EX-99 3 amrep_sctota080305exh8.txt EXH 12.8 FINANCIALS Everest Properties II, LLC Balance Sheets (unaudited) Dec 31, '03 Dec 31, '04 Jun 30, '05 ------------- ------------- ------------ ASSETS Current Assets Cash and Equivalents 1,071,906 2,967,542 4,779,162 Other Current Assets 856,808 702,306 1,239,333 ------------ ------------- ------------- Total Current Assets 1,928,714 3,669,848 6,018,495 Total Fixed Assets 76,007 44,101 105,635 Other Assets Investments (1) 4,320,516 3,642,449 4,484,948 Loans Receivable 814,104 767,541 576,007 Prepaid Expenses 28,199 17,607 19,976 ------------ ------------- ------------- ------------ ------------- ------------- Total Other Assets 5,162,819 4,427,597 5,080,931 ------------ ------------- ------------- ------------ ------------- ------------- TOTAL ASSETS 7,167,540 8,141,546 11,205,061 ============ ============= ============= LIABILITIES & EQUITY Liabilities 228,769 218,800 211,972 Equity Members Capital 3,886,910 5,938,772 1,938,772 Retained Earnings 0 0 1,983,973 Net Income 3,051,862 1,983,973 7,070,344 ------------ ------------- ------------- ------------ ------------- ------------- Total Equity 6,938,772 7,922,745 10,993,089 ------------ ------------- ------------- ------------ ------------- ------------- TOTAL LIABILITIES & EQUITY 7,167,541 8,141,545 11,205,061 ============ ============= =============
------------ (1) Represents direct or indirect interests in limited partnerships or entities holding principally real estate assets that are illiquid. Management periodically estimates the value of investments assuming an orderly liquidation of such partnerships as of the date of such estimate. Because it is not feasible to do so, such estimate does not adjust for discounts that may result from the illiquidity or minority position of the investment, and does not apply any discount rate to reflect that liquidation proceeds would be received over an uncertain future period. Such estimates were $10,652,084 as of December 31, 2003, and $11,944,721 as of December 31, 2004. Everest Properties II, LLC Profit and Loss Statements (unaudited) Jan - Dec '03 Jan - Dec '04 Jan - Jun '05 -------------- -------------- -------------- Ordinary Income/Expense Income 4,855,839 2,921,021 959,274 Expense 3,860,199 3,156,994 1,441,381 ------------- ------------- ------------- Net Ordinary Income 995,640 (235,973) (482,107) Other Income/Expense Total Other Income 2,619,056 2,563,730 7,726,473 Total Other Expense 562,834 343,788 174,025 ------------- ------------- ------------- Net Other Income 2,056,222 2,219,942 7,552,448 ------------- ------------- ------------- Net Income 3,051,862 1,983,969 7,070,341 ============= ============= =============