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EXHIBIT 99.3
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VININGS INVESTMENT PROPERTIES TRUST
AND SUBSIDIARIES
PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE FIVE MONTHS ENDED MAY 31, 1996
(UNAUDITED)
PRO FORMA
HISTORICAL ACQUISITION PRO FORMA
MAY 31, 1996 ADJUSTMENTS MAY 31, 1996
REVENUES
RENTAL REVENUES $354,276 $706,903(B) $1,061,178
OTHER PROPERTY REVENUES 51,443 18,601(B) 70,044
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TOTAL PROPERTY REVENUES 405,719 725,504 1,131,222
INTEREST INCOME 91,805 -- 91,805
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TOTAL REVENUES 497,524 725,504 1,223,027
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EXPENSES
PROPERTY OPERATING EXPENSES 86,583 314,939(B) 401,522
DEPRECIATION AND AMORTIZATION 34,362 91,614(E) 125,976
INTEREST EXPENSE -- 332,032(F) 332,032
PROFESSIONAL FEES 711,276 -- 711,276
GENERAL & ADMINISTRATIVE 82,970 -- 82,970
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TOTAL EXPENSES 915,191 738,585 1,653,776
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INCOME/(LOSS) BEFORE LOSS ON
REAL ESTATE INVESTMENT (417,667) (13,081) (430,749)
LOSS ON REAL ESTATE INVESTMENT (26,800) -- (26,800)
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NET INCOME ($444,467) ($13,081) ($457,549)
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WEIGHTED AVERAGE NUMBER OF SHARES
OUTSTANDING 8,645,000 -- 8,645,000
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PER SHARE INFORMATION:
INCOME BEFORE LOSS ON REAL ESTATE
INVESTMENTS ($0.05) ($0.05)
LOSS ON REAL ESTATE INVESTMENTS (0.00) (0.00)
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NET INCOME ($0.05) ($0.05)
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VININGS INVESTMENT PROPERTIES TRUST
NOTES TO PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS
MAY 31, 1996
(UNAUDITED)
(A) The Unaudited Pro Forma Consolidated Balance Sheet is presented as if the
June 28, 1996 acquisition of The Thicket Apartments had occurred as of May
31, 1996.
(B) The Unaudited Pro Forma Consolidated Statement of Operations reflects
rental revenues, other property revenues and property operating and
maintenance expenses for The Thicket Apartments for the five month period
ended May 31, 1996. In management's opinion, all adjustments necessary to
present fairly the effects of the acquisition have been made.
(C) Cash - Escrows of $231,633 represents mortgage escrows established at
closing asfollows:
Tax & Insurance Escrow $ 114,841
Repair Escrow 111,500
Replacement Reserve Escrow 5,292
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$ 231,633
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(D) Accrued liabilities represents real estate tax and prorated rent
liabilities assumed at closing.
(E) Depreciation expense is reflected for the five month period based on the
costs associated with the acquisition of the property. Loan costs have
been amortized over the life of the loan obtained in connection with the
acquisition. The expense is shown for the five months ended May 31, 1996.
(F) Interest expense is associated with the mortgage note which was obtained
in connection with the acquisition an with borrowings under a secured line
of credit used in the acquisition. The expense is shown for the five
months ended May 31, 1996.
(G) The Unaudited Pro Forma Consolidated Financial Statements are not
necessarily indicative of what the actual financial position of the Trust
would have been at May 31, 1996 nor do they purport to present the future
financial position of the Trust