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EXHIBIT 99.3
FIRST UNION REAL ESTATE EQUITY AND MORTGAGE INVESTMENTS
Pro Forma Combined Statements of Income
For the twelve months Ended December 31, 1998
Unaudited
Properties sold
First Union prior to St. Cloud Sold Southwestern
(Historical) September 30, 1999 Refinancing Retail Properties
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REVENUES
Rents $ 320,592 (47,931) (37,095)
Interest - Mortgage loans 1,211
- Short-term investments 1,337
- Investments 302
Joint venture income and fees 501
Other 583
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324,526 (47,931) -- (37,095)
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EXPENSES
Property operating 223,667 (16,521) (14,395)
Real estate taxes 12,453 (4,834) (1,965)
Depreciation and amortization 33,389 (11,760) (4,737)
Interest-mortgages 29,032 (4,037) 4,435 (13,731)
- Notes payable 3,757 (3,757)
- Senior notes 5,856 (4,765)
- Bank loans and other 12,214 (7,938)
General and administrative 37,577 (150) (411)
Realized currency loss 2,198
Litigation and Proxy expenses 4,848
Unrealized loss on carrying value
of assets held for disposition 51,000 9,000
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415,991 (53,762) 4,435 (26,239)
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INCOME/(LOSS) BEFORE CAPITAL GAIN, EXTRAORDINARY LOSS
AND PREFERRED DIVIDEND $ (91,465) 5,831 (4,435) (10,856)
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Per share data
LOSS BEFORE CAPITAL GAIN, EXTRAORDINARY LOSS
AND PREFERRED DIVIDEND, BASIC AND DILUTED $ (2.97)
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Adjusted shares of beneficial interest,basic 30,772
Adjusted shares of beneficial interest, diluted 31,015
Repayment
of Impark
Bank Debt and
Impark and Canadian Cash Contributed
Real Estate by Registrant
Subsidiaries Ventek to Impark Pro Forma
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REVENUES
Rents (181,634) 5,170 $ 59,102
Interest - Mortgage loans 1,211
- Short-term investments (1,337) --
- Investments 302
Joint venture income and fees 501
Other 583
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(181,634) 5,170 (1,337) 61,699
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EXPENSES
Property operating (175,702) 7,008 24,057
Real estate taxes 5,654
Depreciation and amortization (5,832) 46 11,106
Interest-mortgages 15,699
- Notes payable --
- Senior notes 1,091
- Bank loans and other (2,684) 23 1,615
General and administrative (9,497) 27,519
Realized currency loss (2,198) --
Litigation and Proxy expenses 4,848
Unrealized loss on carrying value --
of assets held for disposition 60,000
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(195,913) 7,077 -- 151,589
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INCOME/(LOSS) BEFORE CAPITAL GAIN, EXTRAORDINARY LOSS
AND PREFERRED DIVIDEND 14,279 (1,907) (1,337) $ (89,890)
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Per share data
LOSS BEFORE CAPITAL GAIN, EXTRAORDINARY LOSS
AND PREFERRED DIVIDEND, BASIC AND DILUTED $ (2.92)
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Adjusted shares of beneficial interest,basic 30,772
Adjusted shares of beneficial interest, diluted 31,015