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Description of Annual Report front cover: black, white, and maroon logo design,
no pictures. Text consists of:
MISSION WEST PROPERTIES
1995 ANNUAL REPORT
Description of Annual Report inside front cover: repeat of logo design, no
pictures. Text consists of the President's letter, as follows:
TO OUR SHAREHOLDERS
For the year ended November 30, 1995, we are pleased to report net income of
$52,000, or $0.04 per share, on revenues of $7,926,000. For the prior
fiscal year, the Company reported a net loss of $1,943,000, or $1.32 per
share, on revenues of $9,297,000.
The fiscal year 1995 results reflect profit from operations. The fiscal
year 1994 results included three significant nonrecurring items: a fourth
quarter charge for estimated losses on real estate, a favorable settlement
of litigation, and the effects of a required change in accounting for income
taxes. The adjustment for estimated losses on real estate totaled
$5,200,000 before taxes and arose as a result of a proposed agreement to
sell substantially all the Company's real estate assets (the agreement was
terminated in February 1995). The litigation settlement and change in
accounting contributed $1,265,000 in net income for fiscal year 1994.
The Company continued to focus on operations during fiscal year 1995.
Occupancy of the real estate portfolio increased from an average 84 percent
in fiscal year 1994 to an average 87 percent in fiscal year 1995.
Additional emphasis was placed on controlling costs, while maintaining the
properties in a quality manner. These efforts, combined with the effects of
the $5,200,000 adjustment recorded in fiscal year 1994, gave the Company its
first profit in five years.
One other note for fiscal year 1995 relates to the Company's debt portfolio.
We were successful in modifying 40 percent of the outstanding debt,
extending maturities to 1998 and lowering interest rates. As of November
30, 1995, the Company had a cash and investments position of $3,094,000 and
a debt position of $31,967,000.
We look forward to fiscal year 1996 with enthusiasm and plan to continue to
improve operating results while also considering strategic opportunities for
the Company. Thank you for your continued support.
Sincerely,
J. Gregory Kasun
President and Chief Executive Officer
Contents of the annual report consist solely of the Form 10-K, excluding
exhibits, filed for the year ended November 30, 1995, previously filed with the
Securities and Exchange Commission via EDGAR.
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Description of Annual Report inside back cover: repeat of logo design, no
pictures. Text consists of the following Company data:
DIRECTORS LEGAL COUNSEL
Michael M. Earley Pillsbury Madison
President & Chief Executive Officer, & Sutro LLP
Triton Group Ltd. San Diego, California
Mark G. Foletta INDEPENDENT ACCOUNTANTS
Senior Vice President & Price Waterhouse LLP
Chief Financial Officer San Diego, California
Triton Group Ltd.
REGISTRAR/TRANSFER AGENT
J. Gregory Kasun First Interstate Bank
President & Los Angeles, California
Chief Executive Officer
Mission West Properties SECURITIES TRADED
American Stock Exchange
William E. Nelson Pacific Stock Exchange
Chairman of the Board, Symbol: MSW
Scripps Bank Newspaper Listing: Missn W
President &
Chief Executive Officer, OFFICERS
Scripps Institutions of
Medicine and Science Harve Filuk
Vice President
Richard R. Tartre
Chief Executive Officer J. Gregory Kasun
Astra Management Corporation President &
Chief Executive Officer
Byron B. Webb, Jr.
President, Katrina L. Thompson
La Jolla Savers & Mortgage Chief Financial Officer &
Fund Secretary
Description of Annual Report back cover: repeat of logo design, no pictures.
Text consists of the following Company data:
MISSION WEST PROPERTIES
6815 Flanders Drive
Suite 250
San Diego
California 92121-3914
619-450-3135
FAX 619-450-1618
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