Exhibit 99.2
SELECTED PRO FORMA CONSOLIDATED FINANCIAL DATA
The following unaudited pro forma financial information has been prepared based
upon certain pro forma adjustments to the historical consolidated financial
statements of FSP Corp. The pro forma balance sheets are presented as if the
acquisition by merger of the Target REITs (the "Mergers") occurred as of March
31, 2003 and December 31, 2002, respectively. The pro forma Statements of
Operations for the three months ended March 31, 2003 and for the year ended
December 31, 2002 are presented as if the Mergers occurred as of January 1, 2003
and January 1, 2002, respectively.
The unaudited pro forma consolidated financial statement data are not
necessarily indicative of what the actual financial position or results of
operations which would have been obtained had the Mergers been effected as of
the date or for the period indicated, nor do they purport to represent the
financial position or results of operations as of or for any future period.
1
Consolidated Pro Forma Balance Sheets
March 31, 2003
(Unaudited)
Historical Historical Post Merger
(in thousands) (FSP Corp.) (The Target REITs) Adjustments Pro Forma
=============================================================================================================
Assets:
Real estate assets, net $ 167,808 $ 282,630 $ 14,202(d) $ 464,640
Assets held for syndication 23,979 -- -- 23,979
Cash and cash equivalents 26,261 25,404 (1,015)(e) 50,650
Restricted cash 442 504 -- 946
Tenant rent receivables, net 283 224 -- 507
Step rent receivable, net 2,607 3,713 (3,713)(j) 2,607
Prepaid expenses 710 129 -- 839
Deposits on real estate assets 551 -- -- 551
Deferred leasing commissions, net 659 84 -- 743
Provision for favorable leases, net -- 1,450 -- 7,452
Lease origination costs, net -- 5,439 2,013(d) 1,460
Office computers and equipment, net 203 -- -- 203
- ------------------------------------------------------------------------------------------------------------
Total assets $ 223,503 $ 319,577 $ 11,487 $ 554,567
============================================================================================================
Liabilities and Owners' Capital
Liabilities:
Notes payable $ 23,979 $ -- $ -- $ 23,979
Accounts payable and accrued expenses 2,758 4,406 -- 6,804
Accrued compensation 836 -- -- 836
Tenant security deposits 442 504 -- 946
Deferred leases -- 449 -- 449
- ------------------------------------------------------------------------------------------------------------
Total liabilities 28,015 4,999 -- 33,014
- ------------------------------------------------------------------------------------------------------------
Owners' capital:
Preferred Stock -- -- -- --
Common Stock 2 -- 3(m) 5
Additional paid in capital 192,743 333,329 (7,267)(m) 518,805
Retained earnings (deficit) 2,743 (18,751) 18,751(k) 2,743
- ------------------------------------------------------------------------------------------------------------
Total owners' capital 195,488 314,578 11,487 551,553
- ------------------------------------------------------------------------------------------------------------
Total liabilities and owners' capital $ 223,503 $ 319,577 $ 11,487 $ 554,567
============================================================================================================
See accompanying notes to consolidated pro forma financial statements
2
Consolidated Pro Forma Balance Sheets
December 31, 2002
(Unaudited)
Historical Historical Post Merger
(in thousands) (FSP Corp.) (The Target REITs) Adjustments Pro Forma
================================================================================================================
Assets:
Real estate assets, net $ 173,276 $ 284,349 $ 14,202(d) $ 471,827
Cash and cash equivalents 22,316 24,359 (1,015)(e) 45,660
Restricted cash 483 502 -- 985
Tenant rent receivables, net 327 243 -- 570
Step rent receivable, net 3,057 3,199 (3,199)(j) 3,057
Prepaid expenses 743 338 -- 1,081
Deposits on real estate assets 841 -- -- 841
Deferred leasing commissions, net 659 82 -- 741
Provision for favorable leases, net -- 1,509 -- 1,509
Lease origination costs, net -- 5,674 2,013(d) 7,687
Office computers and equipment, net 234 -- -- 234
- ----------------------------------------------------------------------------------------------------------------
Total assets $ 201,936 $ 320,255 $ 12,001 $ 534,192
================================================================================================================
Liabilities and Owners' Capital
Liabilities:
Accounts payable and accrued expenses $ 3,001 $ 3,249 $ -- $ 6,250
Accrued compensation 1,287 -- -- 1,287
Dividend payable -- 7,357 -- 7,357
Tenant security deposits 483 502 -- 985
Deferred leases -- 407 -- 407
- ----------------------------------------------------------------------------------------------------------------
Total liabilities 4,771 11,515 -- 16,286
- ----------------------------------------------------------------------------------------------------------------
Owners' capital:
Preferred Stock -- -- -- --
Common Stock 2 -- 3(m) 5
Additional paid in capital 192,743 333,330 (12,592)(m) 513,481
Retained earnings (deficit) 4,420 (24,590) 24,590(k) 4,420
- ----------------------------------------------------------------------------------------------------------------
Total owners' capital 197,165 308,740 12,001 517,906
- ----------------------------------------------------------------------------------------------------------------
Total liabilities and owners' capital $ 201,936 $ 320,255 $ 12,001 $ 534,192
================================================================================================================
See accompanying notes to consolidated pro forma financial statements
3
Consolidated Pro Forma Statements of Operations
(Unaudited)
For the three months ended
March 31, 2003
-----------------------------------------------------------------
Historical Historical Post Merger
(in thousands, except per share amounts) (FSP Corp.) (The Target REITs) Adjustments Pro Forma
==================================================================================================================
Revenue:
Rental $ 5,815 $ 11,515 $ -- $ 3,233
Syndication fees 3,233 -- -- 1,885
Transaction fees 1,885 -- -- 17,330
Sponsored REIT income 384 -- -- 384
Interest and other 317 -- (104)(f) 213
- ------------------------------------------------------------------------------------------------------------------
Total revenue 11,634 11,515 (104) 23,045
- ------------------------------------------------------------------------------------------------------------------
Expenses:
Selling, general and administrative 1,398 -- -- 1,398
Commissions 1,616 -- -- 1,616
Rental operating expenses 1,591 2,106 (104)(f) 3,593
Real estate taxes and insurance 789 1,591 -- 2,380
Depreciation and amortization 914 2,051 230(d) 3,195
Sponsored REIT expenses 291 -- -- 291
Interest 331 -- -- 331
- ------------------------------------------------------------------------------------------------------------------
Total expenses 6,930 5,748 126 12,804
- ------------------------------------------------------------------------------------------------------------------
Income before interest income and 4,704 5,767 230 10,241
taxes on income
Interest income 49 71 -- 120
- ------------------------------------------------------------------------------------------------------------------
Income before taxes on income 4,753 5,838 230 10,361
Taxes on income 229 -- -- (229)
- ------------------------------------------------------------------------------------------------------------------
Income from continuing operations 4,524 5,838 230 20,493
Income from discontinued operations 13 -- -- 13
Gain on sale of real estate from
discontinued operations 1,421 -- -- 1,421
- ------------------------------------------------------------------------------------------------------------------
Net income $ 5,958 $ 5,838 $ 230 $ 21,927
==================================================================================================================
Weighted average shares outstanding,
basic and diluted 24,630 3,636 21,634 49,630
==================================================================================================================
Net income per share from continuing
operations, basic and diluted $ 0.18 -- -- $ 0.41
Net income per share from discontinued
operations, basic and diluted 0.06 -- -- 0.03
- ------------------------------------------------------------------------------------------------------------------
Net income per share, basic and diluted $ 0.24 -- -- $ 0.44
==================================================================================================================
See accompanying notes to consolidated pro forma financial statements
4
Consolidated Pro Forma Statements of Operations
(Unaudited)
For the year ended
December 31, 2002
----------------------------------------------------------------
Historical Historical Post Merger
(in thousands, except per share amounts) (FSP Corp.) (The Target REITs) Adjustments Pro Forma
=================================================================================================================
Revenue:
Rental income $ 27,408 $ 40,458 $ 4,050(l) $ 71,916
Syndication fees 13,720 -- (7,535)(h) 6,185
Transaction fees 13,091 -- (7,068)(h) 6,023
Sponsored REIT income 1,387 -- (724)(i) 663
Interest and other income 1,232 361 (397)(f) 1,047
(160)(g)
11(l)
- -----------------------------------------------------------------------------------------------------------------
Total revenue 56,838 40,819 (11,823) 85,834
- -----------------------------------------------------------------------------------------------------------------
Expenses:
Selling, general and administrative 5,094 -- -- 5,094
Commissions 6,824 -- -- 6,824
Shares issued as compensation 604 -- -- 604
1,095(l)
Rental operating expenses 6,466 7,173 (397)(f) 14,337
Real estate taxes and insurance 3,130 5,322 587(l) 9,039
Depreciation and amortization 4,947 7,042 920(d) 13,727
818(l)
Sponsored REIT expenses 868 -- (453)(i) 415
Interest 894 6,732 (160)(g) 827
(6572)(h)
93(l)
(160)(h)
- -----------------------------------------------------------------------------------------------------------------
Total expenses 28,827 26,269 (4,229) 50,867
- -----------------------------------------------------------------------------------------------------------------
Income (loss) before taxes and
dividends to common shareholder 28,011 14,550 (7,594) 34,967
Taxes on income 699 -- -- 699
Dividends to common shareholder of Target REITs -- 271 (271)(i) --
- -----------------------------------------------------------------------------------------------------------------
$ 27,312 $ 14,279 $ (7,323) $ 34,268
Net income
=================================================================================================================
Weighted average shares outstanding,
basic and diluted 24,606 3,636 21,364(m) 49,606
=================================================================================================================
Basic and diluted net income per share $ 1.11 -- -- $ 0.69
=================================================================================================================
See accompanying notes to consolidated pro forma financial statements
5
NOTES TO CONSOLIDATED PRO FORMA FINANCIAL STATEMENTS
(Unaudited)
Organization and Operations
FSP Corp. is a corporation formed under the laws of the State of Maryland. FSP
Corp. has two principal sources of revenue: investment banking income consisting
of brokerage commissions, property acquisition, loan origination and other fees
in connection with the organization and offering of interests in entities
organized to own real property; and rental income from real property. The Target
REITs' principal source of revenue is rental income from real property.
Basis of Presentation
The following unaudited pro forma financial information has been prepared based
upon certain pro forma adjustments to the historical consolidated financial
statements of FSP Corp. The pro forma balance sheets are presented as if the
Mergers occurred as of March 31, 2003 and December 31, 2002, respectively. The
pro forma Statements of Operations for the three months ended March 31, 2003 and
for the year ended December 31, 2002 are presented as if the Mergers occurred as
of January 1, 2003 and January 1, 2002, respectively.
The data provided in the "Historical FSP Corp." columns are derived from the
information provided in the financial statements of FSP Corp. included in FSP
Corp.'s Annual Report on Form 10-K for the year ended December 31, 2002 and FSP
Corp.'s Quarterly Report on Form 10-Q for the quarter ended March 31, 2003, each
as filed with the Securities and Exchange Commission.
The data provided in the "Historical the Target REITs" columns are derived from
the information provided in the financial statements of the Target REITs that
are included in Item 7 (a) of this document. Schedules summarizing the balance
sheets and Statements of Operations for the Target REITs are located following
these pro forma financial statements. Four Target REITs were organized in 2002.
These four Target REITs show operations from the date the REIT was organized and
will reflect less than twelve months operations in the Consolidated Pro forma
Statements of Operations for the Year Ended December 31, 2002. In order to
reflect a full year of operations for the four Target REITs an entry was made in
the "Adjustments" column in the pro forma Statement of Operations to reflect the
operation of the predecessor companies.
The Mergers were treated as purchase of assets and each Target REIT's assets and
liabilities were recorded on FSP Corp.'s books at their fair value as of June 1,
2003, the Effective Date of the Mergers.
Assumptions
Certain assumptions regarding the operations of FSP Corp. have been made in
connection with the preparation of the pro forma financial information. These
assumptions are as follows:
(a) FSP Corp. and each of the Target REITs have elected to be, and are
qualified as, a real estate investment trust for federal income tax
purposes. Each entity has met
6
the various income, asset and distribution tests; therefore, no
federal income tax liabilities have been incurred on real estate
operations.
(b) FSP Corp. has a subsidiary which is not in the business of real
estate operations. That subsidiary has elected to be a taxable real
estate investment trust subsidiary ("TRS") as of January 1, 2002 and
is subject to federal income taxes at regular tax rates. The taxes
on income shown in the pro forma statements of operations are the
taxes on income incurred by the "TRS". There are no material items
that would cause a deferred tax asset or a deferred tax liability.
(c) FSP Corp. converted from a partnership into a corporation effective
January 1, 2002. FSP Partnership units were converted to corporate
shares on a one-to-one basis. This conversion has no effect on the
pro forma financial statements.
(d) At the Effective Date, for each Target REIT, the increase between
the appraised value of the property and the historical cost of the
property has been allocated to real estate investments and leases,
including Lease origination costs. Lease origination costs represent
the value associated with acquiring an in-place lease (i.e. the
market cost to execute a similar lease, including leasing
commission, legal, vacancy and other related costs). The value
assigned to buildings approximates their replacement cost; the value
assigned to land approximates its appraised value; and the value
assigned to leases approximates their fair value. Other assets and
liabilities are recorded at their historical costs, which
approximates fair value.
The following schedule shows the allocation of the aggregate increase of
$16,215,000 between the appraised values of the properties and the historical
costs. This increase has been allocated to Lease origination costs in the amount
of $2,013,000 and to real estate investments in the amount of $14,202,000.
Depreciation and amortization for the Target REITs is based on an allocation of
the purchase price to real estate investments and Lease origination costs. The
incremental amount of depreciation and amortization expense for the three months
ended March 31, 2003 and for the year ended December 31, 2002 amounts to
$230,000 and $920,000, respectively.
Depreciation and Amortization
(dollars in thousands) For the
Three Months For the
Ended Year Ended
March 31, December 31,
Category Amount Life 2003 2002
- -------------------------------------------------------------------------------------
Land $ 1,079 N/A $ -- $ --
Buildings and improvements 13,123 27-39 112 446
- -------------------------------------------------------------------------------------
Real estate investments 14,202 112 446
Lease origination costs 2,013 4-10 118 474
- -------------------------------------------------------------------------------------
Total $16,215 $ 230 $ 920
=====================================================================================
(e) Expenses of the Mergers are estimated at $1,015,000 and are
reflected as paid in the period presented and are capitalized to
real estate assets.
7
(f) Management fees of $104,000 and $397,000 charged by FSP Corp. to the
Target REITs have been eliminated from revenue and expenses for the
periods ending March 31, 2003 and December 31, 2002, respectively.
(g) Interest of $160,000 charged by FSP Corp. on loans to the four
Target REITs syndicated in 2002 has been eliminated from revenue and
expenses. See footnote (h) for additional interest expense incurred
during syndications.
(h) Income and expenses directly related to the syndication in 2002 of
the four Target REITs have been eliminated in the pro forma
Statement of Operations. A summary of these items is as follows:
Revenue directly related to the syndication of Target REITs in 2002 that is
included in FSP Corp.'s financial statements as follows:
Transaction fees $ 7,068,000
Syndication fees, gross $ 9,169,000
Syndication fees, rebates (1,634,000) 7,535,000
------------ -------------
Total revenue adjustment $ 14,603,000
=============
The Target REITs have accounted for these fees in their financial statements as
follows:
Interest expense $ 6,572,000
Real estate acquisition costs 496,000
-------------
$ 7,068,000
Gross syndication fees recorded as an
offset to additional paid-in capital $ 9,169,000
=============
In connection with the syndication of the four Target REITs in 2002, FSP Corp.
incurred direct expenses of $160,000 relating to interest expense that is
eliminated in the pro forma Statement of Operations.
(i) After a Sponsored REIT purchases a real estate asset but prior to
the syndication of the Sponsored REIT, FSP Corp. consolidates the
operations of the Sponsored REIT into FSP Corp.'s Statement of
Operations as Sponsored REIT income and Sponsored REIT expenses.
Subsequent to the syndication, the Sponsored REIT declares and pays
a dividend to FSP Corp. This adjustment eliminates the duplicate
earnings and expenses in 2002 attributable to FSP Corp. prior to the
syndication of the four Sponsored REITs and offsets the dividends. A
summary of the adjustment is shown below:
Sponsored REIT income $ 724,000
Sponsored REIT expenses (453,000)
-------------
Dividends paid to FSP Corp. $ 271,000
=============
(j) Cumulative unbilled straight-line rents of the Target REITs would be
eliminated at acquisition.
8
(k) The cumulative deficit of the Target REITs would be eliminated at
acquisition.
(l) Four Target REITs were organized in 2002 and reflect less than
twelve months of operations in the "Historical (The Target REITs)"
column. The following schedule reflects the unaudited revenues and
expenses of the predecessor companies to these four Target REITs and
are included in the "Adjustments" column in order to reflect twelve
months of operations in the pro forma Statement of Operations. These
schedules are also included under the caption "Statement of
Predecessor's Operations" in the annual financial statements for
each of those four Target REITs, which are located in item (7) of
this document.
Target REITs Syndicated in 2002
Statements of Operations
(unaudited)
Merrywood Timberlake East Plaza Ridge Park Ten Total
=====================================================================================================================
For the period For the period For the period For the period
Jan. 1, 2002 to Jan. 1, 2002 to Jan. 1, 2002 to Jan. 1, 2002 to
(in thousands) April 23, 2002 March 3, 2002 May 22, 2002 June 26, 2002
=====================================================================================================================
Revenue:
Rental $ 833 $ 468 $ 958 $1,791 $4,050
Interest and other 3 2 6 -- 11
- ---------------------------------------------------------------------------------------------------------------------
Total revenue 836 470 964 1,791 4,061
- ---------------------------------------------------------------------------------------------------------------------
Expenses:
Rental operating expenses 219 118 390 368 1,095
Depreciation and amortization 180 65 304 269 818
Deal estate taxes and insurance 180 60 107 240 587
Interest -- 93 -- -- 93
- ---------------------------------------------------------------------------------------------------------------------
Total expenses 579 336 801 877 2,593
- ---------------------------------------------------------------------------------------------------------------------
Net income $ 257 $ 134 $ 163 $ 914 $1,468
=====================================================================================================================
(m) Approximately 25 million shares of FSP Common Stock with a par value
of $0.0001 will be issued in exchange for the 3,636 outstanding
shares of Target Stock in connection with the Mergers.
9
COMPARATIVE PER SHARE DATA
The following tables present on a per share basis:
(a) Basic and diluted net income (loss), book value, and dividends
declared for FSP Corp. and each of the Target REITs on a historical
basis.
(b) Consolidated pro forma basic and diluted net income (loss) per
share, book value per share and dividends per share for FSP Corp.
This shows the effect of the Mergers from the perspective of an
owner of one share of FSP Common Stock.
(c) Equivalent pro forma basic and diluted net income per share,
equivalent pro forma book value per share and equivalent pro forma
dividends per share for each of the Target REITs. This shows the
effect of the Mergers from the perspective of an owner of one share
of preferred stock of a Target REIT. The consolidated pro forma data
are multiplied by the number of shares of FSP Common Stock issuable
in exchange for each share of Target Stock, as shown in the
following table:
Shares of
FSP Common Stock
issued for each share of
Target REIT Target Stock
-------------------------------------------
Forest Park 7299.59
Gael 6975.59
Goldentop 7302.58
Centennial 6905.56
Meadow Point 6983.25
Timberlake 6787.12
Federal Way 6779.66
Fair Lakes 6805.36
Northwest Point 6779.66
Timberlake East 6830.85
Merrywood 6854.51
Plaza Ridge 6822.03
Park Ten 6824.54
The pro forma financial data and equivalent pro forma data are unaudited and are
not necessarily indicative of the operating results that would have been
achieved had the Mergers occurred as of the beginning of the period and should
not be construed as representative of future operations.
FSP Corp. calculates historical book value per share by dividing shareholders'
equity by the number of shares of common stock (or preferred stock, in the case
of the Target REITs) outstanding at the end of each period.
FSP Corp. calculates consolidated pro forma net income per share data for FSP
Corp. as if the merger occurred on January 1, 2003 and January 1, 2002 and
resulted in weighted average shares of 49,630,000 and 49,606,000 for the three
months ended March 31, 2003 and for the year ended December 31, 2002,
respectively.
10
FSP Corp. calculates consolidated pro forma book value per share data for FSP
Corp. as if the Mergers occurred on March 31, 2003 and December 31, 2002 and
resulted in an ending number of shares of 49,630,000.
FSP Corp. calculates consolidated pro forma dividends per share by adding the
total dividends declared by FSP Corp. plus dividends declared by the Target
REITs and dividing this sum by the weighted average shares outstanding as shown
in the following table:
For the
Three Months For the
Dividends Ended Year Ended
March 31, December 31,
Declared 2003 2002
--------------------------------------------------------------------------
FSP Corp. $ 7,635,000 $30,527,000
13 Target REITs 7,534,000 25,736,000
--------------------------------------------------------------------------
Total $15,169,000 $56,263,000
==========================================================================
Weighted average shares outstanding 49,630,000 49,606,000
==========================================================================
FSP Corp. calculates equivalent pro forma net income per share for each Target
REIT by multiplying the consolidated pro forma net income per share by the
number of shares of FSP Common Stock issuable in exchange for each share of
stock of the Target REITs (the "Exchange Ratio").
FSP Corp. calculates equivalent pro forma book value per share for each Target
REIT by multiplying the consolidated pro forma book value per share by the
Exchange Ratio.
FSP Corp. calculates equivalent pro forma dividends per share for each Target
REIT by multiplying the consolidated pro forma dividends per share by the
Exchange Ratio.
For the purposes of the consolidated pro forma net income per share and book
value per share data. FSP Corp.'s historical financial data at and for the three
months ended March 31, 2003 and at and for the year ended December 31, 2002 have
been consolidated with the Target REITs' financial data for the comparable
periods.
11
At and For the Three Months Ended
March 31, 2003
------------------------------------------
Pro Forma Pro Forma
Historical Consolidated Equivalent
------------------------------------------
Net income (loss) per share
basic and diluted
FSP Corp. $ 0.24 $ 0.44 $ --
Forest Park $ 1,449 -- $ 3,212
Gael $ 1,242 -- $ 3,069
Goldentop $ 1,706 -- $ 3,213
Centennial $ 1,728 -- $ 3,038
Meadow Point $ 1,732 -- $ 3,073
Timberlake $ 1,682 -- $ 2,986
Federal Way $ 1,545 -- $ 2,983
Fair Lakes $ 1,717 -- $ 2,994
Northwest Point $ 1,672 -- $ 2,983
Timberlake East $ 1,248 -- $ 3,006
Merrywood $ 1,019 -- $ 3,016
Plaza Ridge $ 1,930 -- $ 3,002
Park Ten $ 1,567 -- $ 3,003
Book value per share
FSP Corp. $ 7.94 $ 10.51 $ --
Forest Park $ 88,718 -- $ 76,719
Gael $ 82,894 -- $ 73,313
Goldentop $ 87,542 -- $ 76,750
Centennial $ 87,063 -- $ 72,577
Meadow Point $ 88,423 -- $ 73,394
Timberlake $ 87,417 -- $ 71,333
Federal Way $ 85,250 -- $ 71,254
Fair Lakes $ 86,296 -- $ 71,524
Northwest Point $ 85,850 -- $ 71,254
Timberlake East $ 85,028 -- $ 71,792
Merrywood $ 84,971 -- $ 72,041
Plaza Ridge $ 88,103 -- $ 71,700
Park Ten $ 86,469 -- $ 71,726
Dividends declared per share
FSP Corp. $ 0.31 $ 0.31 $ --
Forest Park $ 1,885 -- $ 2,263
Gael $ 1,840 -- $ 2,162
Goldentop $ 2,147 -- $ 2,264
Centennial $ 2,165 -- $ 2,141
Meadow Point $ 2,249 -- $ 2,165
Timberlake $ 2,196 -- $ 2,104
Federal Way $ 2,075 -- $ 2,102
Fair Lakes $ 2,129 -- $ 2,110
Northwest Point $ 1,952 -- $ 2,102
Timberlake East $ 2,020 -- $ 2,118
Merrywood $ 1,675 -- $ 2,125
Plaza Ridge $ 2,195 -- $ 2,115
Park Ten $ 2,018 -- $ 2,116
12
At and For the Year Ended
December 31, 2002
-----------------------------------------
Pro Forma Pro Forma
Historical Consolidated Equivalent
-----------------------------------------
Net income (loss) per share
basic and diluted
FSP Corp. $ 1.11 $ 0.69 $ --
Forest Park $ 6,244 -- $ 5,037
Gael $ 4,598 -- $ 4,813
Goldentop $ 7,028 -- $ 5,039
Centennial $ 7,146 -- $ 4,765
Meadow Point $ 7,557 -- $ 4,818
Timberlake $ 6,699 -- $ 4,683
Federal Way $ 6,555 -- $ 4,678
Fair Lakes $ 7,038 -- $ 4,696
Northwest Point $ 6,048 -- $ 4,678
Timberlake East $ (1,264) -- $ 4,713
Merrywood $ (3,102) -- $ 4,730
Plaza Ridge $ (1,035) -- $ 4,707
Park Ten $ (3,309) -- $ 4,709
Book value per share
FSP Corp. $ 8.01 $ 10.44 $ --
Forest Park $ 87,269 -- $ 76,208
Gael $ 81,656 -- $ 72,825
Goldentop $ 85,836 -- $ 76,239
Centennial $ 85,329 -- $ 72,094
Meadow Point $ 86,691 -- $ 72,905
Timberlake $ 85,734 -- $ 70,858
Federal Way $ 83,700 -- $ 70,780
Fair Lakes $ 84,581 -- $ 71,048
Northwest Point $ 84,174 -- $ 70,780
Timberlake East $ 83,780 -- $ 71,314
Merrywood $ 83,956 -- $ 71,561
Plaza Ridge $ 86,173 -- $ 71,222
Park Ten $ 84,905 -- $ 71,248
Dividends declared per share
FSP Corp. $ 1.24 $ 1.13 $ --
Forest Park $ 7,449 -- $ 8,249
Gael $ 7,167 -- $ 7,882
Goldentop $ 8,346 -- $ 8,252
Centennial $ 8,570 -- $ 7,803
Meadow Point $ 8,276 -- $ 7,891
Timberlake $ 8,099 -- $ 7,669
Federal Way $ 8,135 -- $ 7,661
Fair Lakes $ 8,075 -- $ 7,690
Northwest Point $ 7,903 -- $ 7,661
Timberlake East $ 6,584 -- $ 7,719
Merrywood $ 4,777 -- $ 7,746
Plaza Ridge $ 4,765 -- $ 7,709
Park Ten $ 3,858 -- $ 7,712
13
Target REITs
Statements of Operations
Five Months Ended May 31, 2003
Forest Meadow Federal Fair
Park Gael Goldentop Centennial Point Timberlake Way Lakes
--------- --------- --------- ---------- --------- ---------- --------- ---------
Revenue
- -------
Rental $ 228 $ 1,086 $ 707 $ 532 $ 919 $ 2,162 $ 578 $ 2,085
Expenses
- --------
Rental operating expenses 133 255 55 145 456 413 32 824
Depreciation and amortization 59 224 162 130 113 363 181 439
Real estate taxes and insurance 40 224 146 103 209 438 23 217
Interest -- -- -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- --------- ---------
Total expenses 232 703 363 378 778 1,214 236 1,480
--------- --------- --------- --------- --------- --------- --------- ---------
Income (loss) before interest income (4) 383 344 154 141 948 342 605
Interest income 3 7 7 6 8 13 7 14
--------- --------- --------- --------- --------- --------- --------- ---------
Income (loss) before dividends to
Common shareholers (1) 390 351 160 149 961 349 619
Minority interests
Taxes on income
Dividends to common shareholder -- -- -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- --------- ---------
Net Income attributable to
Preferred shareholders $ (1) $ 390 $ 351 $ 160 $ 149 $ 961 $ 349 $ 619
========= ========= ========= ========= ========= ========= ========= =========
Weighted average number of
preferred shares 78.0 212.5 231.5 158.0 257.5 515.0 200.0 480.0
========= ========= ========= ========= ========= ========= ========= =========
Net income per preferred share
$ (13) $ 1,835 $ 1,516 $ 1,013 $ 579 $ 1,866 $ 1,745 $ 1,290
========= ========= ========= ========= ========= ========= ========= =========
Total
NW Timberlake Plaza Park 13 Target
Point East Merrywood Ridge Ten REITs
--------- --------- --------- --------- --------- ---------
Revenue
- -------
Rental $ 1,690 $ 1,129 $ 1,072 $ 1,612 $ 1,406 $ 15,206
Expenses
- --------
Rental operating expenses 158 303 295 530 421 4,020
Depreciation and amortization 354 236 225 357 282 3,125
Real estate taxes and insurance 595 192 232 155 243 2,817
Interest -- -- -- -- -- --
--------- --------- --------- --------- --------- ---------
Total expenses 1,107 731 752 1,042 946 9,962
--------- --------- --------- --------- --------- ---------
Income (loss) before interest income 583 398 320 570 460 5,244
Interest income 13 7 5 16 10 116
--------- --------- --------- --------- --------- ---------
Income (loss) before dividends to
Common shareholers 596 405 325 586 470 5,360
Minority interests --
Taxes on income --
Dividends to common shareholder -- -- -- -- -- --
--------- --------- --------- --------- --------- ---------
Net Income attributable to
Preferred shareholders $ 596 $ 405 $ 325 $ 586 $ 470 $ 5,360
========= ========= ========= ========= ========= =========
Weighted average number of
preferred shares 372.5 250.0 206.0 400.0 275.0 3,636
========= ========= ========= ========= ========= =========
Net income per preferred share
$ 1,600 $ 1,620 $ 1,578 $ 1,465 $ 1,709 $ 1,474
========= ========= ========= ========= ========= =========
14
Target REITs
Statements of Operations
Three Months Ended March 31, 2003
Forest Meadow
Park Gael Goldentop Centennial Point Timberlake
--------- --------- --------- ---------- --------- ----------
Revenue
- -------
Rental $ 222 $ 657 $ 599 $ 465 $ 889 $ 1,622
Interest 2 5 4 4 5 8
--------- --------- --------- --------- --------- ---------
Total Revenue 224 662 603 469 894 1,630
--------- --------- --------- --------- --------- ---------
Expenses
- --------
Rental operating expenses 54 142 24 74 257 256
Depreciation and amortization 35 127 97 78 126 263
Real estate taxes and insurance 22 129 87 44 65 245
Interest -- -- -- -- -- --
--------- --------- --------- --------- --------- ---------
Total expenses 111 398 208 196 448 764
--------- --------- --------- --------- --------- ---------
Income (loss) before dividends to
Common shareholder 113 264 395 273 446 866
Dividends to common shareholder -- -- -- -- -- --
--------- --------- --------- --------- --------- ---------
Net Income attributable to
Preferred shareholders $ 113 $ 264 $ 395 $ 273 $ 446 $ 866
========= ========= ========= ========= ========= =========
Weighted average number of
preferred shares 78.0 212.5 231.5 158.0 257.5 515.0
========= ========= ========= ========= ========= =========
Net income per preferred share $ 1,449 $ 1,242 $ 1,706 $ 1,728 $ 1,732 $ 1,682
========= ========= ========= ========= ========= =========
Total
Federal Fair NW Timberlake Plaza Park 13 Target
Way Lakes Point East Merrywood Ridge Ten REITs
--------- --------- --------- --------- --------- --------- --------- ---------
Revenue
- -------
Rental $ 437 $ 1,585 $ 1,288 $ 766 $ 646 $ 1,402 $ 937 $ 11,515
Interest 4 9 8 4 3 9 6 71
--------- --------- --------- --------- --------- --------- --------- ---------
Total Revenue 441 1,594 1,296 770 649 1,411 943 11,586
--------- --------- --------- --------- --------- --------- --------- ---------
Expenses
- --------
Rental operating expenses 10 384 102 181 161 269 192 2,106
Depreciation and amortization 109 263 222 149 138 271 173 2,051
Real estate taxes and insurance 13 123 349 128 140 99 147 1,591
Interest -- -- -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- --------- ---------
Total expenses 132 770 673 458 439 639 512 5,748
--------- --------- --------- --------- --------- --------- --------- ---------
Income (loss) before dividends to
Common shareholder 309 824 623 312 210 772 431 5,838
Dividends to common shareholder -- -- -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- --------- ---------
Net Income attributable to
Preferred shareholders $ 309 $ 824 $ 623 $ 312 $ 210 $ 772 $ 431 $ 5,838
========= ========= ========= ========= ========= ========= ========= =========
Weighted average number of
preferred shares 200.0 480.0 372.5 250.0 206.0 400.0 275.0 3,636
========= ========= ========= ========= ========= ========= ========= =========
Net income per preferred share $ 1,545 $ 1,717 $ 1,672 $ 1,248 $ 1,019 $ 1,930 $ 1,567 $ 1,606
========= ========= ========= ========= ========= ========= ========= =========
15
Target REITs
Statements of Operations
Year ended December 31, 2002
Forest Meadow Federal
Park Gael Goldentop Centennial Point Timberlake Way
--------- --------- --------- ---------- --------- ---------- ---------
Revenue
- -------
Rental $ 863 $ 2,628 $ 2,410 $ 1,832 $ 3,617 $ 6,155 $ 1,810
Interest 17 23 27 16 30 43 48
--------- --------- --------- --------- --------- --------- ---------
Total Revenue 880 2,651 2,437 1,848 3,647 6,198 1,858
--------- --------- --------- --------- --------- --------- ---------
Expenses
- --------
Rental operating expenses 181 604 89 262 863 896 39
Real estate taxes and insurance 70 532 332 146 334 804 49
Depreciation and amortization 142 538 389 311 504 1,048 436
Interest -- -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- ---------
Total expenses 393 1,674 810 719 1,701 2,748 524
--------- --------- --------- --------- --------- --------- ---------
Income (loss) before dividends to
Common shareholder 487 977 1,627 1,129 1,946 3,450 1,311
Dividends to common shareholder -- -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- ---------
Net income (loss) attributable to
Preferred shareholders $ 487 $ 977 $ 1,627 $ 1,129 $ 1,946 $ 3,450 $ 1,311
========= ========= ========= ========= ========= ========= =========
Weighted average number of
preferred shares 78.0 212.5 231.5 158.0 257.5 515.0 200.0
========= ========= ========= ========= ========= ========= =========
Net income (loss) per preferred share $ 6,244 $ 4,598 $ 7,028 $ 7,146 $ 7,557 $ 6,699 $ 6,555
========= ========= ========= ========= ========= ========= =========
Total
Fair NW Timberlake Plaza Park 13 Target
Lakes Point East Merrywood Ridge Ten REITs
--------- --------- --------- --------- --------- --------- ---------
Revenue
- -------
Rental $ 6,514 $ 5,127 $ 2,403 $ 1,811 $ 3,358 $ 1,930 $ 40,458
Interest 48 40 42 10 27 13 361
--------- --------- --------- --------- --------- --------- ---------
Total Revenue 6,562 5,167 2,445 1,821 3,385 1,943 40,819
--------- --------- --------- --------- --------- --------- ---------
Expenses
- --------
Rental operating expenses 1,606 628 531 483 593 398 7,173
Real estate taxes and insurance 504 1,435 307 365 184 260 5,322
Depreciation and amortization 1,061 851 451 383 523 405 7,042
Interest 13 -- 1,457 1,203 2,400 1,659 6,732
--------- --------- --------- --------- --------- --------- ---------
Total expenses 3,184 2,914 2,746 2,434 3,700 2,722 26,269
--------- --------- --------- --------- --------- --------- ---------
Income (loss) before dividends to
Common shareholder 3,378 2,253 (301) (613) (315) (779) 14,550
Dividends to common shareholder -- -- 15 26 99 131 271
--------- --------- --------- --------- --------- --------- ---------
Net income (loss) attributable to
Preferred shareholders $ 3,378 $ 2,253 $ (316) $ (639) $ (414) $ (910) $ 14,279
========= ========= ========= ========= ========= ========= =========
Weighted average number of
preferred shares 480.0 372.5 250.0 206.0 400.0 275.0 3,636
========= ========= ========= ========= ========= ========= =========
Net income (loss) per preferred share $ 7,038 $ 6,048 $ (1,264) $ (3,102) $ (1,035) $ (3,309) $ 4,002
========= ========= ========= ========= ========= ========= =========
16
Target REITs
Statements of Operations
Year ended December 31, 2001
Forest Meadow Federal
Park Gael Goldentop Centennial Point Timberlake Way
--------- --------- --------- ---------- --------- ---------- ---------
Revenue
- -------
Rental $ 852 $ 2,582 $ 2,439 $ 1,817 $ 2,788 $ 3,641 $ 528
Interest 33 46 54 37 37 45 8
--------- --------- --------- --------- --------- --------- ---------
Total Revenue 885 2,628 2,493 1,854 2,825 3,686 536
--------- --------- --------- --------- --------- --------- ---------
Expenses
- --------
Rental operating expenses 175 574 96 237 707 546 43
Real estate taxes and insurance 63 510 297 137 255 479 16
Depreciation and amortization 139 538 389 312 398 652 102
Interest -- -- -- -- 1,047 2,060 1,166
--------- --------- --------- --------- --------- --------- ---------
Total expenses 377 1,622 782 686 2,407 3,737 1,327
--------- --------- --------- --------- --------- --------- ---------
Income (loss) before dividends to
Common shareholder 508 1,006 1,711 1,168 418 (51) (791)
Dividends to common shareholder -- -- -- -- 13 90 15
--------- --------- --------- --------- --------- --------- ---------
Net income (loss) attributable to
Preferred shareholders $ 508 $ 1,006 $ 1,711 $ 1,168 $ 405 $ (141) $ (806)
========= ========= ========= ========= ========= ========= =========
Weighted average number of
preferred shares 78.0 212.5 231.5 158.0 257.5 515.0 200.0
========= ========= ========= ========= ========= ========= =========
Net income (loss) per preferred share $ 6,513 $ 4,734 $ 7,391 $ 7,392 $ 1,573 $ (274) $ (4,030)
========= ========= ========= ========= ========= ========= =========
Total
Fair NW Timberlake Plaza Park 13 Target
Lakes Point East Merrywood Ridge Ten REITs
--------- --------- ---------- --------- --------- --------- ---------
Revenue
- -------
Rental $ 1,831 $ 351 $ -- $ -- $ -- $ -- $ 16,829
Interest 13 7 -- -- -- -- 280
--------- --------- --------- --------- --------- --------- ---------
Total Revenue 1,844 358 -- -- -- -- 17,109
--------- --------- --------- --------- --------- --------- ---------
Expenses
- --------
Rental operating expenses 493 89 -- -- -- -- 2,960
Real estate taxes and insurance 148 60 -- -- -- -- 1,965
Depreciation and amortization 264 30 -- -- -- -- 2,824
Interest 2,941 2,187 -- -- -- -- 9,401
--------- --------- --------- --------- --------- --------- ---------
Total expenses 3,846 2,366 -- -- -- -- 17,150
--------- --------- --------- --------- --------- --------- ---------
Income (loss) before dividends to
Common shareholder (2,002) (2,008) -- -- -- -- (41)
Dividends to common shareholder 111 26 -- -- -- -- 255
--------- --------- --------- --------- --------- --------- ---------
Net income (loss) attributable to
Preferred shareholders $ (2,113) $ (2,034) $ -- $ -- $ -- $ -- $ (296)
========= ========= ========= ========= ========= ========= =========
Weighted average number of
preferred shares 480.0 372.5 -- -- -- -- 2,505
========= ========= ========= ========= ========= ========= =========
Net income (loss) per preferred share $ (4,402) $ (5,460) $ -- $ -- $ -- $ -- $ (118)
========= ========= ========= ========= ========= ========= =========
17
Target REITs
Statements of Operations
Year ended December 31, 2000
Forest Meadow Federal
Park Gael Goldentop Centennial Point Timberlake Way
--------- --------- --------- ---------- --------- ---------- ---------
Revenue
- -------
Rental $ 660 $ 1,033 $ 670 $ 414 $ -- $ -- $ --
Interest 69 28 15 5 -- -- --
--------- --------- --------- --------- --------- --------- ---------
Total Revenue 729 1,061 685 419 -- -- --
--------- --------- --------- --------- --------- --------- ---------
Expenses
- --------
Rental operating expenses 154 282 64 81 -- -- --
Depreciation and amortization 124 246 113 91 -- -- --
Real estate taxes and insurance 57 202 81 27 -- -- --
Interest -- 792 809 698 -- -- --
--------- --------- --------- --------- --------- --------- ---------
Total expenses 335 1,522 1,067 897 -- -- --
--------- --------- --------- --------- --------- --------- ---------
Income (loss) before dividends to
Common shareholder 394 (461) (382) (478) -- -- --
Dividends to common shareholder -- -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- ---------
Net income (loss) attributable to
Preferred shareholders $ 394 $ (461) $ (382) $ (478) $ -- $ -- $ --
========= ========= ========= ========= ========= ========= =========
Weighted average number of
preferred shares 78.0 212.5 231.5 158.0 -- -- --
========= ========= ========= ========= ========= ========= =========
Net income (loss) per preferred share $ 5,051 $ (2,169) $ (1,650) $ (3,025) $ -- $ -- $ --
========= ========= ========= ========= ========= ========= =========
Total
Fair NW Timberlake Plaza Park 13 Target
Lakes Point East Merrywood Ridge Ten REITs
--------- --------- --------- --------- --------- --------- ---------
Revenue
- -------
Rental $ -- $ -- $ -- $ -- $ -- $ -- $ 2,777
Interest -- -- -- -- -- -- 280
--------- --------- --------- --------- --------- --------- ---------
Total Revenue -- -- -- -- -- -- 3,057
--------- --------- --------- --------- --------- --------- ---------
Expenses
- --------
Rental operating expenses -- -- -- -- -- -- 581
Depreciation and amortization -- -- -- -- -- -- 574
Real estate taxes and insurance -- -- -- -- -- -- 367
Interest -- -- -- -- -- -- 2,299
--------- --------- --------- --------- --------- --------- ---------
Total expenses -- -- -- -- -- -- 3,821
--------- --------- --------- --------- --------- --------- ---------
Income (loss) before dividends to
Common shareholder -- -- -- -- -- -- (764)
Dividends to common shareholder -- -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- ---------
Net income (loss) attributable to
Preferred shareholders $ -- $ -- $ -- $ -- $ -- $ -- $ (764)
========= ========= ========= ========= ========= ========= =========
Weighted average number of
preferred shares -- -- -- -- -- -- 680
========= ========= ========= ========= ========= ========= =========
Net income (loss) per preferred share $ -- $ -- $ -- $ -- $ -- $ -- $ (118)
========= ========= ========= ========= ========= ========= =========
18
Target REITs
Statements of Operations
Year ended December 31, 1999
Forest Meadow Federal Fair
Park Gael Goldentop Centennial Point Timberlake Way Lakes
--------- --------- --------- ---------- --------- ---------- --------- ---------
Revenue
- -------
Rental $ 309 $ -- $ -- $ -- $ -- $ -- $ -- $ --
Interest 35 -- -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- --------- ---------
Total Revenue 344 -- -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- --------- ---------
Expenses
- --------
Rental operating expenses 93 -- -- -- -- -- -- --
Depreciation and amortization 57 -- -- -- -- -- -- --
Real estate taxes and insurance 23 -- -- -- -- -- -- --
Interest 2 -- -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- --------- ---------
Total expenses 175 -- -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- --------- ---------
Income (loss) before dividends to
Common shareholder 169 -- -- -- -- -- -- --
Dividends to common shareholder -- -- -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- --------- ---------
Net income attributable to
Preferred shareholders $ 169 $ -- $ -- $ -- $ -- $ -- $ -- $ --
========= ========= ========= ========= ========= ========= ========= =========
Weighted average number of
preferred shares 78.0 -- -- -- -- -- -- --
========= ========= ========= ========= ========= ========= ========= =========
Net income per preferred share $ 2,167 $ -- $ -- $ -- $ -- $ -- $ -- $ --
========= ========= ========= ========= ========= ========= ========= =========
Total
NW Timberlake Plaza Park 13 Target
Point East Merrywood Ridge Ten REITs
--------- ---------- --------- --------- --------- ---------
Revenue
- -------
Rental $ -- $ -- $ -- $ -- $ -- $ 309
Interest -- -- -- -- -- 280
--------- --------- --------- --------- --------- ---------
Total Revenue -- -- -- -- -- 589
--------- --------- --------- --------- --------- ---------
Expenses
- --------
Rental operating expenses -- -- -- -- -- 93
Depreciation and amortization -- -- -- -- -- 57
Real estate taxes and insurance -- -- -- -- -- 23
Interest -- -- -- -- -- 2
--------- --------- --------- --------- --------- ---------
Total expenses -- -- -- -- -- 175
--------- --------- --------- --------- --------- ---------
Income (loss) before dividends to
Common shareholder -- -- -- -- -- 414
Dividends to common shareholder -- -- -- -- -- --
--------- --------- --------- --------- --------- ---------
Net income attributable to
Preferred shareholders $ -- $ -- $ -- $ -- $ -- $ 414
========= ========= ========= ========= ========= =========
Weighted average number of
preferred shares -- -- -- -- -- 78
========= ========= ========= ========= ========= =========
Net income per preferred share $ -- $ -- $ -- $ -- $ -- $ (118)
========= ========= ========= ========= ========= =========
19
Target REITs
Balance Sheets
May 31, 2003
Forest Meadow Federal
Park Gael Goldentop Centennial Point Timberlake Way
--------- --------- --------- ---------- --------- ---------- ---------
Assets:
Land $ 1,210 $ 3,312 $ 4,427 $ 1,305 $ 2,126 $ 2,831 $ 2,509
Building 5,171 14,789 15,183 12,152 19,625 40,714 13,141
Furniture & Fixtures -- -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- ---------
Real Estate Investments, cost 6,381 18,101 19,610 13,457 21,751 43,545 15,650
Less Accumulated Depreciation 498 1,546 1,054 844 1,111 2,131 579
--------- --------- --------- --------- --------- --------- ---------
Real Estate Investments, net 5,883 16,555 18,556 12,613 20,640 41,414 15,071
Cash and equivalents 261 433 268 385 613 1,495 386
Cash - Funded Reserve 650 575 850 475 900 1,725 1,050
Restricted Cash -- 58 -- 13 271 8 --
Tenant rent receivable -- -- 28 -- -- -- --
Step rent receivable -- -- -- -- -- -- --
Prepaid expenses 6 50 48 11 16 23 5
Deferred leasing commissions 47 -- -- -- -- 33 --
Accumulated amortization (23) -- -- -- -- (7) --
Provision for favorable leases -- -- -- -- -- -- --
Accumulated amortization -- -- -- -- -- -- --
Deferred lease origination costs -- -- -- -- -- -- 461
Accumulated amortization -- -- -- -- -- -- (140)
--------- --------- --------- --------- --------- --------- ---------
Total Assets $ 6,824 $ 17,671 $ 19,750 $ 13,497 $ 22,440 $ 44,691 $ 16,833
========= ========= ========= ========= ========= ========= =========
Liabilities and Stockholders' equity:
Accounts payable and
accrued expenses $ 165 $ 262 $ 25 $ 184 $ 276 $ 700 $ 159
Dividends payable 102 221 317 212 354 749 249
Tenant security deposits -- 58 -- 13 271 8 --
Deferred Rent -- -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- ---------
Total liabilities 267 541 342 409 901 1,457 408
--------- --------- --------- --------- --------- --------- ---------
Preferred Stock -- -- -- -- -- -- --
Common Stock -- -- -- -- -- -- --
Additional paid in capital 7,006 19,435 21,221 14,459 23,624 47,253 18,329
Deficit and distributions in
excess of earnings (449) (2,305) (1,813) (1,371) (2,085) (4,019) (1,904)
--------- --------- --------- --------- --------- --------- ---------
Total Stockholders' equity 6,557 17,130 19,408 13,088 21,539 43,234 16,425
--------- --------- --------- --------- --------- --------- ---------
Total Liabilities & Stockholers' Equity $ 6,824 $ 17,671 $ 19,750 $ 13,497 $ 22,440 $ 44,691 $ 16,833
========= ========= ========= ========= ========= ========= =========
Total
Fair NW Timberlake Plaza Park 13 Target
Lakes Point East Merrywood Ridge Ten REITs
--------- --------- --------- --------- --------- --------- ---------
Assets:
Land $ 4,183 $ 3,242 $ 2,931 $ 2,318 $ 4,055 $ 1,367 $ 35,816
Building 33,891 26,555 16,525 14,867 25,391 20,509 258,513
Furniture & Fixtures -- -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- ---------
Real Estate Investments, cost 38,074 29,797 19,456 17,185 29,446 21,876 294,329
Less Accumulated Depreciation 1,491 994 511 608 678 548 12,593
--------- --------- --------- --------- --------- --------- ---------
Real Estate Investments, net 36,583 28,803 18,945 16,577 28,768 21,328 281,736
Cash and equivalents 1,105 1,833 622 376 1,376 658 9,811
Cash - Funded Reserve 1,700 1,500 1,000 500 1,725 1,050 13,700
Restricted Cash -- -- 17 77 -- 53 497
Tenant rent receivable 152 -- 23 -- 30 -- 233
Step rent receivable -- -- -- -- -- -- --
Prepaid expenses 113 35 24 70 24 32 457
Deferred leasing commissions -- -- 40 -- -- -- 120
Accumulated amortization -- -- (8) -- -- -- (38)
Provision for favorable leases -- -- -- -- 1,646 -- 1,646
Accumulated amortization -- -- -- -- (235) -- (235)
Deferred lease origination costs 1,486 1,400 705 -- 1,737 656 6,445
Accumulated amortization (273) (241) (168) -- (203) (139) (1,164)
--------- --------- --------- --------- --------- --------- ---------
Total Assets $ 40,866 $ 33,330 $ 21,200 $ 17,600 $ 34,868 $ 23,638 $ 313,208
========= ========= ========= ========= ========= ========= =========
Liabilities and Stockholders' equity:
Accounts payable and
accrued expenses $ 670 $ 2,105 $ 338 $ 248 $ 691 $ 321 $ 6,144
Dividends payable 700 454 332 197 740 368 4,995
Tenant security deposits -- -- 17 77 -- 53 497
Deferred Rent -- -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- ---------
Total liabilities 1,370 2,559 687 522 1,431 742 11,636
--------- --------- --------- --------- --------- --------- ---------
Preferred Stock -- -- -- -- -- -- --
Common Stock -- -- -- -- -- -- --
Additional paid in capital 44,045 34,186 22,892 18,892 36,690 25,189 333,221
Deficit and distributions in
excess of earnings (4,549) (3,415) (2,379) (1,814) (3,253) (2,293) (31,649)
--------- --------- --------- --------- --------- --------- ---------
Total Stockholders' equity 39,496 30,771 20,513 17,078 33,437 22,896 301,572
--------- --------- --------- --------- --------- --------- ---------
Total Liabilities & Stockholers' Equity $ 40,866 $ 33,330 $ 21,200 $ 17,600 $ 34,868 $ 23,638 $ 313,208
========= ========= ========= ========= ========= ========= =========
20
Target REITs
Balance Sheets
March 31, 2003
Forest Meadow Federal
Park Gael Goldentop Centennial Point Timberlake Way
--------- --------- --------- ---------- --------- ---------- ---------
Assets:
Land $ 1,210 $ 3,312 $ 4,427 $ 1,305 $ 2,126 $ 2,831 $ 2,509
Building 5,171 14,789 15,183 12,152 19,625 40,720 13,141
Furniture & Fixtures -- -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- ---------
Real Estate Investments, cost 6,381 18,101 19,610 13,457 21,751 43,551 15,650
Less Accumulated Depreciation 476 1,449 990 792 1,027 1,957 523
--------- --------- --------- --------- --------- --------- ---------
Real Estate Investments, net 5,905 16,652 18,620 12,665 20,724 41,594 15,127
Cash and equivalents 245 512 529 504 858 1,350 552
Cash - Funded Reserve 656 574 882 470 896 1,759 1,038
Restricted Cash -- 58 -- 13 271 8 --
Tenant rent receivable 8 -- 13 (11) 2 98 (139)
Step rent receivable 141 -- 299 230 569 489 147
Prepaid expenses 4 28 12 9 18 3 1
Deferred leasing commissions 47 -- -- -- -- 33 --
Accumulated amortization (21) -- -- -- -- (6) --
Provision for favorable leases -- -- -- -- -- -- --
Accumulated amortization -- -- -- -- -- -- --
Deferred lease origination costs -- -- -- -- -- -- 461
Accumulated amortization -- -- -- -- -- -- (123)
--------- --------- --------- --------- --------- --------- ---------
Total Assets $ 6,985 $ 17,824 $ 20,355 $ 13,880 $ 23,338 $ 45,328 $ 17,064
========= ========= ========= ========= ========= ========= =========
Liabilities and Stockholders' equity:
Accounts payable and accrued expenses $ 65 $ 134 $ 89 $ 111 $ 298 $ 300 $ 14
Dividends payable -- -- -- -- -- -- --
Tenant security deposits -- 58 -- 13 271 8 --
Deferred Rent -- 17 -- -- -- -- --
--------- --------- --------- --------- --------- --------- ---------
Total liabilities 65 209 89 124 569 308 14
--------- --------- --------- --------- --------- --------- ---------
Preferred Stock -- -- -- -- -- -- --
Common Stock -- -- -- -- -- -- --
Additional paid in capital 7,115 19,435 21,221 14,459 23,624 47,253 18,329
Deficit and distributions in excess of earnings (195) (1,820) (955) (703) (855) (2,233) (1,279)
--------- --------- --------- --------- --------- --------- ---------
Total Stockholders' equity 6,920 17,615 20,266 13,756 22,769 45,020 17,050
--------- --------- --------- --------- --------- --------- ---------
Total Liabilities & Stockholers' Equity $ 6,985 $ 17,824 $ 20,355 $ 13,880 $ 23,338 $ 45,328 $ 17,064
========= ========= ========= ========= ========= ========= =========
Total
Fair NW Timberlake Plaza Park 13 Target
Lakes Point East Merrywood Ridge Ten REITs
--------- --------- --------- --------- --------- --------- ---------
Assets:
Land $ 4,183 $ 3,242 $ 2,931 $ 2,318 $ 4,055 $ 1,367 $ 35,816
Building 33,791 26,555 16,550 14,867 25,210 20,509 258,263
Furniture & Fixtures -- -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- ---------
Real Estate Investments, cost 37,974 29,797 19,481 17,185 29,265 21,876 294,079
Less Accumulated Depreciation 1,347 890 448 521 565 464 11,449
--------- --------- --------- --------- --------- --------- ---------
Real Estate Investments, net 36,627 28,907 19,033 16,664 28,700 21,412 282,630
Cash and equivalents 1,444 1,830 907 482 1,760 789 11,762
Cash - Funded Reserve 1,801 1,498 778 500 1,729 1,061 13,642
Restricted Cash -- -- 17 84 -- 53 504
Tenant rent receivable 56 -- 68 1 126 2 224
Step rent receivable 657 418 126 -- 524 113 3,713
Prepaid expenses 2 16 (7) 22 3 18 129
Deferred leasing commissions -- -- 38 -- -- -- 118
Accumulated amortization -- -- (7) -- -- -- (34)
Provision for favorable leases -- -- -- -- 1,646 -- 1,646
Accumulated amortization -- -- -- -- (196) -- (196)
Deferred lease origination costs 1,486 1,400 705 -- 1,737 656 6,445
Accumulated amortization (242) (212) (145) -- (170) (114) (1,006)
--------- --------- --------- --------- --------- --------- ---------
Total Assets $ 41,831 $ 33,857 $ 21,513 $ 17,753 $ 35,859 $ 23,990 $ 319,577
========= ========= ========= ========= ========= ========= =========
Liabilities and Stockholders' equity:
Accounts payable and accrued expenses $ 409 $ 1,468 $ 239 $ 143 $ 618 $ 158 $ 4,046
Dividends payable -- -- -- -- -- -- --
Tenant security deposits -- -- 17 84 -- 53 504
Deferred Rent -- 410 -- 22 -- -- 449
--------- --------- --------- --------- --------- --------- ---------
Total liabilities 409 1,878 256 249 618 211 4,999
--------- --------- --------- --------- --------- --------- ---------
Preferred Stock -- -- -- -- -- -- --
Common Stock -- -- -- -- -- -- --
Additional paid in capital 44,044 34,186 22,892 18,892 36,690 25,189 333,329
Deficit and distributions in excess of earnings (2,622) (2,207) (1,635) (1,388) (1,449) (1,410) (18,751)
--------- --------- --------- --------- --------- --------- ---------
Total Stockholders' equity 41,422 31,979 21,257 17,504 35,241 23,779 314,578
--------- --------- --------- --------- --------- --------- ---------
Total Liabilities & Stockholers' Equity $ 41,831 $ 33,857 $ 21,513 $ 17,753 $ 35,859 $ 23,990 $ 319,577
========= ========= ========= ========= ========= ========= =========
21
Target REITs
Balance Sheets
December 31, 2002
Forest Meadow Federal
Park Gael Goldentop Centennial Point Timberlake Way
--------- --------- --------- ---------- --------- ---------- ---------
Assets:
Land $ 1,210 $ 3,312 $ 4,427 $ 1,305 $ 2,126 $ 2,831 $ 2,509
Building 5,171 14,789 15,183 12,152 19,625 40,714 13,141
--------- --------- --------- --------- --------- --------- ---------
Real Estate Investments, cost 6,381 18,101 19,610 13,457 21,751 43,545 15,650
Less Accumulated Depreciation 443 1,322 892 714 902 1,696 439
--------- --------- --------- --------- --------- --------- ---------
Real Estate Investments, net 5,938 16,779 18,718 12,743 20,849 41,849 15,211
Cash and equivalents 347 399 512 540 771 1,201 558
Cash - Funded Reserve 656 574 841 470 896 1,759 1,038
Restricted Cash -- 61 -- 13 271 8 --
Tenant rent receivable 13 -- 5 64 --
Step rent receivable 138 289 210 525 470 142
Prepaid expenses 6 41 20 9 22 7 2
Deferred leasing commissions 47 -- -- -- -- 28 --
Accumulated amortization (19) -- -- -- -- (4) --
Provision for favorable leases -- -- -- -- -- -- --
Accumulated amortization -- -- -- -- -- -- --
Deferred lease origination costs -- -- -- -- -- -- 461
Accumulated amortization -- -- -- -- -- -- (99)
--------- --------- --------- --------- --------- --------- ---------
Total Assets $ 7,113 $ 17,854 $ 20,393 $ 13,985 $ 23,339 $ 45,382 $ 17,313
========= ========= ========= ========= ========= ========= =========
Liabilities and Stockholders' equity:
Accounts payable and accrued expenses $ 172 $ 85 $ 25 $ 152 $ 183 $ 92 $ 161
Dividends payable 134 356 497 338 562 1,129 412
Tenant security deposits -- 61 -- 13 271 8 --
Deferred Rent -- -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- ---------
Total liabilities 306 502 522 503 1,016 1,229 573
--------- --------- --------- --------- --------- --------- ---------
Preferred Stock -- -- -- -- -- -- --
Common Stock -- -- -- -- -- -- --
Additional paid in capital 7,115 19,435 21,221 14,459 23,624 47,253 18,329
Deficit and distributions in excess of earnings (308) (2,083) (1,350) (977) (1,301) (3,100) (1,589)
--------- --------- --------- --------- --------- --------- ---------
Total Stockholders' equity 6,807 17,352 19,871 13,482 22,323 44,153 16,740
--------- --------- --------- --------- --------- --------- ---------
Total Liabilities & Stockholers' Equity $ 7,113 $ 17,854 $ 20,393 $ 13,985 $ 23,339 $ 45,382 $ 17,313
========= ========= ========= ========= ========= ========= =========
Total
Fair NW Timberlake Plaza Park 13 Target
Lakes Point East Merrywood Ridge Ten REITs
--------- --------- --------- --------- --------- --------- ---------
Assets:
Land $ 4,183 $ 3,242 $ 2,931 $ 2,318 $ 4,055 $ 1,367 $ 35,816
Building 33,791 26,555 16,525 14,867 25,210 20,509 258,232
--------- --------- --------- --------- --------- --------- ---------
Real Estate Investments, cost 37,974 29,797 19,456 17,185 29,265 21,876 294,048
Less Accumulated Depreciation 1,130 711 334 383 404 329 9,699
--------- --------- --------- --------- --------- --------- ---------
Real Estate Investments, net 36,844 29,086 19,122 16,802 28,861 21,547 284,349
Cash and equivalents 1,200 1,492 868 499 1,506 865 10,758
Cash - Funded Reserve 1,801 1,498 778 500 1,729 1,061 13,601
Restricted Cash -- -- 17 79 53 502
Tenant rent receivable 38 -- 73 -- 37 13 243
Step rent receivable 599 339 108 -- 299 80 3,199
Prepaid expenses 31 49 4 25 106 16 338
Deferred leasing commissions -- -- 35 -- -- -- 110
Accumulated amortization -- -- (5) -- -- -- (28)
Provision for favorable leases -- -- -- -- 1,646 -- 1,646
Accumulated amortization -- -- -- -- (137) -- (137)
Deferred lease origination costs 1,486 1,400 705 -- 1,737 656 6,445
Accumulated amortization (195) (170) (112) -- (119) (76) (771)
--------- --------- --------- --------- --------- --------- ---------
Total Assets $ 41,804 $ 33,694 $ 21,593 $ 17,905 $ 35,665 $ 24,215 $ 320,255
========= ========= ========= ========= ========= ========= =========
Liabilities and Stockholders' equity:
Accounts payable and accrued expenses $ 250 $ 1,216 $ 131 $ 208 $ 324 $ 250 $ 3,249
Dividends payable 955 716 500 323 872 563 7,357
Tenant security deposits -- -- 17 79 -- 53 502
Deferred Rent -- 407 -- -- -- -- 407
--------- --------- --------- --------- --------- --------- ---------
Total liabilities 1,205 2,339 648 610 1,196 866 11,515
--------- --------- --------- --------- --------- --------- ---------
Preferred Stock -- -- -- -- -- -- --
Common Stock -- -- -- -- -- -- --
Additional paid in capital 44,045 34,186 22,892 18,892 36,690 25,189 333,330
Deficit and distributions in excess of earnings (3,446) (2,831) (1,947) (1,597) (2,221) (1,840) (24,590)
--------- --------- --------- --------- --------- --------- ---------
Total Stockholders' equity 40,599 31,355 20,945 17,295 34,469 23,349 308,740
--------- --------- --------- --------- --------- --------- ---------
Total Liabilities & Stockholers' Equity $ 41,804 $ 33,694 $ 21,593 $ 17,905 $ 35,665 $ 24,215 $ 320,255
========= ========= ========= ========= ========= ========= =========
22
Target REITs
Balance Sheets
December 31, 2001
Forest Meadow Federal
Park Gael Goldentop Centennial Point Timberlake Way
--------- --------- --------- ---------- --------- ---------- ---------
Assets:
Land $ 1,210 $ 3,312 $ 4,427 $ 1,305 $ 2,126 $ 2,831 $ 2,509
Building 5,171 14,789 15,183 12,152 19,625 40,714 13,141
--------- --------- --------- --------- --------- --------- ---------
Real Estate Investments, cost 6,381 18,101 19,610 13,457 21,751 43,545 15,650
Less Accumulated Depreciation 310 784 503 403 398 652 98
--------- --------- --------- --------- --------- --------- ---------
Real Estate Investments, net 6,071 17,317 19,107 13,054 21,353 42,893 15,552
Cash and equivalents 199 429 534 535 607 948 560
Cash - Funded Reserve 656 581 852 470 896 1,787 1,038
Restricted Cash -- 66 -- 13 268 8 --
Tenant rent receivable 111 -- -- -- 1 149 --
Step rent receivable -- -- 193 131 267 185 26
Prepaid expenses 5 28 15 19 25 13 1
Deferred leasing costs 46 -- -- -- -- -- --
Accumulated amortization (9) -- -- -- -- -- --
Deferred lease origination costs -- -- -- -- -- -- 461
Accumulated amortization -- -- -- -- -- -- (4)
--------- --------- --------- --------- --------- --------- ---------
Total Assets $ 7,079 $ 18,421 $ 20,701 $ 14,222 $ 23,417 $ 45,983 $ 17,634
========= ========= ========= ========= ========= ========= =========
Liabilities and Stockholders' equity:
Accounts payable and accrued expenses $ 35 $ 58 $ 45 $ 173 $ 130 $ 80 $ 173
Dividends payable 143 399 480 329 511 1,021 405
Tenant security deposits -- 66 -- 13 268 8 --
Deferred Lease origination costs -- -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- ---------
Total liabilities 178 523 525 515 909 1,109 578
--------- --------- --------- --------- --------- --------- ---------
Preferred Stock -- -- -- -- -- -- --
Common Stock -- -- -- -- -- -- --
Additional paid in capital 7,006 19,435 21,221 14,459 23,624 47,253 18,329
Deficit and distributions in excess of earnings (105) (1,537) (1,045) (752) (1,116) (2,379) (1,273)
--------- --------- --------- --------- --------- --------- ---------
Total Stockholders' equity 6,901 17,898 20,176 13,707 22,508 44,874 17,056
--------- --------- --------- --------- --------- --------- ---------
Total Liabilities & Stockholers' Equity $ 7,079 $ 18,421 $ 20,701 $ 14,222 $ 23,417 $ 45,983 $ 17,634
========= ========= ========= ========= ========= ========= =========
Total
Fair NW Timberlake Plaza Park 13 Target
Lakes Point East Merrywood Ridge Ten REITs
--------- --------- --------- --------- --------- --------- ---------
Assets:
Land $ 4,183 $ 3,242 $ -- $ -- $ -- $ -- $ 25,145
Building 33,791 26,555 -- -- -- -- 181,121
--------- --------- -------- -------- -------- -------- ---------
Real Estate Investments, cost 37,974 29,797 -- -- -- -- 206,266
Less Accumulated Depreciation 253 28 -- -- -- -- 3,429
--------- --------- -------- -------- -------- -------- ---------
Real Estate Investments, net 37,721 29,769 -- -- -- -- 202,837
Cash and equivalents 1,050 657 -- -- -- -- 5,519
Cash - Funded Reserve 1,801 1,498 -- -- -- -- 9,579
Restricted Cash -- -- -- -- -- -- 355
Tenant rent receivable 99 -- -- -- -- -- 360
Step rent receivable 154 -- -- -- -- -- 956
Prepaid expenses 6 37 -- -- -- -- 149
Deferred leasing costs -- -- -- -- -- -- 46
Accumulated amortization -- -- -- -- -- -- (9)
Deferred lease origination costs 1,486 1,400 -- -- -- -- 3,347
Accumulated amortization (11) (2) -- -- -- -- (17)
--------- --------- -------- -------- -------- -------- ---------
Total Assets $ 42,306 $ 33,359 $ -- $ -- $ -- $ -- $ 223,122
========= ========= ======== ======== ======== ======== =========
Liabilities and Stockholders' equity:
Accounts payable and accrued expenses $ 285 $ 790 $ -- $ -- $ -- $ -- $ 1,769
Dividends payable 924 132 -- -- -- -- 4,344
Tenant security deposits -- -- -- -- -- -- 355
Deferred Lease origination costs -- 391 -- -- -- -- 391
--------- --------- -------- -------- -------- -------- ---------
Total liabilities 1,209 1,313 -- -- -- -- 6,859
--------- --------- -------- -------- -------- -------- ---------
Preferred Stock -- -- -- -- -- -- --
Common Stock -- -- -- -- -- -- --
Additional paid in capital 44,045 34,186 -- -- -- -- 229,558
Deficit and distributions in excess of earnings (2,948) (2,140) -- -- -- -- (13,295)
--------- --------- -------- -------- -------- -------- ---------
Total Stockholders' equity 41,097 32,046 -- -- -- -- 216,263
--------- --------- -------- -------- -------- -------- ---------
Total Liabilities & Stockholers' Equity $ 42,306 $ 33,359 $ -- $ -- $ -- $ -- $ 223,122
========= ========= ======== ======== ======== ======== =========
23
Target REITs
Balance Sheets
December 31, 2000
Forest Meadow Federal
Park Gael Goldentop Centennial Point Timberlake Way
--------- --------- --------- ---------- --------- ---------- ---------
Assets:
Land $ 1,210 $ 3,312 $ 4,427 $ 1,305 $ -- $ -- $ --
Building 4,818 14,789 15,183 12,152 -- -- --
--------- --------- --------- --------- --------- --------- ---------
Real Estate Investments, cost 6,028 18,101 19,610 13,457 -- -- --
Less Accumulated Depreciation 180 246 114 91 -- -- --
--------- --------- --------- --------- --------- --------- ---------
Real Estate Investments, net 5,848 17,855 19,496 13,366 -- -- --
Cash and equivalents 111 901 528 244 -- -- --
Cash - Funded Reserve 1,123 616 835 470 -- -- --
Restricted Cash -- -- -- -- -- -- --
Tenant rent receivable 76 -- -- -- -- -- --
Step rent receivable -- -- -- -- -- -- --
Prepaid expenses 5 28 74 3 -- -- --
Deferred leasing costs 46 -- -- -- -- -- --
Accumulated amortization (2) -- -- -- -- -- --
Deferred lease origination costs -- -- -- -- -- -- --
Accumulated amortization -- -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- ---------
Total Assets $ 7,207 $ 19,400 $ 20,933 $ 14,083 $ -- $ -- $ --
========= ========= ========= ========= ========= ========= =========
Liabilities and Stockholders' equity:
Accounts payable and accrued expenses $ 85 $ 497 $ 93 $ 88 $ -- $ -- $ --
Dividends payable 116 372 474 125 -- -- --
Tenant security deposits -- 86 -- 13 -- -- --
Deferred Lease origination costs -- -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- ---------
Total liabilities 201 955 567 226 -- -- --
--------- --------- --------- --------- --------- --------- ---------
Preferred Stock 7,006 -- -- -- -- -- --
Common Stock -- -- -- -- -- -- --
Additional paid in capital -- 19,435 21,221 14,459 -- -- --
Deficit and distributions in excess of earnings -- (990) (855) (602) -- -- --
--------- --------- --------- --------- --------- --------- ---------
Total Stockholders' equity 7,006 18,445 20,366 13,857 -- -- --
--------- --------- --------- --------- --------- --------- ---------
Total Liabilities & Stockholers' Equity $ 7,207 $ 19,400 $ 20,933 $ 14,083 $ -- $ -- $ --
========= ========= ========= ========= ========= ========= =========
Total
Fair NW Timberlake Plaza Park 13 Target
Lakes Point East Merrywood Ridge Ten REITs
--------- --------- --------- --------- --------- --------- ---------
Assets:
Land $ -- $ -- $ -- $ -- $ -- $ -- $ 10,254
Building -- -- -- -- -- -- 46,942
--------- --------- --------- --------- --------- --------- ---------
Real Estate Investments, cost -- -- -- -- -- -- 57,196
Less Accumulated Depreciation -- -- -- -- -- -- 631
--------- --------- --------- --------- --------- --------- ---------
Real Estate Investments, net -- -- -- -- -- -- 56,565
Cash and equivalents -- -- -- -- -- -- 1,784
Cash - Funded Reserve -- -- -- -- -- -- 3,044
Restricted Cash -- -- -- -- -- -- --
Tenant rent receivable -- -- -- -- -- -- 76
Step rent receivable -- -- -- -- -- -- --
Prepaid expenses -- -- -- -- -- -- 110
Deferred leasing costs -- -- -- -- -- -- 46
Accumulated amortization -- -- -- -- -- -- (2)
Deferred lease origination costs -- -- -- -- -- -- --
Accumulated amortization -- -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- ---------
Total Assets $ -- $ -- $ -- $ -- $ -- $ -- $ 61,623
========= ========= ========= ========= ========= ========= =========
Liabilities and Stockholders' equity:
Accounts payable and accrued expenses $ -- $ -- $ -- $ -- $ -- $ -- $ 763
Dividends payable -- -- -- -- -- -- 1,087
Tenant security deposits -- -- -- -- -- -- 99
Deferred Lease origination costs -- -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- ---------
Total liabilities -- -- -- -- -- -- 1,949
--------- --------- --------- --------- --------- --------- ---------
Preferred Stock -- -- -- -- -- -- 7,006
Common Stock -- -- -- -- -- -- --
Additional paid in capital -- -- -- -- -- -- 55,115
Deficit and distributions in excess of earnings -- -- -- -- -- -- (2,447)
--------- --------- --------- --------- --------- --------- ---------
Total Stockholders' equity -- -- -- -- -- -- 59,674
--------- --------- --------- --------- --------- --------- ---------
Total Liabilities & Stockholers' Equity $ -- $ -- $ -- $ -- $ -- $ -- $ 61,623
========= ========= ========= ========= ========= ========= =========
24
Target REITs
Balance Sheets
December 31, 1999
Forest Meadow Federal
Park Gael Goldentop Centennial Point Timberlake Way
--------- --------- --------- ---------- --------- ---------- ---------
Assets:
Land $ 1,210 $ -- $ -- $ -- $ -- $ -- $ --
Building 4,818 -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- ---------
Real Estate Investments, cost 6,028 -- -- -- -- -- --
Less Accumulated Depreciation 56 -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- ---------
Real Estate Investments, net 5,972 -- -- -- -- -- --
Cash and equivalents -- -- -- -- -- -- --
Cash - Funded Reserve 179 -- -- -- -- -- --
Restricted Cash 1,066 -- -- -- -- -- --
Tenant rent receivable -- -- -- -- -- -- --
Step rent receivable 23 -- -- -- -- -- --
Prepaid expenses -- -- -- -- -- -- --
Deferred leasing costs 1 -- -- -- -- -- --
Accumulated amortization -- -- -- -- -- -- --
Deferred lease origination costs -- -- -- -- -- -- --
Accumulated amortization -- -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- ---------
Total Assets $ 7,241 $ -- $ -- $ -- $ -- $ -- $ --
========= ========= ========= ========= ========= ========= =========
Liabilities and Stockholders' equity:
Accounts payable and accrued expenses $ 63 $ -- $ -- $ -- $ -- $ -- $ --
Dividends payable -- -- -- -- -- -- --
Tenant security deposits -- -- -- -- -- -- --
Deferred Lease origination costs -- -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- ---------
Total liabilities 63 -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- ---------
Preferred Stock/Partners Equity 7,178 -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- ---------
Total Stockholders' Equity 7,178 -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- ---------
Total Liabilities & Stockholers' Equity $ 7,241 $ -- $ -- $ -- $ -- $ -- $ --
========= ========= ========= ========= ========= ========= =========
Total
Fair NW Timberlake Plaza Park 13 Target
Lakes Point East Merrywood Ridge Ten REITs
--------- --------- --------- --------- --------- --------- ---------
Assets:
Land $ -- $ -- $ -- $ -- $ -- $ -- $ 1,210
Building -- -- -- -- -- -- 4,818
--------- --------- --------- --------- --------- --------- ---------
Real Estate Investments, cost -- -- -- -- -- -- 6,028
Less Accumulated Depreciation -- -- -- -- -- -- 56
--------- --------- --------- --------- --------- --------- ---------
Real Estate Investments, net -- -- -- -- -- -- 5,972
Cash and equivalents -- -- -- -- -- -- --
Cash - Funded Reserve -- -- -- -- -- -- 179
Restricted Cash -- -- -- -- -- -- 1,066
Tenant rent receivable -- -- -- -- -- -- --
Step rent receivable -- -- -- -- -- -- 23
Prepaid expenses -- -- -- -- -- -- --
Deferred leasing costs -- -- -- -- -- -- 1
Accumulated amortization -- -- -- -- -- -- --
Deferred lease origination costs -- -- -- -- -- -- --
Accumulated amortization -- -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- ---------
Total Assets $ -- $ -- $ -- $ -- $ -- $ -- $ 7,241
========= ========= ========= ========= ========= ========= =========
Liabilities and Stockholders' equity:
Accounts payable and accrued expenses $ -- $ -- $ -- $ -- $ -- $ -- $ 63
Dividends payable -- -- -- -- -- -- --
Tenant security deposits -- -- -- -- -- -- --
Deferred Lease origination costs -- -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- ---------
Total liabilities -- -- -- -- -- -- 63
--------- --------- --------- --------- --------- --------- ---------
Preferred Stock/Partners Equity -- -- -- -- -- -- 7,178
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- ---------
Total Stockholders' Equity -- -- -- -- -- -- 7,178
--------- --------- --------- --------- --------- --------- ---------
Total Liabilities & Stockholers' Equity $ -- $ -- $ -- $ -- $ -- $ -- $ 7,241
========= ========= ========= ========= ========= ========= =========
25