First Union Real Estate Equity & Mortgage - FUR- Profile

First Union Real Estate Equity & Mortgage. The Group's principal activities are the ownership and management of real estate investments and transit ticket equipment manufacturing. At 31-Dec-2002, the Group qualified as a real estate investment trust ('REIT') under Sections 856 through 860 of the Internal Revenue Code. As of 31-Dec 2002, the Group's only operating subsidiary is VenTek International, Inc. VenTek is in the business of manufacturing, installing and providing maintenance of parking and transit ticket vending equipment. As of 31-Dec-2002, the Group owned two real estate properties, one shopping mall and one office property, and had investments in U.S. Treasury Bills. The Trust's shopping mall is known as Park Plaza Mall and is located in Little Rock, Arkansas. The Trust's office property is known as Circle Tower and is located in Indianapolis, Indiana. Shopping centers accounted for 65% of 2002 revenues, VenTek, 18%; Interest and dividend income, 9%; Office buildings, 7% and Corporate, 1%.