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EXHIBIT 99.1
FIRST UNION REAL ESTATE EQUITY and MORTGAGE INVESTMENTS
Pro Forma Combined Balance Sheets as of September 30, 1999
(in thousands)
St. Cloud Sold Southwestern
September 30, 1999 Refinancing Retail Properties
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ASSETS
Investments in real estate
Land $ 97,854 (38,070)
Buildings and improvements 428,059 (156,471)
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525,913 -- (194,541)
Less - Accumulated depreciation (82,056) 9,336
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Total investments in real estate 443,857 -- (185,205)
Investment in joint venture 1,704
Mortgage loans and notes receivable 8,426
Other assets
Cash and cash equivalents - unrestricted 49,120 28,611 32,706
- restricted 29,254 (11,091)
Accounts receivable and prepayments 10,942
Inventory 3,438
Goodwill, net 43,982
Management and lease agreements, net 735
Deferred charges and other, net 3,227 (341)
Unamortized debt issue costs 5,253 974 (2,568)
Other 5,064
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Total assets $ 605,002 29,585 (166,499)
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LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Mortgage loans $ 326,825 29,585 (160,992)
Notes payable 125
Senior notes 12,538
Bank loans 21,394
Accounts payable and accrued liabilities 33,725
Deferred obligations 10,585
Deferred income 1,967
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Total liabilities 407,159 29,585 (160,992)
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Minority interest 436 -
Shareholders' equity
Preferred shares of beneficial interest,
$25 liquidation preference,
2,300,000 shares authorized
and 1,349,000 outstanding 31,737
Shares of beneficial interest, $1 par,
unlimited authorization, outstanding 42,477
Paid-in capital 125,148 (5,507)
Foreign currency translation adjustment (1,955)
----------------- ------------------ ----------------
Total shareholders' equity 197,407 (5,507)
----------------- ------------------ ----------------
$ 605,002 29,585 (166,499)
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Repayment
of Impark
Bank Debt and
Impark and Canadian Cash Contributed
Real Estate by Registrant September 30, 1999
Subsidiaries Ventek to Impark Pro Forma
----------------- ----------------- ----------------- ------------------
ASSETS
Investments in real estate
Land (7,012) $ 52,772
Buildings and improvements (1,695) 269,893
--------------- ----------------- ----------------- -----------------
(8,707) -- -- 322,665
Less - Accumulated depreciation 103 (72,617)
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Total investments in real estate (8,604) -- -- 250,048
Investment in joint venture 1,704
Mortgage loans and notes receivable (2,962) 5,464
Other assets
Cash and cash equivalents - unrestricted (2,633) 38 (20,000) 87,842
- restricted (15,000) 3,163
Accounts receivable and prepayments (6,636) 1,172 5,478
Inventory (3,438) 2,498 2,498
Goodwill, net (43,982) --
Management and lease agreements, net (735) --
Deferred charges and other, net 2,886
Unamortized debt issue costs (34) 3,625
Other (5,064) 243 243
---------------- ----------------- ----------------- -----------------
Total assets (74,088) 3,951 (35,000) $ 362,951
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LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Mortgage loans $ 195,418
Notes payable 125
Senior notes 12,538
Bank loans (21,394) --
Accounts payable and accrued liabilities (18,923) 675 15,477
Deferred obligations 10,585
Deferred income (958) 1,009
---------------- ----------------- ----------------- -----------------
Total liabilities (41,275) 675 0 235,152
---------------- ----------------- ----------------- -----------------
Minority interest (436) -- --
Shareholders' equity
Preferred shares of beneficial interest,
$25 liquidation preference,
2,300,000 shares authorized
and 1,349,000 outstanding 31,737
Shares of beneficial interest, $1 par,
unlimited authorization, outstanding 42,477
Paid-in capital (34,332) 3,276 (35,000) 53,585
Foreign currency translation adjustment 1,955 -
---------------- ----------------- ----------------- -----------------
Total shareholders' equity (32,377) 3,276 (35,000) 127,799
---------------- ----------------- ----------------- -----------------
(74,088) 3,951 (35,000) $ 362,951
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