| Schedule of pro forma condensed consolidated statement of operations |
UNAUDITED PRO FORMA
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
Nine months ended September 30, 2013
| |
|
Newcastle |
|
|
Pro Forma Adjustments |
|
|
Newcastle |
|
| |
|
Consolidated |
|
|
New |
|
|
Consolidated |
|
| |
|
Historical (A) |
|
|
Residential (B) |
|
|
Pro Forma |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest income |
|
$ |
171,642 |
|
|
$ |
(12,019 |
) |
|
$ |
159,623 |
|
| Interest expense |
|
|
65,263 |
|
|
|
(2,152 |
) |
|
|
63,111 |
|
| Net interest income |
|
|
106,379 |
|
|
|
(9,867 |
) |
|
|
96,512 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Impairment/(Reversal) |
|
|
|
|
|
|
|
|
|
|
|
|
| Valuation allowance (reversal) on loans |
|
|
(11,473 |
) |
|
|
|
|
|
|
(11,473 |
) |
| Other-than-temporary impairment on securities |
|
|
4,405 |
|
|
|
(3,756 |
) |
|
|
649 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Portion of other-than-temporary
impairment on securities recognized in other comprehensive income (loss), net of the reversal of other comprehensive loss
into net income (loss) |
|
|
44 |
|
|
|
|
|
|
|
44 |
|
| |
|
|
(7,024 |
) |
|
|
(3,756 |
) |
|
|
(10,780 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income after impairment/reversal |
|
|
113,403 |
|
|
|
(6,111 |
) |
|
|
107,292 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Other Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
| Rental income |
|
|
44,344 |
|
|
|
|
|
|
|
44,344 |
|
| Care and ancillary income |
|
|
8,081 |
|
|
|
|
|
|
|
8,081 |
|
| Total other revenues |
|
|
52,425 |
|
|
|
|
|
|
|
52,425 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Other Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
| Gain (loss) on settlement of investments, net |
|
|
6,451 |
|
|
|
(58 |
) |
|
|
6,393 |
|
| Gain on extinguishment of debt |
|
|
4,565 |
|
|
|
|
|
|
|
4,565 |
|
| Equity in earnings of Local Media Group |
|
|
1,045 |
|
|
|
|
|
|
|
1,045 |
|
| Other income, net |
|
|
9,554 |
|
|
|
|
|
|
|
9,554 |
|
| |
|
|
21,615 |
|
|
|
(58 |
) |
|
|
21,557 |
|
| Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
| Loan and security servicing expense |
|
|
2,963 |
|
|
|
(108 |
) |
|
|
2,855 |
|
| Property operating expenses |
|
|
32,576 |
|
|
|
|
|
|
|
32,576 |
|
| General and administrative expense |
|
|
23,507 |
|
|
|
(38 |
) |
|
|
23,469 |
|
| Management fee to affiliate |
|
|
24,879 |
|
|
|
(4,134 |
) |
|
|
20,745 |
|
| Depreciation and amortization |
|
|
15,881 |
|
|
|
|
|
|
|
15,881 |
|
| |
|
|
99,806 |
|
|
|
(4,280 |
) |
|
|
95,526 |
|
| Income (loss) from continuing operations |
|
|
87,637 |
|
|
|
(1,889 |
) |
|
|
85,748 |
|
| Preferred dividends |
|
|
(4,185 |
) |
|
|
|
|
|
|
(4,185 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Income (loss)
from continuing operations after preferred dividends |
|
$ |
83,452 |
|
|
$ |
(1,889 |
) |
|
$ |
81,563 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Income (loss) from continuing operations
per share of common stock, after preferred dividends |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
$ |
0.32 |
|
|
|
|
|
|
$ |
0.31 |
|
| Diluted |
|
$ |
0.31 |
|
|
|
|
|
|
$ |
0.30 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted Average Number of Shares
of Common Stock Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
|
262,792,986 |
|
|
|
|
|
|
|
262,792,986 |
|
| Diluted |
|
|
269,057,682 |
|
|
|
|
|
|
|
269,057,682 |
|
|
(A) |
Represents Newcastles historical consolidated
statement of operations for the nine months ended September
30, 2013, excluding discontinued operations. |
|
(B) |
Represents the portion
of New Residentials historical consolidated statement
of operations for the period from January 1, 2013 to May
15, 2013 that is not included in Newcastles income
(loss) from discontinued operations. After the May 15,
2013 spin-off of New Residential from Newcastle, no results
of New Residential were reported in Newcastles
consolidated statement of operations. |
|