EX-99.1 6 y00603kexv99w1.txt ITEM 6. SELECTED FINANCIAL DATA ON FORM 10-K . . . Exhibit 99.1 ITEM 6. SELECTED FINANCIAL DATA
YEAR ENDED DECEMBER 31, ----------------------- 2003 2002 2001 2000 1999 --------- --------- --------- --------- --------- (IN THOUSANDS) OPERATING DATA: Total revenues ......................... $ 276,556 $ 346,380 $ 322,322 $ 294,267 $ 279,489 ========= ========= ========= ========= ========= Operating income ....................... $ 62,891 $ 83,730 $ 63,788 $ 65,802 $ 65,369 Other gains and (losses): Provision for loss on real estate .... (750) (3,212) (3,184) (1,351) (1,946) Gain on sale of marketable equity and debt securities ......... 2,607 -- 6,749 -- 28,590 Write-down of equity securities available for sale ................. (961) (8,476) -- -- -- Write-down of mortgages and notes receivable ................... (18,798) -- -- -- -- Gain on sales and disposition of real estate ..................... 7,121 8,990 1,737 6,763 13,971 (Loss) gain on limited partnership interests ............ -- (3,750) -- 3,461 -- Minority interest in net earnings of Stratosphere Corporation ........ -- (1,943) (450) (2,747) (1,002) --------- --------- --------- --------- --------- Income from continuing operations before income taxes .................. 52,110 75,339 68,640 71,928 104,982 Income tax benefit (expense) ........... 6,495 (7,480) 30,077 (2,533) (775) --------- --------- --------- --------- --------- Income from continuing operations ...... 58,605 67,859 98,717 69,395 104,207 Discontinued operations: Income from discontinued operations .. 6,139 6,007 6,117 5,755 3,522 Gain on sales and disposition of real estate ........................ 3,353 -- -- -- -- --------- --------- --------- --------- --------- Income from discontinued operations .... 9,492 6,007 6,117 5,755 3,522 --------- --------- --------- --------- --------- Net earnings ........................... $ 68,097 $ 73,866 $ 104,834 $ 75,150 $ 107,729 ========= ========= ========= ========= =========
(IN $000'S EXCEPT PER UNIT AMOUNTS) YEAR ENDED DECEMBER 31, ----------------------- 2003 2002 2001 2000 1999 ---- ------- ------- ---- ---- Net Earnings attributable to: (see note below) Limited partners .......................... $ 59,360 $ 63,168 $ 66,190 $ 72,225 $ 93,909 General Partner ........................... 8,737 10,698 38,644 2,925 13,820 ----------- ----------- ----------- ----------- ----------- Net Earnings ................................ $ 68,097 $ 73,866 $ 104,834 $ 75,150 $ 107,729 =========== =========== =========== =========== =========== Net earnings per limited partnership unit: Basic earnings: Income from continuing operations ....... $ 1.03 $ 1.15 $ 1.21 $ 1.36 $ 1.88 Income from discontinued operations ..... 0.20 0.12 0.13 0.12 0.07 ----------- ----------- ----------- ----------- ----------- Basic earnings per LP Unit ................ $ 1.23 $ 1.27 $ 1.34 $ 1.48 $ 1.95 =========== =========== =========== =========== =========== Weighted average limited partnership units outstanding ......................... 46,098,284 46,098,284 46,098,284 46,098,284 46,098,284 =========== =========== =========== =========== =========== Diluted earnings: Income from continuing operations ....... $ 0.96 $ 1.02 $ 1.09 $ 1.19 $ 1.61 Income from discontinued operations ..... 0.17 0.10 0.10 0.10 0.06 ----------- ----------- ----------- ----------- ----------- Diluted earnings per LP unit .............. $ 1.13 $ 1.12 $ 1.19 $ 1.29 $ 1.67 =========== =========== =========== =========== =========== Weighted average limited partnership units and equivalent partnership units outstanding ......................... 54,489,943 56,466,698 55,599,112 56,157,079 56,078,394 =========== =========== =========== =========== ===========
I-1 Note: Earnings of National Energy Group, Inc. (October 2003) and Bayswater (March 2000), prior to their acquisitions by the Company have been allocated to the General Partner At year end: Real estate leased to others ................ $ 213,799 $ 359,700 $ 358,597 $ 379,396 $ 375,268 Properties held for sale .................... 128,813 4,300 -- -- -- Hotel, casino and resort operating properties ................................ 215,775 215,775 228,181 185,253 141,829 U.S. Government and agency obligations ...... 61,573 336,051 313,641 475,267 468,529 Cash and cash equivalents ................... 467,704 54,871 64,105 147,705 142,697 Note receivable due from affiliate .......... -- 250,000 250,000 -- -- Marketable equity and debt securities ....... 80,522 26,728 35,253 54,736 67,397 Mortgages and notes receivable .............. 50,328 56,216 35,529 19,946 10,955 Investment in NEG Holdings LLC .............. 69,346 108,880 97,654 -- -- Equity interest in GB Holdings, Inc. ........ 30,854 37,280 39,936 38,359 -- Land and construction-in-progress ........... 43,459 40,415 69,429 75,952 99,252 Deferred tax asset .......................... 82,450 25,522 30,589 -- -- Total assets ................................ 1,489,930 1,560,476 1,584,351 1,422,987 1,364,861 Mortgages payable ........................... 180,969 171,848 166,808 182,049 179,387 Due to affiliate ............................ -- -- 68,805 77,521 -- Senior notes-Due affiliate .................. -- 148,637 148,637 -- -- Liability for Preferred Limited Partnership Units ......................... 101,649 -- -- -- -- Minority interest ........................... -- -- 67,433 64,907 66,307 Partners' Equity ............................ 1,153,448 1,130,176 1,018,224 1,042,725 1,029,308
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