UNION LOGO] WHAT'S OUR RECORD? Property NOI
(millions) 1990 1991 1992 1993 1994 1995 1996 1997
36 [FIRST UNION LOGO] WHAT'S OUR RECORD? FFO
(millions) 1995 1996 1997
37 [FIRST UNION LOGO] WHAT'S OUR RECORD? Total Return 1996 - 87% 1997 - 35% 38 [FIRST UNION LOGO] DOWNSIDE PROTECTION Parking historically recession proof Retail tenant mix Payout ratio less than 50% Strength through growth Remaining nimble and quick 39 [FIRST UNION LOGO] HOW WE'LL GET THERE Our people Our focus Our plan 40 [FIRST UNION LOGO] SHARED VALUES Excellence in everything we do Commitment to our customers Maximization of profitability for shareholders 41 [FIRST UNION LOGO] SHARED VALUES The importance of each employee An environment of teamwork and trust Integrity in the conduct of our business 42 [FIRST UNION LOGO] 43 Copyright and Credits (c) 1998 First Union Real Estate Investments 55 Public Square, Suite 1900 Cleveland, Ohio 44113-1937 Phone: 216.781-4030 Fax: 216.781-7467 44 Copyright and Credits Reproduction of any or all parts of the information or images contained in this presentation in whole or in part, including electronic transmission, for use other than the original intent, without the express written permission of First Union Real Estate Investments is prohibited. 45 Copyright and Credits Photography: (c) 1998 Tony Armour (c) 1998 Jerry Butts (c) 1998 Dan Francis (c) 1998 Karen Melvin (c) 1998 Peter Renerts (c) 1998 Don Snyder (c) 1998 David Steinbrunner 46 Copyright and Credits Design: (c) 1998 Karen Skunta & Company [KAREN SKUNTA & COMPANY LOGO] 47 [MACROMEDIA(R) LOGO] -----END PRIVACY-ENHANCED MESSAGE-----