Item 15. Exhibits, Financial Statement Schedules.
(a)(1) Financial Statements:
The following financial statements of American Real Estate Partners, L.P. are included in Part II, Item 8:
| | Page Number | |
|---|---|---|
| Report of Independent Registered Public Accounting Firm | 58 | |
| Report of Independent Registered Public Accounting Firm | 59 | |
| Consolidated Balance Sheets—December 31, 2004 and 2003 | 60 | |
| Consolidated Statements of Earnings—Years ended December 31, 2004, 2003 and 2002 | 61 | |
| Consolidated Statements of Changes in Partners' Equity and Comprehensive Income—Years ended December 31, 2004, 2003 and 2002 | 62 | |
| Consolidated Statements of Cash Flows—Years ended December 31, 2004, 2003 and 2002 | 63 | |
| Notes to Consolidated Financial Statements | 65 |
(a)(2) Financial Statement Schedules:
| Schedule III—Real Estate Owned and Revenues Earned (by tenant or guarantor, as applicable) | 118 |
All other Financial Statement schedules have been omitted because the required financial information is not applicable or the information is shown in the Financial Statements or Notes thereto.
Exhibit Index
| 3.1 | Certificate of Limited Partnership of American Real Estate Partners, L.P. ("AREP") dated February 17, 1987 (incorporated by reference to Exhibit No. 3.1 to AREP's Form 10-Q for the quarter ended March 31, 2004 (SEC File No. 1-9516), filed on May 10, 2004). | |
3.2 | Amended and Restated Agreement of Limited Partnership of AREP, dated as of May 12, 1987 (incorporated by reference to Exhibit No. 3.2 to AREP's Form 10-Q for the quarter ended March 31, 2004 (SEC File No. 1-9516), filed on May 10, 2004). | |
3.3 | Amendment No. 1 to the Amended and Restated Agreement of Limited Partnership of AREP, dated February 22, 1995 (incorporated by reference to Exhibit 3.3 to AREP's Form 10-K for the year ended December 31, 1994 (SEC File No. 1-9516), filed on March 31, 1995). | |
3.4 | Certificate of Limited Partnership of American Real Estate Holdings Limited Partnership ("AREH"), dated February 17, 1987, as amended pursuant to First Amendment thereto, dated March 10, 1987 (incorporated by reference to Exhibit 3.5 to AREP's Form 10-Q for the quarter ended March 31, 2004 (SEC File No. 1-9516), filed on May 10, 2004). | |
3.5 | Amended and Restated Agreement of Limited Partnership of AREH, dated as of July 1, 1987 (incorporated by reference to Exhibit 3.5 to AREP's Form 10-Q for the quarter ended March 31, 2004 (SEC File No. 1-9516), filed on May 10, 2004). | |
3.6 | Amendment No. 2 to the Amended and Restated Agreement of Limited Partnership of AREP, dated as of August 16, 1996 (incorporated by reference to Exhibit 10.1 to AREP's Form 8-K (SEC File No. 1-9516), filed on August 16, 1996). | |
3.7 | Amendment No. 1 to the Amended and Restated Agreement of Limited Partnership of AREH, dated August 16, 1996 (incorporated by reference to Exhibit 10.2 to AREP's Form 8-K (SEC File No. 1-9516), filed on August 16, 1996). | |
3.8 | Amendment No. 3. to the Amended and Restated Agreement of Limited Partnership of AREP, dated May 9, 2002 (incorporated by reference to Exhibit 3.8 to AREP's Form 10-K for the year ended December 31, 2002 (SEC File No. 1-9516), filed on March 31, 2003). | |
3.9 | Amendment No. 2 to the Amended and Restated Agreement of Limited Partnership of AREH, dated June 14, 2002 (incorporated by reference to Exhibit 3.9 to AREP's Form 10-K for the year ended December 31, 2002 (SEC File No. 1-9516), filed on March 31, 2003). | |
4.1 | Depositary Agreement among AREP, American Property Investors, Inc. and Registrar and Transfer Company, dated as of July 1, 1987 (incorporated by reference to Exhibit 4.1 to AREP's Form 10-Q for the quarter ended March 31, 2004 (SEC File No. 1-9516), filed on May 10, 2004). | |
4.2 | Amendment No. 1 to the Depositary Agreement dated as of February 22, 1995 (incorporated by reference to Exhibit 4.2 to AREP's Form 10-K for the year ended December 31, 1994 (SEC File No. 1-9516), filed on March 31, 1995). | |
4.3 | Specimen Certificate representing Depositary Units. | |
4.4 | Form of Application for Transfer of Depositary Units. | |
4.5 | Specimen Certificate representing Preferred Units (incorporated by reference to Exhibit No. 4.9 to AREP's Form S-3 (SEC File No. 33-54767), filed on February 22, 1995). | |
4.6 | Indenture, dated as of January 29, 2004, among American Casino & Entertainment Properties LLC ("ACEP"), American Casino & Entertainemnt Properties Finance Corp., ("ACEP Finance"), the guarantors from time to time party thereto and Wilmington Trust Company, as Trustee (the "Trustee"), incorporated by reference to Exhibit 4.1 to ACEP's Form S-4 (SEC File No. 333-118149), filed on August 12, 2004). | |
4.7 | Form of ACEP and ACEP Finance 7.85% Note (incorporated by reference to Exhibit 4.10 to AREP's Form 10-Q for the quarter ended June 30, 2004 (SEC File No. 1-9516), filed on August 9, 2004). | |
4.8 | Registration Rights Agreement, dated as of January 29, 2004, among ACEP, ACEP Finance, the guarantors party thereto and Bear, Stearns & Co. Inc. (incorporated by reference to Exhibit 4.4 to ACEP's Form S-4 (SEC File No. 333-118149), filed on August 12, 2004). | |
4.9 | Indenture, dated as of May 12, 2004, among AREP, American Real Estate Finance Corp. ("AREP Finance"), AREH and Wilmington Trust Company, as Trustee, (incorporated by reference to Exhibit 4.1 to AREP's Form S-4 (SEC File No. 333-118021), filed on August 6, 2004). | |
4.10 | Form of AREP and AREP Finance 81/8% Note (incorporated by reference to Exhibit 4.2 to AREP's Form S-4 (SEC File No. 333-118021), filed August 6, 2004). | |
4.11 | Registration Rights Agreement, dated as of May 12, 2004, among AREP, AREP Finance, AREH and Bear, Stearns & Co. Inc. (incorporated by reference to Exhibit 4.3 to AREP's Form S-4 (SEC File No. 333-118021), filed on August 6, 2004). | |
4.12 | Indenture, dated as of February 7, 2005, among AREP, AREP Finance and AREH, as Guarantors, and Wilmington Trust Company, as Trustee (incorporated by reference to Exhibit 4.9 to AREP's Form 8-K (SEC File No. 1-9516), filed on February 10, 2005). | |
4.13 | Form of AREP and AREP Finance 7V8% Senior Note (incorporated by reference to Exhibit 4.10 to AREP's Form 8-K (SEC File No. 1-09516), filed on February 10, 2005). | |
4.14 | Registration Rights Agreement, dated as of February 7, 2005, among AREP, AREP Finance and AREH, and Bear, Stearns & Co. Inc. and Jefferies & Company, Inc. (incorporated by reference to Exhibit 4.11 to AREP's Form 8-K (SEC File No. 1-9516), filed on February 10, 2005). | |
10.1 | Distribution Reinvestment Plan | |
10.2 | Registration Rights Agreement between AREP and X LP (now known as High Coast Limited Partnership). | |
10.3 | Amended and Restated Agency Agreement (incorporated by reference to Exhibit 10.12 to Form 10-K for the year ended December 31, 1994 (SEC File No. 1-9516), filed on March 31, 1995). | |
2
10.4 | Service Mark License Agreement, by and between Becker Gaming, Inc. and Arizona Charlie's, Inc., dated as of August 1, 2000 (incorporated by reference to ACEP's Form 10-K (SEC File No. 333-118149), filed on March 16, 2005. | |
10.5 | Management Agreement, dated September 12, 2001, by and between National Energy Group, Inc. ("NEG") and NEG Operating LLC (incorporated by reference to Exhibit 99.4 to NEG's Form 8-K (SEC File No. 000-19136), filed on September 27, 2001). | |
10.6 | Pledge Agreement and Irrevocable Proxy, dated December 29, 2003, made by NEG in favor of Bank of Texas, N.A. (incorporated by reference to Exhibit 10.3 of NEG's Form 8-K (SEC File No. 000-19036), filed on January 14, 2004). | |
10.7 | Credit Agreement, dated as of January 29, 2004, by and among ACEP, certain subsidiaries of ACEP, the several lenders from time to time parties thereto and Bear Stearns Corporate Lending Inc., as Syndication Agent and Administrative Agent (incorporated by reference to Exhibit 10.1 to ACEP's Form S-4 (SEC File No. 333-118149), filed on August 12, 2004). | |
10.8 | Pledge and Security Agreement, dated as of May 26, 2004, by and among ACEP, ACEP Finance, certain subsidiaries of ACEP and Bear Stearns Corporate Lending Inc. (incorporated by reference to Exhibit 10.2 to ACEP's Form S-4 (SEC File No. 333-118149), filed on August 12, 2004). | |
10.9 | Employment Agreement, effective as of April 1, 2004, by and between ACEP and Richard P. Brown (incorporated by reference to Exhibit 10.4 to ACEP's Form S-4 (SEC File No. 333-118149), filed on August 12, 2004). | |
10.10 | First Amendment to Credit Agreement, dated as of January 29, 2004 by and among ACEP, as the Borrower, certain subsidiaries of the Borrower, as Guarantors, The Several Lenders, Bear Stearns Corporate Lending Inc. as Syndication Agent, and Bear Steams Corporate Lending Inc., as Administrative Agent, dated as of May 26, 2004, Bear, Stearns & Co. Inc., as Sole Lead Arranger and Sole Bookrunner (incorporated by reference to Exhibit 10.6 to ACEP's Form S-4 (SEC File No. 333-118149), filed on October 12, 2004). | |
10.11 | Management Agreement, dated November 16, 2004, by and between NEG and Panaco, Inc. ("Panaco") (incorporated by reference to Exhibit 10.13 to NEG's Form 10-Q (SEC File No. 000-19136), filed on November 15, 2004). | |
10.12 | Management Agreement, dated August 28, 2003, by and between NEG and TransTexas Gas Corporation ("TransTexas") (incorporated by reference to Exhibit 10.1 to NEG's Form 8-K (SEC File No. 000-19136), filed on September 10, 2003). | |
10.13 | Purchase Agreement for Notes Issued by TransTexas, dated December 6, 2004, by and between Thornwood Associates LP ("Thornwood") and AREP Oil & Gas LLC ("AREP Oil & Gas") (incorporated by reference to Exhibit 99.1 to AREP's Form 8-K (SEC File No. 1-9516), filed on December 10, 2004). | |
10.14 | Assignment and Assumption Agreement, dated December 6, 2004, by and between Thornwood and AREP Oil & Gas (incorporated by reference to Exhibit 99.2 to AREP's Form 8-K (SEC File No. 1-9516), filed on December 10, 2004). | |
10.15 | Membership Interest Purchase Agreement, dated as of December 6, 2004, by and among AREP Oil & Gas, Arnos Corp., High River and Hopper Investments LLC (incorporated by reference to Exhibit 99.3 to AREP's Form 8-K (SEC File No. 1-9516), filed on December 10, 2004). | |
10.16 | Assignment and Assumption Agreement, dated December 6, 2004, by and among AREP Oil & Gas, Arnos Corp., High River and Hopper Investments LLC (incorporated by reference to Exhibit 99.4 to AREP's Form 8-K (SEC File No. 1-9516), filed on December 10, 2004). | |
10.17 | Amended and Restated Oil & Gas Term Loan Agreement by and among Thornwood and TransTexas, Galveston Bay Pipeline Company and Galveston Bay Processing Corporation and Thornwood, dated August 28, 2003 (incorporated by reference to Exhibit 99.5 to AREP's Form 8-K (SEC File No. 1-9516), filed on December 10, 2004). | |
3
10.18 | Amended and Restated Security and Pledge Agreement, dated August 2003, by and among TransTexas, Galveston Bay Pipeline Company, Galveston Bay Processing Corporation and Thornwood (incorporated by reference to Exhibit 99.6 to AREP's Form 8-K (SEC File No. 1-9516), filed on December 10, 2004). | |
10.19 | Term Loan and Security Agreement among Panaco, Mid River LLC and Lenders Named Therein, dated as of November 16, 2004 (incorporated by reference to Exhibit 99.7 to AREP's Form 8-K (SEC File No. 1-9516), filed on December 10, 2004). | |
10.20 | Note Purchase Agreement, dated as of December 27, 2004, by and among AREP Sands Holding LLC, Barberry Corp., and Cyprus, LLC (incorporated by reference to Exhibit 99.1 to AREP's Form 8-K (SEC File No. 1-9516), filed on December 30, 2004). | |
12.1 | Ratio of Earnings to Fixed Charges. | |
21.1 | Code of Business Conduct and Ethics incorporated by reference to Exhibit 99.2 to AREP's Form 10-Q for the quarter ended September 30, 2004 (SEC File No. 1-9516), filed on November 9, 2004). | |
21.6 | List of Subsidiaries. | |
31.1 | Certification of Principal Executive Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002. | |
31.2 | Certification of Principal Financial Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002. | |
32.1 | Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
32.2 | Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
99.1 | Corporate Governance Guidelines (incorporated by reference to Exhibit 99.1 to AREP's Form 10-Q for the quarter ended September 30, 2004 (SEC File No. 1-9516), filed on November 9, 2004). | |
99.2 | Code of Business Conduct and Ethics incorporated by reference to Exhibit 99. 2 to AREP's Form 10-Q for the quarter ended September 30, 2004 (SEC File No. 1-9516), filed on November 9, 2004). |
4
Schedule III
Page 1
AMERICAN REAL ESTATE PARTNERS, LP
a limited partnership
REAL ESTATE OWNED AND REVENUES EARNED
| | | | | Part 1—Real Estate Owned at December 31, 2004—Accounted for Under the: | Part 2—Revenues earned for the Year Ended December 31, 2004 | ||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | Operating Method | Financing Method | | | | |||||||||||||||||||||||||||||||
| | State | No. of Locations | Amount of Encumbrances | Initial Cost to Company | Cost of Improvements | Amount Carried at Clost of Period | Reserve for Depreciation | Rent due and Accrued or Received in Advance at End of Period | Net Investment | Minimum Lease Payments Due and Accrued at End of Period | Total Revenue Applicable to Period | Expanded for Interest, Depreciation, Taxes, and Other Expenses | Net Income Applicable to Period | ||||||||||||||||||||||||||
| COMMERCIAL PROPERTY LAND AND BUILDING | |||||||||||||||||||||||||||||||||||||||
| Acme Markets, Inc. and FPBT of Penn | PA | 1 | $ | 329,559 | (3) | $ | 13,739 | (3) | $ | 315,820 | |||||||||||||||||||||||||||||
| Alabama Power Company | AL | 5 | 44,889 | (13,675 | ) | 58,564 | |||||||||||||||||||||||||||||||||
| Amer Stores, Eckerd & Marburn | NJ | 1 | 45,454 | (3) | 8,518 | (3) | 36,936 | ||||||||||||||||||||||||||||||||
| Atrium | VA | 1 | 2,002,409 | (3) | 1,682,710 | (3) | 319,699 | ||||||||||||||||||||||||||||||||
| Best Products Co., Inc. | VA | 1 | $ | 3,376,815 | $ | (350,000 | ) | $ | 3,026,815 | $ | 257,538 | 114,217 | 487,522 | (373,305 | ) | ||||||||||||||||||||||||
| Chesebrough-Pond's Inc. | CT | 1 | 54,839 | (3) | (9,000) | (3) | 63,839 | ||||||||||||||||||||||||||||||||
| Collins Foods International, Inc. | OR | 3 | 10,379 | (3) | 1,300 | (3) | 9,079 | ||||||||||||||||||||||||||||||||
| Collins Foods International, Inc. | CA | 1 | 5,637 | (3) | 0 | (3) | 5,637 | ||||||||||||||||||||||||||||||||
| Dillon Companies, Inc. | MO | 1 | 23,369 | (3) | 0 | (3) | 23,369 | ||||||||||||||||||||||||||||||||
| Dragon Court. | MA | 1 | 3,744,706 | 37,571 | 3,782,277 | 308,037 | 143,148 | 718,750 | (575,602 | ) | |||||||||||||||||||||||||||||
| Duke Power Co. | NC | 1 | 3,464,225 | 3,464,225 | 458,819 | 797,177 | 114,705 | 682,472 | |||||||||||||||||||||||||||||||
| Easco Corp. | NC | 1 | 1,046,012 | 1,046,012 | (2) | 66,634 | 396,250 | 8,244 | 388,006 | ||||||||||||||||||||||||||||||
| European American Bank and Trust Co. | NY | 1 | 158,491 | (3) | 175,603 | (3) | (17,112 | ) | |||||||||||||||||||||||||||||||
| Farwell Bldg. | MN | 1 | 600,675 | (3) | (215,173) | (3) | 815,848 | ||||||||||||||||||||||||||||||||
| First National Supermarkets, Inc. | CT | 1 | $ | 19,576,538 | $ | 18,937,655 | 1,779,799 | 1,148,329 | 631,470. | ||||||||||||||||||||||||||||||
| Fisher Scientific Company. | IL | 1 | 56,086 | (3) | 0 | (3) | 56,086 | ||||||||||||||||||||||||||||||||
| Forte Hotels International, Inc. | NJ | 1 | 441,288 | (3) | 7,747 | (3) | 433,541 | ||||||||||||||||||||||||||||||||
| Fox Grocery Company | WV | 1 | 1,919,486 | 1,919,486 | 13,375 | 211,197 | 13,375 | 197,822 | |||||||||||||||||||||||||||||||
| Gino's, Inc. | OH | 1 | 314,012 | 314,012 | 28,019 | 34,489 | 10,090 | 24,399 | |||||||||||||||||||||||||||||||
| Golf Road | IL | 1 | 364,321 | (3) | (9,173) | (3) | 373,494 | ||||||||||||||||||||||||||||||||
| Grand Union Co. | NY | 1 | 874,765 | 874,765 | 104,090 | $ | 45 | 108,000 | 20,818 | 87,182 | |||||||||||||||||||||||||||||
| Grand Union Co. | VA | 1 | 13,828 | (3) | 1,805 | (3) | 12,023 | ||||||||||||||||||||||||||||||||
| Whalen | NY | 1 | 7,934,020 | 7,934,020 | (2) | 226,925 | 12,050 | 813,152 | (801,102 | ) | |||||||||||||||||||||||||||||
| Gunite | IN | 1 | 0 | (3) | 66,930 | (3) | (66,930 | ) | |||||||||||||||||||||||||||||||
| G.D. Searle & Co. | MN | 1 | 339,358 | 339,358 | 172,501 | (3,083 | ) | 37,000 | 2,562 | 34,438 | |||||||||||||||||||||||||||||
| G.D. Searle & Co. | IL | 1 | 37,168 | (3) | 8,550 | (3) | 28,618 | ||||||||||||||||||||||||||||||||
| Integra A Hotel and Restaurant Co. | AL | 2 | 127,984 | (3) | 2,646 | (3) | 125,338 | ||||||||||||||||||||||||||||||||
| Integra A Hotel and Restaurant Co. | IN | 1 | 45,272 | (3) | 204 | (3) | 45,068 | ||||||||||||||||||||||||||||||||
| Integra A Hotel and Restaurant Co. | OH | 1 | 39,770 | (3) | 0 | (3) | 39,770 | ||||||||||||||||||||||||||||||||
| Integra A Hotel and Restaurant Co. | MO | 1 | 414,887 | 414,887 | 17,105 | 91,818 | 10,376 | 81,442 | |||||||||||||||||||||||||||||||
| Integra A Hotel and Restaurant Co. | TX | 1 | 438,097 | (2,616 | ) | 435,481 | (2) | 16,744 | 103,960 | 0 | 103,960 | ||||||||||||||||||||||||||||
| Integra A Hotel and Restaurant Co. | MI | 1 | 62,475 | (3) | 204 | (3) | 62,271 | ||||||||||||||||||||||||||||||||
| Intermountain Color | KY | 1 | 560,444 | 560,444 | 523,715 | 97,802 | 5,453 | 92,349 | |||||||||||||||||||||||||||||||
| J.C. Penney Company, Inc. | MA | 1 | 2,484,262 | 2,484,262 | 1,987,410 | (41,707 | ) | 250,244 | 3,850 | 246,394 | |||||||||||||||||||||||||||||
| Kings Buffet | FL | 1 | 910,425 | 910,425 | 42,803 | (279 | ) | 117,000 | 39,061 | 77,939 | |||||||||||||||||||||||||||||
| K-Mart Corporation | LA | 1 | 0 | 31,394 | (31,394 | ) | |||||||||||||||||||||||||||||||||
| K-Mart Corporation | WI | 1 | 0 | (3) | 65,866 | (3) | (65,866 | ) | |||||||||||||||||||||||||||||||
| K-Mart Corporation | MN | 1 | 0 | (3) | 85,348 | (3) | (85,348 | ) | |||||||||||||||||||||||||||||||
| K-Mart Corporation | IA | 1 | 973,484 | 93,963 | 26,423 | 67,540 | |||||||||||||||||||||||||||||||||
| K-Mart Corporation | FL | 1 | 2,636,000 | 2,636,000 | (2) | 1,899,765 | 251,420 | 6,815 | 244,605 | ||||||||||||||||||||||||||||||
| K-Mart Corporation | FL | 0 | 735 | (735 | ) | ||||||||||||||||||||||||||||||||||
| K-Mart Corporation | IL | 1 | 600,000 | 600,000 | 31,732 | 62,322 | 58,800 | 3,522 | |||||||||||||||||||||||||||||||
| Kobacker Stores, Inc. | MI | 2 | 112,225 | 112,225 | 1,068 | 106,341 | $ | 2,412 | 24,142 | 461 | 23,681 | ||||||||||||||||||||||||||||
| Kobacker Stores, Inc. | KY | 1 | 88,364 | 88,364 | 769 | 64,103 | 1,115 | 15,853 | 231 | 15,622 | |||||||||||||||||||||||||||||
| Kobacker Stores, Inc. | OH | 4 | 198,031 | 198,031 | 1,851 | 187,753 | 4,117 | 48,933 | 461 | 48,472 | |||||||||||||||||||||||||||||
| Landmark Bancshares Corporation | MO | 1 | 3,303,464 | 482,092 | 0 | 482,092 | |||||||||||||||||||||||||||||||||
| Louisiana Power and Light Company | LA | 6 | 5,636,053 | 5,636,053 | 637,447 | 1,240,853 | 154,203 | 1,086,650 | |||||||||||||||||||||||||||||||
| Louisiana Power and Light Company | LA | 7 | 7,015,989 | 7,015,989 | 727,786 | 1,299,275 | 174,669 | 1,124,606 | |||||||||||||||||||||||||||||||
| Marsh Supermarkets, Inc. | IN | 1 | 5,001,933 | 5,001,933 | 3,229,039 | 506,300 | 131,479 | 374,821 | |||||||||||||||||||||||||||||||
| Mid-South | TN | 1 | 771,125 | (3) | 535,186 | (3) | 235,939 | ||||||||||||||||||||||||||||||||
| Montgomery Ward, Inc. | PA | 1 | 156,267 | (3) | (12,221) | (3) | 168,488 | ||||||||||||||||||||||||||||||||
5
Schedule III
Page 2
AMERICAN REAL ESTATE PARTNERS, LP
a limited partnership
REAL ESTATE OWNED AND REVENUES EARNED
| | | | | Part 1—Real Estate Owned at December 31, 2004—Accounted for Under the: | Part 2—Revenues earned for the Year Ended December 31, 2004 | |||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | Operating Method | Financing Method | | | | ||||||||||||||||||||
| | State | No. of Locations | Amount of Encumbrances | Initial Cost to Company | Cost of Improvements | Amount Carried at Clost of Period | Reserve for Depreciation | Rent Due and Accrued or Received in Advance at End of Period | Net Investment | Minimum Lease Payments Due and Accrued at End of Period | Total Revenue Applicable to Period | Expanded for Interest, Depreciation, Taxes, and Other Expenses | Net Income Applicable to Period | |||||||||||||||
| COMMERCIAL PROPERTY LAND AND BUILDING | ||||||||||||||||||||||||||||
| Montgomery Ward, Inc | NJ | 1 | 113,765 | (3) | 3,227 | (3) | 110,538 | |||||||||||||||||||||
| Morrison, Inc | AL | 1 | 0 | (3) | 44,213 | (3) | (44,213 | ) | ||||||||||||||||||||
| Morrison, Inc | GA | 1 | 91,680 | 29,053 | 62,627 | |||||||||||||||||||||||
| Morrison, Inc | VA | 1 | 904,766 | 904,766 | (2) | 32,502 | 0 | 39,460 | (39,460 | ) | ||||||||||||||||||
| Morrison, Inc | VA | 1 | 861,134 | 861,134 | 46,236 | 0 | 21,793 | (21,793 | ) | |||||||||||||||||||
| North Carolina National Bank | SC | 2 | 1,450,047 | 1,450,047 | 671,374 | 56,238 | 80,407 | (24,169 | ) | |||||||||||||||||||
| North Carolina National Bank | SC | 1 | 153,365 | 153,365 | (2) | 103,365 | 0 | 3,851 | (3,851 | ) | ||||||||||||||||||
| Occidental Petroleum Corp | CA | 1 | 0 | 38 | (38 | ) | ||||||||||||||||||||||
| Ohio Power Co. Inc | OH | 1 | 3,053,550 | 290,655 | 0 | 290,655 | ||||||||||||||||||||||
| Park West | KY | 1 | 641,691 | (3) | 428,744 | (3) | 212,947 | |||||||||||||||||||||
| Park West UPS | KY | 1 | 932,538 | (3) | 596,187 | (3) | 336,351 | |||||||||||||||||||||
| Penske Corp | OH | 1 | 0 | (3) | 65,756 | (3) | (65,756 | ) | ||||||||||||||||||||
| Pneumo Corp | OH | 1 | 1,629,713 | 1,629,713 | 123,285 | 243,750 | 54,793 | 188,957 | ||||||||||||||||||||
| Portland General Electric Company | OR | 1 | 31,096,664 | 45,903,530 | 3,984,278 | 2,526,316 | 1,457,962 | |||||||||||||||||||||
| Rayovac | WI | 1 | 14,855,137 | 22,065,852 | 22,065,852 | (2) | 2,243,143 | 2,788,657 | 1,224,533 | 1,564,124 | ||||||||||||||||||
| Safeway Stores, Inc | LA | 1 | 48,984 | (3) | 1,545 | (3) | 47,439 | |||||||||||||||||||||
| Sams | MI | 1 | 8,844,225 | 8,844,225 | (2) | 2,380,429 | 1,245,569 | 4,241 | 1,241,328 | |||||||||||||||||||
| Smith's Management Corp | NV | 1 | 0 | 810 | (810 | ) | ||||||||||||||||||||||
| Southland Corporation | FL | 4 | 862,367 | 862,367 | 516,348 | 100,359 | 3,313 | 97,046 | ||||||||||||||||||||
| Staples | NY | 1 | 136,332 | (3) | 21,304 | (3) | 115,028 | |||||||||||||||||||||
| Stone Container | WI | 1 | 5,696,064 | 9,028,574 | 9,028,574 | (2) | 1,526,831 | (75,748 | ) | 903,041 | 670,448 | 232,593 | ||||||||||||||||
| Stop & Shop | NY | 1 | 137,100 | (3) | 0 | (3) | 137,100 | |||||||||||||||||||||
| Stop & Shop | NJ | 1 | 55,565 | (3) | 45 | (3) | 55,520 | |||||||||||||||||||||
| Stop "N Shop Co., Inc | VA | 1 | 2,158,099 | 2,158,099 | 115,294 | 109,255 | 207,934 | (98,679 | ) | |||||||||||||||||||
| Super Foods Services, Inc | MI | 1 | 3,819,320 | 8,303,219 | 895,025 | 356,606 | 538,419 | |||||||||||||||||||||
| Telecom Properties, Inc | OK | 1 | 0 | 506 | (506 | ) | ||||||||||||||||||||||
| Telecom Properties, Inc | KY | 1 | 340,321 | 340,321 | 3,544 | 36,000 | 3,686 | 32,314 | ||||||||||||||||||||
| The A&P Company | MI | 1 | 0 | (3) | 72,842 | (3) | (72,842 | ) | ||||||||||||||||||||
| Tire Distribution Systems Inc | TN | 1 | 4,583 | (3) | 150 | (3) | 4,433 | |||||||||||||||||||||
| Tops Market | NY | 1 | 262,357 | 262,357 | 30,311 | (15,727 | ) | 31,453 | 6,062 | 25,391 | ||||||||||||||||||
| Toys "R" Us, Inc | TX | 1 | 0 | 5,077 | (5,077 | ) | ||||||||||||||||||||||
| Waban | NY | 1 | 261,122 | (3) | 22,972 | (3) | 238,150 | |||||||||||||||||||||
| Wetterau, Inc | PA | 1 | 400,000 | 400,000 | (2) | 0 | 44,785 | (44,785 | ) | |||||||||||||||||||
| Wetterau, Inc | NJ | 1 | 747,116 | 747,116 | 57,759 | 150,800 | 25,671 | 125,129 | ||||||||||||||||||||
| Wickes Companies, Inc | CA | 1 | 66,565 | (3) | (12,192 | )(3) | 78,757 | |||||||||||||||||||||
| RESIDENTIAL PROPERTY LAND AND BUILDING | ||||||||||||||||||||||||||||
| Crown Cliffs | AL | 1 | 6,926,225 | 11,550,899 | 112,579 | 11,663,478 | (1)(2) | 4,107,054 | 2,078,098 | 1,650,167 | 427,931 | |||||||||||||||||
| COMMERCIAL PROPERTY—LAND | ||||||||||||||||||||||||||||
| Foodarama Supermarkets, Inc | NY | 1 | 13,232 | (3) | 4,002 | (3) | 9,230 | |||||||||||||||||||||
| Foodarama Supermarkets, Inc | PA | 1 | 12,000 | (3) | 4,002 | (3) | 7,998 | |||||||||||||||||||||
| Gino's, Inc | PA | 1 | 6,751 | (3) | 4,002 | (3) | 2,749 | |||||||||||||||||||||
| Gino's, Inc | MA | 1 | 6,751 | (3) | 4,002 | (3) | 2,749 | |||||||||||||||||||||
| Gino's, Inc | NJ | 1 | 6,751 | (3) | 4,002 | (3) | 2,749 | |||||||||||||||||||||
| J.C. Penney Company, Inc | NY | 1 | 917 | (3) | 0 | (3) | 917 | |||||||||||||||||||||
6
Schedule III
Page 3
AMERICAN REAL ESTATE PARTNERS, LP
a limited partnership
REAL ESTATE OWNED AND REVENUES EARNED
| | | | | Part 1—Real Estate Owned at December 31, 2004—Accounted for Under the: | Part 2—Revenues earned for the Year Ended December 31, 2004 | |||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | Operating Method | Financing Method | | | | ||||||||||||||||||||||||||||||
| | State | No. of Locations | Amount of Encumbrances | Initial Cost to Company | Cost of Improvements | Amount Carried at Clost of Period | Reserve for Depreciation | Rent Due and Accrued or Received in Advance at End of Period | Net Investment | Minimum Lease Payments Due and Accrued at End of Period | Total Revenue Applicable to Period | Expanded for Interest, Depreciation, Taxes, and Other Expenses | Net Income Applicable to Period | |||||||||||||||||||||||||
| COMMERCIAL PROPERTY LAND AND BUILDING | ||||||||||||||||||||||||||||||||||||||
| COMMERCIAL PROPERTY—BUILDING | ||||||||||||||||||||||||||||||||||||||
| AT&T | CA | 1 | 2,569,705 | 2,830 | 2,572,535 | (2) | 82,237 | 462,931 | 153,631 | 309,300 | ||||||||||||||||||||||||||||
| Bank of America | GA | 1 | 2,581,575 | 265,158 | 23,000 | 242,158 | ||||||||||||||||||||||||||||||||
| Baptist Hospital I | TN | 1 | 614,762 | 506,345 | 108,417 | |||||||||||||||||||||||||||||||||
| Baptist Hospital 2 | TN | 1 | 228,172 | 184,120 | 44,052 | |||||||||||||||||||||||||||||||||
| Harwood Square | IL | 1 | 6,952,206 | 257,158 | 7,209,364 | (2) | 4,186,890 | 795,016 | 57,952 | 737,064 | ||||||||||||||||||||||||||||
| Safeway Stores, Inc | CA | 1 | 13,885 | (3) | 0 | (3) | 13,885 | |||||||||||||||||||||||||||||||
| Toys "R" Us, Inc | RI | 1 | 745,050 | 10,430 | 72,394 | 0 | 72,394 | |||||||||||||||||||||||||||||||
| United Life & Accident Ins. Co | NH | 1 | 2,894,284 | (43,667 | ) | 252,370 | 5,207 | 247,163 | ||||||||||||||||||||||||||||||
| Wickes Companies, Inc | PA | 1 | 2,138,678 | 527,221 | 902 | 526,319 | ||||||||||||||||||||||||||||||||
| North Moore | NY | 1 | 9,925,579 | 14,583,060 | 14,583,060 | 416,659 | (49,172 | ) | 1,122,237 | 1,110,043 | 12,194 | |||||||||||||||||||||||||||
| 91,895,527 | 119,890,855 | 14,640,582 | 134,531,437 | 27,392,745 | (181,983 | ) | 89,192,686 | (25,593 | ) | 33,514,240 | 16,644,625 | 16,869,615? | ||||||||||||||||||||||||||
| LESS HELD FOR SALE—OPERATING REAL ESTATE | (27,477,426 | ) | (74,523,721 | ) | (369,951 | ) | (74,893,672 | ) | (16,872,519 | ) | (15,657,963 | ) | (8,085,219 | ) | 57,572,744 | ) | ||||||||||||||||||||||
| 64,418,101 | 45,367,134 | 14,270,631 | 59,637,765 | 10,520,226 | (181,983 | ) | 89,192,686 | (25,593 | ) | 17,856,277 | 8,559,406 | 9,296,871 | ||||||||||||||||||||||||||
| LESS CURRENT PORTION | (3,700,000 | ) | (3,912,000 | ) | ||||||||||||||||||||||||||||||||||
| HOTEL AND RESORT OPERATING PROPERTIES | ||||||||||||||||||||||||||||||||||||||
| New Seabury | MA | 37,087,739 | 954,952 | 38,042,691 | 9,148,267 | 9,848,167 | 10,056,181 | (208,014 | ) | |||||||||||||||||||||||||||||
| Holiday Inn | FL | 1,602,255 | (3) | 1,297,717 | (3) | 304,538 | ||||||||||||||||||||||||||||||||
| Bayswater | FL | 5,310,365 | 79,105 | 5,389,470 | 719,824 | 3,002,000 | 2,618,000 | 384,000 | ||||||||||||||||||||||||||||||
| Grand Harbor | FL | 16,893,964 | 16,893,964 | 326,262 | 5,626,869 | 7,169,226 | (1,542,357 | ) | ||||||||||||||||||||||||||||||
| 0 | 42,398,104 | 17,928,021 | 60,326,125 | 10,194,353 | 0 | 0 | 0 | 20,079,291 | 21,141,124 | (1,061,833 | ) | |||||||||||||||||||||||||||
| LESS HELD FOR SALE-HOTEL AND RESORT | (3,868,700 | ) | (3,942,003 | ) | 73,303 | |||||||||||||||||||||||||||||||||
| $ | 60,718,101 | $ | 87,765,238 | $ | 32,198,652 | $ | 119,963,890 | $ | 20,714,579 | $ | (181,983 | ) | $ | 85,280,686 | $ | (25,593 | ) | $ | 34,066,868 | $ | 25,758,527 | $ | 8,308,341 | |||||||||||||||
7
AMERICAN REAL ESTATE PARTNERS, L.P. AND SUBSIDIARIES
REAL ESTATE OWNED AND REVENUES EARNED
Year Ended December 31, 2004 (in $000's)
1a. A reconciliation of the total amount at which real estate owned, accounted for under the operating method and hotel and resort operating properties, was carried at the beginning of the period, with the total at the close of the period, is shown below:
| Balance—January l, 2004 | $ | 161,158 | ||
| Additions during period | 32,866 | |||
| Reclassifications during period from financing leases | 1,919 | |||
| Write downs | (350 | ) | ||
| Reclassifications during period to assets held for sale | (74,720 | ) | ||
| Disposals during period | (909 | ) | ||
| Balance—December 31, 2004 | $ | 119,964 | ||
b. A reconciliation of the total amount of accumulated depreciation at the beginning of the period, with the total at the close of the period, is shown below:
| Balance—January 1, 2004 | $ | 43,189 | ||
| Depreciation during period | 5,274 | |||
| Disposals during period | (42 | ) | ||
| Reclassifications during period to assets held for sale | (27,706 | ) | ||
| Balance—December 31, 2004 | $ | 20,715 | ||
Depreciation on properties accounted for under the operating method is computed using the straight-line method over the estimated life of the particular property or property components, which range from 20 to 45 years.
2. A reconciliation of the total amount at which real estate owned, accounted for under the financing method, was carried at the beginning of the period, with the total at the close of the period, is shown below:
| Balance—January l, 2004 | $ | 137,356 | ||
| Reclassifications during period to operating properties | (1,919 | ) | ||
| Disposals during period | (42,044 | ) | ||
| Amortization of unearned income | 9,880 | |||
| Minimum lease rentals received | (14,080 | ) | ||
| Balance—December 31, 2004 | $ | 89,193 | ||
3. The aggregate cost of real estate owned for Federal income tax purposes is $209,193 before accumulated depreciation.
8
4. Net income applicable to the period in Schedule III is reconciled with net earnings as follows:
| Net income applicable to financing and operating leases and hotel and resort operating properties | $ | 8,308 | |||
| Net income applicable to hotel and casino operations | 36,649 | (1) | |||
| Net income applicable to land, house and condominium sales | 6,355 | ||||
| Net income applicable to oil and gas operations | 28,186 | (2) | |||
| Add: | |||||
| Interest income on U.S. Government and Agency Obligations and other investments | 44,418 | ||||
| Dividend and unallocated other income | 3,133 | ||||
| 127,049 | |||||
| Deduct expenses not allocated: | |||||
| General and administrative expenses | 9,806 | ||||
| Non-mortgage interest expense | 37,195 | ||||
| Other | 7,974 | ||||
| 54,975 | |||||
| Operating income after income taxes | 72,074 | ||||
| Gain on sale of marketable equity and debt securities | 40,159 | ||||
| Gain on sale of real estate | 5,262 | ||||
| Impairment loss on equity interest in GB Holdings, Inc | (15,600 | ) | |||
| Unrealized losses in securities sold sort | (23,619 | ) | |||
| Income from continuing operations | 78,276 | ||||
| Discontinued Operations: | |||||
| Total Income from discontinued operations | 82,697 | ||||
| Net Earnings | $ | 160,973 | |||
9
AMERICAN REAL ESTATE PARTNERS, L.P. AND SUBSIDIARIES
REAL ESTATE OWNED AND REVENUES EARNED
Year Ended December 31, 2003 (in $000's)
1a. A reconciliation of the total amount at which real estate owned, accounted for under the operating method and hotel and resort operating properties was carried at the beginning of the period, with the total at the close of the period, is shown below:
| Balance—January 1, 2003 | $ | 303,460 | ||
| Additions during period | 1,675 | |||
| Reclassifications during period from financing leases | 5,065 | |||
| Reclassifications during period to held for sale | (146,416 | ) | ||
| Disposals during period | (2,626 | ) | ||
| Balance December 31, 2003 | $ | 161,158 | ||
b. A reconciliation of the total amount of accumulated depreciation at the beginning of the period, with the total at the close of the period, is shown below:
| Balance—January 1, 2003 | $ | 54,978 | ||
| Depreciation during period | 8,605 | |||
| Reclassifications during period to held for sale | (20,153 | ) | ||
| Disposals during period | (241 | ) | ||
| Balance—December 31, 2003 | $ | 43,189 | ||
Depreciation on properties accounted for under the operating method is computed using the straight-line method over the estimated useful life of the particular property or property components, which range from 5 to 45 years.
2. A reconciliation of the total amount at which real estate owned, accounted for under the financing method, was carried at the beginning of the period, with the total close of the period, is shown below:
| Balance—January 1, 2003 | $ | 155,458 | ||
| Reclassifications during period to operating properties | (5,065 | ) | ||
| Disposals during period | (7,708 | ) | ||
| Amortization of unearned income | 13,115 | |||
| Minimum lease rentals received | (18,444 | ) | ||
| Balance—December 31, 2003 | $ | 137,356 | ||
3. The aggregate cost of real estate owned for Federal income tax purposes is $377,539 before accumulated depreciation.
10
4. Net income applicable to the period in Schedule III is reconciled with net earnings as follows:
| Net income applicable to financing and operating leases and hotel and resort operating properties | $ | 12,397 | |||
| Net income applicable to hotel and casino operations | 24,064 | (1) | |||
| Net income applicable to land, house and condominium sales | 4,136 | ||||
| Net income applicable to NEG, Inc. | 19,522 | (2) | |||
Add: | |||||
| Interest income on U.S. Government and Agency Obligations and other investments | 22,583 | ||||
| Dividend and unallocated other income | 3,061 | ||||
| 85,763 | |||||
Deduct expenses not allocated: | |||||
| General and administrative expenses | 6,850 | ||||
| Nonmortgage interest expense | 2,449 | ||||
| Other | 5,912 | ||||
| 15,211 | |||||
| Operating income after income taxes | 70,552 | ||||
| Gain on sale of real estate | 7,121 | ||||
| Write down of marketable equity and debt securities and other investments | (19,759 | ) | |||
| Loss on sale of other assets | (1,503 | ) | |||
| Gain on sale of marketable equity and debt securities | 2,607 | ||||
| Income from continuing operations | 59,018 | ||||
| Total income from discontinued operations | 11,006 | ||||
| Net earnings | $ | 70,024 | |||
11
1a. A reconciliation of the total amount at which real estate owned, accounted for under the operating method and hotel and resort operating properties, was carried at the beginning of the period, with the total at the close of the period, is shown below:
| Balance—January 1, 2002 | $ | 273,887 | ||
| Additions during period | 20,886 | |||
| Reclassifications during period from financing leases | 13,503 | |||
| Write downs | (l,992 | ) | ||
| Disposals during period | (2,824 | ) | ||
| Balance—December 31, 2002 | $ | 303,460 | ||
b. A reconciliation of the total amount of accumulated depreciation at the beginning of the period, with the total at the close of the period, is shown below:
| Balance—January 1, 2002 | $ | 48,057 | ||
| Depreciation during period | 7,105 | |||
| Disposals during period | (184 | ) | ||
| Balance—December 31, 2002 | $ | 54,978 | ||
Depreciation on properties accounted for under the operating method is computed using the straight-line method over the estimated useful life of the particular property or property components, which range from 7 to 45 years.
2. A reconciliation of the total amount at which real estate owned, accounted for under the financing method, was carried at the beginning of the period, with the total close of the period, is shown below:
| Balance—January 1, 2002 | $ | 176,757 | ||
| Reclassification during period | (13,503 | ) | ||
| Write downs | (257 | ) | ||
| Disposals during period | (1,560 | ) | ||
| Amortization of unearned income | 14,722 | |||
| Minimum lease rentals received | (20,663 | ) | ||
| Other | (38 | ) | ||
| Balance—December 31, 2002 | $ | 155,458 | ||
3. The aggregate cost of real estate owned for Federal income tax purposes is $382,208 before accumulated depreciation.
12
4. Net income applicable to the period in Schedule III is reconciled with net earnings as follows:
| Net income applicable to financing and operating leases and hotel and resort operating properties | $ | 13,198 | |||
| Net income applicable to hotel and casino operations | 6,845 | (1) | |||
| Net income applicable to land, house and condominium sales | 20,384 | ||||
| Net income applicable to NEG Inc. | 9,415 | (2) | |||
| Add: | |||||
| Interest income on U.S. Government and Agency Obligations and other investments | 30,569 | ||||
| Dividend and unallocated other income | 2,720 | ||||
| 83,131 | |||||
Deduct expenses not allocated: | |||||
| General and administrative expenses | 7,029 | ||||
| Non-mortgage interest expense | 5,306 | ||||
| Other | 1,505 | ||||
| 13,840 | |||||
| Operating income after income taxes | 69,291 | ||||
| Gain on sale of real estate | 8,990 | ||||
| Write down of equity securities | (8,476 | ) | |||
| Loss on sale of other assets | (353 | ) | |||
| Loss on limited partnership interests | (3,750 | ) | |||
| Minority interest in net earnings of Stratosphere Corporation | (1,943 | ) | |||
| Income from continuing operations | 63,759 | ||||
| Total income from discontinued operations | 6,937 | ||||
| Net earnings | $ | 70,696 | |||
13
AMERICAN REAL ESTATE PARTNERS, L.P. AND SUBSIDIARIES
REAL ESTATE OWNED AND RESERVED FOR DEPRECIATION BY STATE
(Accounted for Under the Operating Method)
December 31, 2004 (in 000's)
| State | Amount at Which Carried at Close of Year | Reserve for Depreciation | ||||
|---|---|---|---|---|---|---|
| Florida | $ | 24,057 | $ | 1,606 | ||
| Illinois | 600 | 32 | ||||
| Indiana | 5,002 | 3,229 | ||||
| Kentucky | 989 | 527 | ||||
| Louisiana | 12,621 | 1,365 | ||||
| Massachusetts | 44,310 | 11,444 | ||||
| Michigan | 112 | 0 | ||||
| Minnesota | 339 | 173 | ||||
| Missouri | 415 | 17 | ||||
| New Jersey | 747 | 58 | ||||
| New York | 15,751 | 551 | ||||
| North Carolina | 3,464 | 459 | ||||
| Ohio | 2,142 | 151 | ||||
| South Carolina | 1,450 | 671 | ||||
| Virginia | 6,046 | 419 | ||||
| West Virginia | 1,919 | 13 | ||||
| $ | 119,964 | $ | 20,715 | |||
14
AMERICAN REAL ESTATE PARTNERS, L.P. AND SUBSIDIARIES
REAL ESTATE OWNED BY STATE
(Accounted for Under the Financing Method)
December 31, 2004 (in $000's)
| State | Net Investment | ||
|---|---|---|---|
| Connecticut | $ | 18,938 | |
| Georgia | 2,583 | ||
| Iowa | 973 | ||
| Kentucky | 64 | ||
| Michigan | 8,410 | ||
| Missouri | 3,303 | ||
| New Hampshire | 2,894 | ||
| Ohio | 3,241 | ||
| Oregon | 45,903 | ||
| Pennsylvania | 2,139 | ||
| Rhode Island | 745 | ||
| $ | 89,193 | ||
15
AMERICAN REAL ESTATE PARTNERS, L.P. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(AMOUNTS IN THOUSANDS)
| | Years Ended December 31, | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | 2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||
| Income from continuing operations before income taxes, income or loss from equity investees and minority interest | $ | 96,129 | $ | 60,145 | $ | 74,923 | $ | 71,169 | $ | 77,502 | ||||||
| Fixed Charges: | ||||||||||||||||
| Interest Expense | $ | 46,099 | $ | 21,103 | $ | 27,297 | 36,577 | $ | 20,057 | |||||||
| Amortized capitalized expenses related to indebtedness | $ | 2,400 | $ | 320 | $ | 191 | $ | 178 | $ | 222 | ||||||
| Estimated interest within rental expense | $ | 128 | $ | 122 | $ | 124 | $ | 103 | $ | 100 | ||||||
| Earnings as defined | $ | 144,756 | $ | 81,690 | $ | 102,535 | $ | 108,027 | $ | 97,881 | ||||||
| Fixed Charges (including capitalized terms): | ||||||||||||||||
| Interest Expense | $ | 46,099 | $ | 21,103 | $ | 27,297 | $ | 36,577 | $ | 20,057 | ||||||
| Amortized capitalized expense related to indebtness | $ | 2,400 | $ | 320 | $ | 191 | $ | 178 | $ | 222 | ||||||
| Estimated interest within rental expense | $ | 128 | $ | 122 | $ | 124 | $ | 103 | $ | 100 | ||||||
| Fixed charges as defined | $ | 48,627 | $ | 21,545 | $ | 27,612 | $ | 36,858 | $ | 20,379 | ||||||
| Ratio of earnings to fixed charges | 3.0 | 3.8 | 3.7 | 2.9 | 4.8 | |||||||||||
