EX-99.1 2 a2156975zex-99_1.htm EXHIBIT 99.1
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EXHIBIT 99.1


SELECTED FINANCIAL DATA

        The following table summarizes certain selected supplemental consolidated financial data of AREP, which includes the effect of the acquisition of TransTexas accounted for in a manner similar to a pooling of interests, which you should read in conjunction with AREP's supplemental financial statements and the related notes contained in this Form 8-K and "Management's Discussion and Analysis of Supplemental Financial Condition and Results of Operations." The selected supplemental consolidated financial data as of December 31, 2004 and 2003, and for the years ended December 31, 2004, 2003 and 2002, have each been derived from our audited supplemental consolidated financial statements at those dates and for those periods, contained elsewhere in this report. Our financial statements for periods prior to September 1, 2003 have not been affected by the acquisition of TransTexas. The selected consolidated financial data as of December 31, 2002 and 2001 and for the year ended December 31, 2001 has been derived from our audited consolidated financial statements at that date and for that period, not contained in this Form 8-K. The selected consolidated financial data as of and for the year ended December 31, 2000 has been derived from our consolidated financial statements (unaudited) at that date and for that period. In addition, certain amounts have been reclassified as discontinued operations in accordance with Statement of Financial Accounting Standards No. 144. The selected supplemental consolidated financial data as of March 31, 2005 and for the three months ended March 31, 2005 and 2004 are unaudited. For the three month periods ended March 31, 2005 and 2004, all adjustments, consisting only of normal recurring adjustments, which are in our opinion, necessary for a fair presentation of interim consolidated financial statements, have been included. Results for the three months ended March 31, 2005 and 2004 are not necessarily indicative of the results for the full year.

 
   Three Months Ended March 31,
   Year Ended December 31,
  
 
   2005
   2004
   2004
   2003
   2002
   2001
   2000
  
 
   (in $000's, except per unit amounts)

  
Total revenues   $ 144,226   $ 116,452   $ 506,196   $ 388,666   $ 434,652   $ 414,545   $ 378,179  
   
 
 
 
 
 
 
 
Operating income   $ 27,290   $ 22,533   $ 87,159   $ 61,948   $ 79,387   $ 63,938   $ 65,356  
Other gains (losses):                                            
  Gain on sale of marketable equity and debt securities     —     28,857     40,159     2,607     —     6,749     —  
  Unrealized gain (losses) on securities sold short     21,704     —     (23,619 )   —     —     —     —  
  Change in fair market value of derivative contract     (9,813 )   —     —     —     —     —     —  
  Impairment loss on equity interest in GB Holdings, Inc.     —     —     (15,600 )   —     —     —     —  
  Gain (loss) on sale of other assets     (180 )   (4 )   1,680     (1,503 )   (353 )   27     —  
  Gain on sales and disposition of real estate     186     6,047     5,262     7,121     8,990     1,737     6,763  
  Write-down of marketable equity and debt securities and other investments     —     —     —     (19,759 )   (8,476 )   —     —  
  Gain (loss) on limited partnership interests     —     —     —     —     (3,750 )   —     3,461  
  Severance tax refund     —     —     4,468     —     —     —     —  
  Minority interest     —     (39 )   (812 )   (1,266 )   (1,943 )   (450 )   (2,747 )
   
 
 
 
 
 
 
 
Income from continuing operations before income taxes     39,187     57,394     98,697     49,148     73,855     72,001     73,833  
Income tax (expense) benefit     (4,782 )   (5,966 )   (17,326 )   16,750     (10,096 )   25,664     379  
   
 
 
 
 
 
 
 
Income from continuing operations     34,405     51,428     81,371     65,898     63,759     97,665     74,212  
   
 
 
 
 
 
 
 
Discontinued operations:                                            
  Income from discontinued operations     957     3,218     7,500     7,653     6,937     7,944     6,260  
  Gain on sales and disposition of real estate     18,723     6,929     75,197     3,353     —     —     —  
   
 
 
 
 
 
 
 
Total income from discontinued operations     19,680     10,147     82,697     11,006     6,937     7,944     6,260  
   
 
 
 
 
 
 
 
Net earnings   $ 54,085   $ 61,575   $ 164,068   $ 76,904   $ 70,696   $ 105,609   $ 80,472  
   
 
 
 
 
 
 
 
Net Earnings Attributable to:                                            
  Limited partners   $ 58,228   $ 57,608   $ 152,507   $ 59,360   $ 63,168   $ 66,190   $ 72,225  
  General partner     (4,143 )   3,967     11,561     17,544     7,528     39,419     8,247  
   
 
 
 
 
 
 
 
Net earnings   $ 54,085   $ 61,575   $ 164,068   $ 76,904   $ 70,696   $ 105,609   $ 80,472  
   
 
 
 
 
 
 
 

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   Three Months Ended March 31,
   Year Ended December 31,
 
   2005
   2004
   2004
   2003
   2002
   2001
   2000
 
   (in $000's except per unit amounts)
Net earnings per limited partnership unit:                                          
  Basic earnings:                                          
    Income from continuing operations   $ 0.84   $ 1.03   $ 1.55   $ 1.00   $ 1.12   $ 1.17   $ 1.35
    Income from discontinued operations     0.42     0.22     1.76     0.24     0.15     0.17     0.13
   
 
 
 
 
 
 
  Basic earnings per LP Unit   $ 1.26   $ 1.25   $ 3.31   $ 1.24   $ 1.27   $ 1.34   $ 1.48
   
 
 
 
 
 
 
Weighted average limited partnership units outstanding     46,098,284     46,098,284     46,098,284     46,098,284     46,098,284     46,098,284     46,098,284
   
 
 
 
 
 
 
  Diluted earnings:                                          
    Income from continuing operations   $ 0.81   $ 0.93   $ 1.48   $ 0.94   $ 1.00   $ 1.05   $ 1.18
    Income from discontinued operations     0.39     0.19     1.57     0.19     0.12     0.14     0.11
   
 
 
 
 
 
 
  Diluted earnings per LP Unit   $ 1.20   $ 1.12   $ 3.05   $ 1.13   $ 1.12   $ 1.19   $ 1.29
   
 
 
 
 
 
 
Weighted average limited partnership units and equivalent partnership units outstanding     49,857,622     52,499,303     51,542,312     54,489,943     56,466,698     55,599,112     56,157,079
   
 
 
 
 
 
 

Other financial data:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures (excluding property acquisitions)   $ 25,852   $ 6,272   $ 81,696   $ 33,957   $ 23,034   $ 68,199   $ 52,598
 
   March 31,
   At December 31,
 
   2005
   2004
   2003
   2002(1)
   2001(1)
   2000
 
   (in $000's)
Balance Sheet Data:                                    
Cash and cash equivalents   $ 1,250,074   $ 768,918   $ 504,369   $ 79,540   $ 83,975   $ 172,621
Hotel, casino and resort operating properties     334,931     339,492     340,229     335,121     339,201     264,566
Oil and gas properties     180,241     168,136     168,921     —     —     —
Investment in U.S. Government and Agency obligations     74,427     102,331     61,573     336,051     313,641     475,267
Other investments     244,602     245,948     50,328     54,216     10,529     4,289
Total assets     2,935,697     2,408,189     1,831,573     1,706,031     1,721,100     1,566,597
Mortgages payable     80,191     91,896     180,989     171,848     166,808     182,049
Senior secured note payable 7.85% due 2012     215,000     215,000     —     —     —     —
Senior unsecured notes payable 81/8% due 2012     350,679     350,598     —     —     —     —
Senior unsecured notes payable 71/8% due 2013     480,000     —     —     —     —     —
Liability for preferred limited partnership units(1)     108,006     106,731     101,649     —     —     —
Partners' equity   $ 1,479,125   $ 1,427,435   $ 1,393,347   $ 1,245,437   $ 1,136,452   $ 1,154,400
(1)
On July 1, 2003, we adopted Statement of Financial Accounting Standards No. 150 (SFAS 150), Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity. SFAS 150 requires that a financial instrument, which is an unconditional obligation, be classified as a liability. Previous guidance required an entity to include in equity financial instruments that the entity could redeem in either cash or stock. Pursuant to SFAS 150, our preferred units, which are an unconditional obligation, have been reclassified from "Partners' equity" to a liability account in the consolidated balance sheets and the preferred pay-in-kind distribution for the period from July 1, 2003 to December 31, 2003 of $2.4 million and all future distributions have been and will be recorded as "Interest expense" in the consolidated statements of earnings.

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SELECTED FINANCIAL DATA