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EXHIBIT 99.1
FIRST UNION REAL ESTATE EQUITY AND MORTGAGE INVESTMENTS
PRO FORMA COMBINED BALANCE SHEET AS OF JUNE 30, 1999
(IN THOUSANDS)
Adjustments
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Mountaineer Sale of Six Repayment of
and Fairgrounds Southwestern Park Plaza Pro Forma
June 30, 1999 Mall Sales Malls Mortgage Debt June 30, 1999
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ASSETS
Investments in real estate
Land $ 101,800 $ (3,984) $ (38,069) $ 59,747
Buildings and improvements 482,717 (58,345) (156,025) 268,347
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584,517 (62,329) (194,094) -- 328,094
Less - Accumulated depreciation (105,632) 27,492 8,142 (69,998)
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Total investments in real estate 478,885 (34,837) (185,952) -- 258,096
Investment in joint venture 1,749 1,749
Mortgage loans and notes receivable 8,428 8,428
Other assets
Cash and cash equivalents - unrestricted 19,912 18,147 83,047 $(51,151) 69,955
- restricted 16,138 (11,821) 4,317
Accounts receivable and prepayments 8,872 (142) (162) 8,568
Inventory 2,513 2,513
Goodwill, net 43,852 43,852
Management and lease agreements, net 706 706
Deferred charges and other, net 5,986 (93) 5,893
Unamortized debt issue costs 4,142 (97) (2,048) (607) 1,390
Other 6,641 6,641
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Total assets $ 597,824 $(17,022) $(116,936) $(51,758) $ 412,108
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LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Mortgage loans $ 294,148 $ (3,619) $(115,225) $(46,151) $ 129,153
Notes payable 12,308 (12,181) 127
Senior notes 12,538 12,538
Bank loans 22,650 22,650
Accounts payable and accrued liabilities 35,519 (1,222) (1,711) 32,586
Deferred obligations 10,591 10,591
Deferred capital gains and other 2,285 2,285
deferred income
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Total liabilities 390,039 (17,022) (116,936) (46,151) 209,930
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Minority interest 460 460
Shareholders' equity
Preferred shares of beneficial interest,
$25 liquidation preference,
2,300,000 shares authorized and
1,349,000 outstanding 31,737 31,737
Shares of beneficial interest, $1 par,
unlimited authorization, outstanding 43,943 43,943
Paid-in capital 133,631 (5,607) 128,024
Foreign currency translation adjustment (1,986) (1,986)
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Total shareholders' equity 207,325 -- -- (5,607) 201,718
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$ 597,824 $(17,022) $(116,936) $(51,758) $ 412,108
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The accompanying notes are an integral part of these statements.