1
Exhibit 99.4
FIRST UNION REAL ESTATE EQUITY AND MORTGAGE INVESTMENTS
PRO FORMA COMBINED STATEMENT OF OPERATIONS
For the Year Ended December 31, 1999
(In thousands, except per share data)
Pro Forma Adjustments
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Properties sold
prior to Sale of Spinoff of
Historical December 31, 1999 Crossroads (1) Imperial (2)
---------- ----------------- -------------- ------------
Revenues
Rents $ 109,839 $(53,647) $(11,378)
Sales 6,643
Interest - Mortgage loans 463
- Short-term investments 2,649 (567) (7) (1,950)
Equity in income from joint venture 64
Management fees 332
Other income 784
--------- -------- -------- -------
120,774 (54,214) (11,385) (1,950)
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Expenses
Property operating 36,224 (21,342) (1,844)
Cost of goods sold 8,670
Real estate taxes 9,937 (3,709) (1,987)
Depreciation and amortization 25,331 (11,283) (1,691)
Interest - Mortgage loans 28,264 (11,221) (4,327)
- Notes payable 4,232 (4,193)
- Senior notes 1,113
- Bank loans and other 4,833 (3,253)
General and administrative 14,664
Unrealized loss on carrying value of assets
identified for disposition and impaired assets 9,800
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143,068 (55,001) (9,849) --
--------- -------- -------- -------
Loss before capital gain, extraordinary loss,
discontinued operations and preferred dividend $ (22,294) $ 787 $ (1,536) $(1,950)
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Per share data
Basic weighted average shares 38,827
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Diluted weighted average shares 38,836
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Loss before capital gain, extraordinary loss, discontinued
operations and preferred dividend, basic and diluted $ (0.57)
=========
Pro Forma Adjustments
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Sale of
Sale of Sale of Properties
Temple Mall (3) Huntington (4) to Radiant (5) Pro Forma
---------------- -------------- -------------- ---------
Revenues
Rents $ (2,231) $(29,812) $ 12,771
Sales 6,643
Interest - Mortgage loans 463
- Short-term investments (87) 38
Equity in income from joint venture (64) --
Management fees 332
Other income 784
------- -------- -------- --------
(64) (2,231) (29,899) 21,031
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Expenses
Property operating (78) (8,574) 4,386
Cost of goods sold 8,670
Real estate taxes (356) (3,068) 817
Depreciation and amortization (242) (7,742) 4,373
Interest - Mortgage loans (690) (9,074) 2,952
- Notes payable 39
- Senior notes 1,113
- Bank loans and other 1,580
General and administrative 14,664
Unrealized loss on carrying value of assets
identified for disposition and impaired assets 9,800
------- -------- -------- --------
-- (1,366) (28,458) 48,394
------- -------- -------- --------
Loss before capital gain, extraordinary loss,
discontinued operations and preferred dividend $ (64) $ (865) $ (1,441) $(27,363)
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Per share data
Basic weighted average shares 38,827
========
Diluted weighted average shares 38,836
========
Loss before capital gain, extraordinary loss, discontinued
operations and preferred dividend, basic and diluted $ (0.70)
========
1) Crossroads was sold in April 2000.
2) Spinoff of Imperial was in March 2000.
3) Temple Mall was sold in August 2000.
4) Huntington Garage was sold in December 2000.
5) The sale of properties to Radiant was in March 2001.