EXHIBIT 99.1
RECONCILIATION OF INCOME FROM CONTINUING OPERATIONS BEFORE
TAXES AND MINORITY INTEREST TO EBITDA BY SEGMENT
(IN MILLIONS)
COMMU-
NITY RESI-
RESI- DENTIAL COMMER-
DENTIAL REAL CIAL TRANS- ST. HOS- CORPO- CON-
REAL ESTATE REAL PORTA- FOR- JOE PITA- RATE SOLIDA-
ESTATE SERVICES ESTATE TION ESTRY LAND LITY & OTHER ATED
------- -------- ------ ---- ----- ----- ---- ------- ------
FOR THE YEAR ENDED DECEMBER 31, 2002
PRETAX INCOME FROM CONTINUING OPERATIONS $72.7 $ -- $ 2.0 $(3.6) $ 8.0 $68.1 $(0.6) $ 95.5 $242.1
Plus:
Discontinued operations -- 3.7 0.4 4.1
Depreciation & amortization 4.4 1.1 10.2 1.6 4.1 0.2 0.1 2.2 23.9
Interest expense 6.6 0.2 7.5 -- 0.1 -- -- 9.3 23.7
Other -- -- -- 0.6 -- -- -- 2.0 2.6
Less:
(Gain)loss on derivatives valuation -- -- -- -- -- -- -- 0.9 0.9
Gain on derivatives sales -- -- -- -- -- -- -- (132.9) (132.9)
(Gain) loss on sales of other assets -- -- -- 0.1 -- -- -- 0.1 0.2
Minority interest (1.3) -- (0.2) -- -- -- -- -- (1.5)
----- ----- ----- ---- ----- ----- ---- ------ ------
EBITDA $82.4 $ 5.0 $19.9 $(1.3) $12.2 $68.3 $(0.5) $(22.9) $163.1
===== ===== ===== ==== ===== ===== ==== ====== ======
FOR THE YEAR ENDED DECEMBER 31, 2001
PRETAX INCOME FROM CONTINUING OPERATIONS $48.5 $ -- $ 5.0 $(3.3) $ 9.0 $63.8 $0.1 $(28.0) $ 95.1
Plus:
Discontinued operations -- 17.9 0.1 -- -- -- -- -- 18.0
Depreciation & amortization 2.0 8.3 9.9 1.5 3.9 0.1 0.1 3.8 29.6
Interest expense 4.1 0.7 3.7 -- 0.1 -- -- 13.5 22.1
Other -- -- -- -- -- -- -- 2.0 2.0
Less:
(Gain)loss on derivatives valuation -- -- -- -- -- -- -- (4.0) (4.0)
Gain on derivatives sales -- -- -- -- -- -- -- -- --
(Gain) loss on sales of other assets -- 0.1 (0.1) -- -- -- -- -- --
Minority interest (0.6) -- ( --) -- -- -- -- -- (0.6)
----- ----- ----- ---- ----- ----- ---- ------ ------
EBITDA $54.0 $27.0 $18.6 $(1.8) $13.0 $63.9 $0.2 $(12.7) $162.2
===== ===== ===== ==== ===== ===== ==== ====== ======
EBITDA is defined as earnings before interest expense, income taxes,
depreciation and amortization and is net of the effects of minority interests.
EBITDA excludes gains from the sale of discontinued operations except for gains
(losses) for sales of assets which are classified as discontinued operations
under the provisions of FAS 144 and are sold in the normal course of business.
EBITDA also excludes gains on sales of non-strategic lands and other assets.
COMMU-
NITY RESI-
RESI- DENTIAL COMMER-
DENTIAL REAL CIAL TRANS- ST. HOS- CORPO- CON-
REAL ESTATE REAL PORTA- FOR- JOE PITA- RATE SOLIDA-
ESTATE SERVICES ESTATE TION ESTRY LAND LITY & OTHER ATED
------- -------- ------ ---- ----- ----- ---- ------- ------
FOR THE QUARTER ENDED DECEMBER 31, 2002
PRETAX INCOME FROM CONTINUING OPERATIONS $19.7 $ -- $ 4.5 $(0.7) $ 2.0 $30.7 $(0.4) $ 29.5 $ 85.3
Plus:
Discontinued operations -- -- -- -- -- -- -- --
Depreciation & amortization 1.5 -- 3.0 0.5 1.0 -- -- 0.5 6.5
Interest expense 2.7 -- 2.1 -- -- -- -- 1.2 6.0
Other -- -- -- -- -- -- -- 0.5 0.5
Less:
(Gain)loss on derivatives valuation -- -- -- -- -- -- -- (0.1) (0.1)
Gain on derivatives sales -- -- -- -- -- -- -- (38.2) (38.2)
(Gain) loss on sales of other assets -- -- -- -- 0.2 -- -- 0.4 0.6
Minority interest (0.4) -- -- -- -- -- -- -- (0.4)
----- ----- ----- ---- ----- ----- ---- ------ ------
EBITDA $23.5 $ -- $ 9.6 $(0.2) $ 3.2 $30.7 $(0.4) $ (6.2) $ 60.2
===== ===== ===== ==== ===== ===== ==== ====== ======
FOR THE QUARTER ENDED DECEMBER 31, 2001
PRETAX INCOME FROM CONTINUING OPERATIONS $16.8 $ -- $ 3.3 $(0.9) $ 1.3 $12.4 $ -- $ (7.1) $ 25.8
Plus:
Discontinued operations -- 4.5 -- -- -- -- -- -- 4.5
Depreciation & amortization 1.1 2.0 2.4 0.4 1.1 -- -- 1.0 8.0
Interest expense 1.1 0.2 1.8 -- -- -- -- 3.8 6.9
Other -- -- -- -- -- -- -- 0.5 0.5
Less:
(Gain)loss on derivatives valuation -- -- -- -- -- -- -- (0.5) (0.5)
Gain on derivatives sales -- -- -- -- -- -- -- -- --
(Gain) loss on sales of other assets -- -- -- -- -- -- -- 0.1 0.1
Minority interest (0.7) -- -- -- -- -- -- -- (0.7)
----- ----- ----- ---- ----- ----- ---- ------ ------
EBITDA $18.3 $ 6.7 $ 7.5 $(0.5) $ 2.4 $12.4 $ -- $ (2.2) $ 44.6
===== ===== ===== ==== ===== ===== ==== ====== ======
EBITDA is defined as earnings before interest expense, income taxes,
depreciation and amortization and is net of the effects of minority interests.
EBITDA excludes gains from the sale of discontinued operations except for gains
(losses) for sales of assets which are classified as discontinued operations
under the provisions of FAS 144 and are sold in the normal course of business.
EBITDA also excludes gains on sales of non-strategic lands and other assets.