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Exhibit 99.5
GABLES REALTY LIMITED PARTNERSHIP
Pro Forma Consolidated Statements of Operations
(Unaudited and amounts in thousands, except per Unit amounts)
The unaudited consolidated statements of operations are presented as if Gables
Realty Limited Partnership acquired Wood Mill Apartments, Jefferson Forest
Apartments, Jefferson at Vinings Apartments, and The Crescent Apartments as of
the beginning of each period presented. In management's opinion, all adjustments
necessary to present fairly the effects of the property acquisitions have been
made.
The unaudited pro forma consolidated statements of operations are not
necessarily indicative of what the actual results of operations of Gables Realty
Limited Partnership would have been assuming it had acquired the properties as
of the beginning of each period presented, nor do they purport to represent the
results of operations for future periods.
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GABLES REALTY LIMITED PARTNERSHIP
PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30,1997
(UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER UNIT AMOUNTS)
Jefferson Jefferson The Additional
Company Wood Mill Forest at Vinings Crescent Pro Forma Company
Historical Apartments Apartments Apartments Apartments Adjustments Pro Forma
---------- ---------- ---------- ---------- ---------- ----------- ---------
(A) (A) (A) (A)
Rental revenues ................................... $94,293 $1,439 $2,155 $2,233 $2,328 $ -- $102,448
Other property revenues .......................... 4,612 74 127 74 55 4,942
------- ------- ------- ------- ------- ------- --------
Total property revenues ...................... 98,905 1,513 2,282 2,307 2,383 107,390
------- ------- ------- ------- ------- ------- --------
Property management revenues ...................... 2,299 (72)(B) 2,227
Other ............................................. 1,662 1,662
------- ------- ------- ------- ------- ------- --------
Total other revenues ......................... 3,961 (72) 3,889
------- ------- ------- ------- ------- ------- --------
Total revenues ............................... 102,866 1,513 2,282 2,307 2,383 (72) 111,279
------- ------- ------- ------- ------- ------- --------
Property operating and maintenance (exclusive
of items shown separately below) ............. 34,707 541 968 723 985 37,924
Depreciation and amortization ..................... 17,285 1,786(C) 19,071
Amortization of deferred financing costs .......... 722 722
Property management - owned ....................... 2,469 2,469
Property management - third party ................. 1,733 1,733
General and administrative ........................ 2,495 2,495
Interest .......................................... 18,120 4,143(D) 22,263
Credit enhancement fees ... ....................... 385 385
------- ------- ------- ------- ------- ------- -------
Total expenses ............................... 77,916 541 968 723 985 5,929 87,062
------- ------- ------- ------- ------- ------- -------
Income before equity in income of joint
ventures and interest income ................ 24,950 972 1,314 1,584 1,398 (6,001) 24,217
Equity in income of joint ventures ................ 251 251
Interest income .................................. 279 279
------- ------- ------- ------- ------- ------- -------
Income before gain on sale of real
estate assets ............................... 25,480 972 1,314 1,584 1,398 (6,001) 24,747
Gain on sale of real estate assets ................ 5,349 5,349
------- ------- ------- ------- ------- ------- -------
Income before extraordinary loss .................. 30,829 972 1,314 1,584 1,398 (6,001) 30,096
Extraordinary loss ................................ (712) (712)
------- ------- ------- ------- ------- ------- -------
Net income ........................................ 30,117 972 1,314 1,584 1,398 (6,001) 29,384
Dividends to preferred unitholders ................ (1,775) (1,775)
------- ------- ------- ------- ------- ------- -------
Net income available to common unitholders ........ $28,342 $972 $1,314 $1,584 $1,398 ($6,001) $27,609
======= ======= ======= ======= ======= ======= =======
Weighted average number of common Units
outstanding .................................. 22,980 22,980
======= =======
Per Common Unit Information:
Income before extraordinary loss .................. $1.26 $1.23
======= =======
Net income ........................................ $1.23 $1.20
======= =======
<FN>
The accompanying notes are an integral part of this statement.
</FN>
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GABLES REALTY LIMITED PARTNERSHIP
PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1996
(UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER UNIT AMOUNTS)
Jefferson Jefferson The Additional
Company Wood Mill Forest at Vinings Crescent Pro Forma Company
Historical Apartments Apartments Apartments Apartments Adjustments Pro Forma
---------- ---------- ---------- ---------- ---------- ----------- ---------
(A) (A) (A) (A)
Rental revenues ................................... $104,543 $3,711 $2,560 $588 $2,272 $ -- $113,674
Other property revenues ........................... 4,928 126 152 22 76 5,304
-------- ------- ------ ------- ------ ------- --------
Total property revenues ....................... 109,471 3,837 2,712 610 2,348 118,978
-------- ------- ------ ------- ------ ------- --------
Property management revenues ....................... 3,871 (153)(B) 3,718
Non-recurring Olympic revenues, net ................ 900 900
Other .............................................. 1,939 1,939
-------- ------- ------ ------- ------ ------- --------
Total other revenues .......................... 6,710 (153) 6,557
-------- ------- ------ ------- ------ ------- --------
Total revenues ................................ 116,181 3,837 2,712 610 2,348 (153) 125,535
-------- ------- ------ ------- ------ ------- --------
Property operating and maintenance (exclusive
of items shown separately below) ............... 38,693 1,158 1,394 324 1,277 42,846
Depreciation and amortization ....................... 18,892 2,184(C) 21,076
Amortization of deferred financing costs ............ 1,348 1,348
Property management - owned ......................... 2,824 2,824
Property management - third party ................... 2,793 2,793
General and administrative .......................... 3,045 3,045
Interest ............................................ 21,112 5,107(D) 26,219
Credit enhancement fees ... ......................... 576 576
------- ------- ------ ------- ------ ------ -------
Total expenses ................................. 89,283 1,158 1,394 324 1,277 7,291 100,727
------- ------- ------ ------- ------ ------ -------
Income before equity in income of joint ventures
and interest income ............................ 26,898 2,679 1,318 286 1,071 (7,444) 24,808
Equity in income of joint ventures .................. 280 280
Interest income .................................... 363 363
------- ------- ------ ------- ------ ------ -------
Income before extraordinary loss..................... 27,541 2,679 1,318 286 1,071 (7,444) 25,451
Extraordinary loss .................................. (631) (631)
------- ------- ------ ------- ------ ------ -------
Net income .......................................... $26,910 $2,679 $1,318 $ 286 $1,071 $(7,444) $24,820
======= ======= ====== ======= ====== ====== =======
Weighted average number of Units outstanding ........ 20,194 20,194
======= =======
Per Unit Information:
Income before extraordinary loss .................... $1.36 $1.26
======= =======
Net income .......................................... $1.33 $1.23
======= =======
<FN>
The accompanying notes are an integral part of this statement.
</FN>
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GABLES REALTY LIMITED PARTNERSHIP
Notes and Assumptions to Unaudited Pro Forma Consolidated
Statements of Operations
(Unaudited and Dollars in Thousands)
(A) Reflects rental revenues, other property revenues and property operating
and maintenance expenses (exclusive of depreciation expense) for Wood Mill
Apartments acquired on May 28, 1997, Jefferson Forest Apartments acquired
on September 4, 1997, Jefferson at Vinings Apartments acquired on September
26, 1997 and The Crescent Apartments acquired on September 30, 1997
(collectively, the "Properties"). In September, 1995, the construction of
Jefferson Forest Apartments was completed and in September, 1996, it
reached a stabilized occupancy level of 91%. In January, 1997, the
construction of the Jefferson at Vinings Apartments was completed and in
July, 1997, it reached a stabilized occupancy level of 93%. In February,
1996, the construction of The Crescent Apartments was completed and in
April, 1997, it reached a stabilized occupancy level of 93%.
(B) Reflects management fees earned by Gables Realty Limited Partnership for
its management of Wood Mill Apartments for the owner of the property
through the May 28, 1997 acquisition date.
(C) Reflects depreciation expense for the Properties during the periods
presented.
(D) Reflects interest expense associated with borrowings under the $175 million
unsecured revolving credit facility which were utilized to acquire the
Properties. The borrowings under such facility currently bear interest at
LIBOR plus 0.80%. If interest rates under the credit facility fluctuated
0.125%, interest costs on the pro forma credit facility indebtedness would
increase or decrease by approximately $127 on an annualized basis.
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GABLES REALTY LIMITED PARTNERSHIP
Pro Forma Consolidated Balance Sheet
As of September 30, 1997
A pro forma consolidated balance sheet is not presented in this report as the
closings of the acquisitions of Wood Mill Apartments, Jefferson Forest
Apartments, Jefferson at Vinings Apartments and The Crescent Apartments all
occurred on or prior to September 30, 1997 and, accordingly, were reflected in
the September 30, 1997 balance sheet included in Gables Realty Limited
Partnership's quarterly report on Form 10-Q.