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Exhibit 99.2
FIRST UNION REAL ESTATE INVESTMENTS
PROFORMA COMBINED STATEMENT OF OPERATIONS
For the Three Months Ended March 31, 1999
(in thousands)
Three months ended
Three months ended March 31, 1999
REVENUES March 31, 1999 Adjustments Proforma
------------------ ----------- ------------------
Rents $ 78,879 $ 7,079 $ 71,800
Interest - Mortgage loans 115 115
- Short-term investments 234 234
- Investments
Joint venture income and fees 104 104
Other 81 81
-------- -------- --------
79,413 7,079 72,334
-------- -------- --------
EXPENSES
Property operating 55,386 2,688 52,698
Real estate taxes 3,160 533 2,627
Depreciation and amortization 9,489 1,381 8,108
Interest- Mortgages 7,252 810 6,442
Senior notes 278 278
Bank loans 3,105 1,288 1,817
Notes payable 2,539 885 1,654
General and administrative 3,723 52 3,671
Foreign currency gain (333) (333)
-------- -------- --------
84,599 7,637 76,962
-------- -------- --------
NET LOSS BEFORE EXTRAORDINARY LOSS AND CAPITAL GAINS $ (5,186) $ 558 $ (4,628)
-------- -------- --------
Preferred Dividend (708) (708)
-------- -------- --------
Net loss before extraordinary loss and capital gains $ (5,894) $ 558 $ (5,336)
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Per share data
NET LOSS BEFORE EXTRAORDINARY LOSS AND CAPITAL GAINS,
BASIC AND DILUTED $ (0.19) $ (0.17)
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Adjusted shares of benificial interest, basic 31,376 31,376
Adjusted shares of benificial interest, diluted 31,376 31,376
The accompanying notes are an integral part of these statements