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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 its supplemental financial statements and the related notes contained in this Form 8-K and "Management's Discussion and Analysis of 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.
| | Year Ended December 31,
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| | 2004
| | 2003
| | 2002
| | 2001
| | 2000
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| | (in $000's, except per unit amounts)
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| Total revenues | | $ | 507,765 | | $ | 390,189 | | $ | 435,929 | | $ | 416,624 | | $ | 378,957 | |
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| Operating income | | $ | 86,136 | | $ | 61,182 | | $ | 78,817 | | $ | 64,463 | | $ | 65,175 | |
| Other gains and (losses): | | | | | | | | | | | | | | | | |
| | Gain on sale of marketable equity and debt securities | | | 40,159 | | | 2,607 | | | — | | | 6,749 | | | — | |
| | Unrealized losses on securities sold short | | | (23,619 | ) | | — | | | — | | | — | | | — | |
| | Impairment loss on equity interest in GB Holdings, Inc. | | | (15,600 | ) | | — | | | — | | | — | | | — | |
| | Gain (loss) on sale of other assets | | | 1,680 | | | (1,503 | ) | | (353 | ) | | 27 | | | — | |
| | Gain on sales and disposition of real estate | | | 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 | | | (812 | ) | | (1,266 | ) | | (1,943 | ) | | (450 | ) | | (2,747 | ) |
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| Income from continuing operations before income taxes | | | 97,674 | | | 48,382 | | | 73,285 | | | 72,526 | | | 72,652 | |
| Income tax (expense) benefit | | | (17,326 | ) | | 16,750 | | | (10,096 | ) | | 25,664 | | | 379 | |
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| Income from continuing operations | | | 80,348 | | | 65,132 | | | 63,189 | | | 98,190 | | | 73,031 | |
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| Discontinued operations: | | | | | | | | | | | | | | | | |
| | Income from discontinued operations | | | 8,523 | | | 8,419 | | | 7,507 | | | 7,419 | | | 7,441 | |
| | Gain on sales and disposition of real estate | | | 75,197 | | | 3,353 | | | — | | | — | | | — | |
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| Total income from discontinued operations | | | 83,720 | | | 11,772 | | | 7,507 | | | 7,419 | | | 7,441 | |
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| Net earnings | | $ | 164,068 | | $ | 76,904 | | $ | 70,696 | | $ | 105,609 | | $ | 80,472 | |
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| Net Earnings Attributable to: | | | | | | | | | | | | | | | | |
| | Limited partners | | $ | 152,507 | | $ | 59,360 | | $ | 63,168 | | $ | 66,190 | | $ | 72,225 | |
| | General partner | | | 11,561 | | | 17,544 | | | 7,528 | | | 39,419 | | | 8,247 | |
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| Net earnings | | $ | 164,068 | | $ | 76,904 | | $ | 70,696 | | $ | 105,609 | | $ | 80,472 | |
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5
| | Year Ended December 31,
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| | 2004
| | 2003
| | 2002
| | 2001
| | 2000
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| | (in $000's except per unit amounts)
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| Net earnings per limited partnership unit: | | | | | | | | | | | | | | | |
| | Basic earnings: | | | | | | | | | | | | | | | |
| | | Income from continuing operations | | $ | 1.53 | | $ | 0.99 | | $ | 1.11 | | $ | 1.18 | | $ | 1.32 |
| | | Income from discontinued operations | | | 1.78 | | | 0.25 | | | 0.16 | | | 0.16 | | | 0.16 |
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| | Basic earnings per LP Unit | | $ | 3.31 | | $ | 1.24 | | $ | 1.27 | | $ | 1.34 | | $ | 1.48 |
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| Weighted average limited partnership units outstanding | | | 46,098,284 | | | 46,098,284 | | | 46,098,284 | | | 46,098,284 | | | 46,098,284 |
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| | Diluted earnings: | | | | | | | | | | | | | | | |
| | | Income from continuing operations | | $ | 1.46 | | $ | 0.92 | | $ | 0.99 | | $ | 1.06 | | $ | 1.16 |
| | | Income from discontinued operations | | | 1.59 | | | 0.21 | | | 0.13 | | | 0.13 | | | 0.13 |
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| | Diluted earnings per LP Unit | | $ | 3.05 | | $ | 1.13 | | $ | 1.12 | | $ | 1.19 | | $ | 1.29 |
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| Weighted average limited partnership units and equivalent partnership units outstanding | | | 51,542,312 | | | 54,489,943 | | | 56,466,698 | | | 55,599,112 | | | 56,157,079 |
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Other financial data: |
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| Capital expenditures (excluding property acquisitions) | | $ | 63,750 | | $ | 33,957 | | $ | 21,896 | | $ | 68,199 | | $ | 52,598 |
| | At December 31,
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| | 2004
| | 2003
| | 2002(1)
| | 2001(1)
| | 2000
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| | (in $000's)
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| Balance Sheet Data: | | | | | | | | | | | | | | | |
| Cash and cash equivalents | | $ | 768,918 | | $ | 504,369 | | $ | 79,540 | | $ | 83,975 | | $ | 172,621 |
| Hotel, casino and resort operating properties | | | 339,492 | | | 340,229 | | | 335,121 | | | 339,201 | | | 264,566 |
| Oil and gas properties | | | 168,136 | | | 168,921 | | | — | | | — | | | — |
| Investment in U.S. Government and Agency obligations | | | 102,331 | | | 61,573 | | | 336,051 | | | 313,641 | | | 475,267 |
| Other investments | | | 245,948 | | | 50,328 | | | 54,216 | | | 10,529 | | | 4,289 |
| Total assets | | | 2,408,189 | | | 1,831,573 | | | 1,706,031 | | | 1,721,100 | | | 1,566,597 |
| Mortgages payable | | | 91,896 | | | 180,989 | | | 171,848 | | | 166,808 | | | 182,049 |
| Senior secured note payable | | | 215,000 | | | — | | | — | | | — | | | — |
| Senior unsecured note payable | | | 350,598 | | | — | | | — | | | — | | | — |
| Liability for preferred limited partnership units(1) | | | 106,731 | | | 101,649 | | | — | | | — | | | — |
| Partners' equity | | $ | 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
