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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
January 18, 1994
MEDITRUST
(Exact name of registrant as specified in charter)
Massachusetts 0-14022 04-6532031
(State of (Commission (I.R.S. Employer
Incorporation) File No.) Identification No.)
128 Technology Center, Waltham, Massachusetts 02154
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (617) 736-1500
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Item 5. OTHER INFORMATION
MEDITRUST
PRESS RELEASE
Contact: Lisa M. Pavelka Vice
President and Treasurer
617-736-1500
FOR IMMEDIATE RELEASE
MEDITRUST ANNOUNCES RECORD INCREASES
IN CASH FLOW FROM OPERATING ACTIVITIES
WALTHAM, MA ... January 18, 1994 ... Meditrust (NYSE:MT) announced today record
increases in cash flow from operating activities, revenues and net income for
the year ended December 31, 1993 as compared to the year ended December 31,
1992.
During the three months ended December 31, 1993, cash flow from operating
activities, the basis on which dividends are determined, was $22,498,000 OR
$.69 per share versus $17,387,000 or $.65 per share for the comparable period
in 1992. Revenues for the fourth quarter of 1993 were $38,274,000 versus
$33,371,000 for the fourth quarter of 1992. For the fourth quarter ended
December 31, 1993, Meditrust had net income of $16,716,000 or $.51 per share
(based on 32,775,000 shares) compared to $13,039,000 or $.49 per share (based
on 26,712,000 shares) for the same period a year earlier.
For the year ended December 31, 1993, the Company had cash flow from operating
activities of $84,831,000 or $2.71 per share versus $67,942,000 or $2.58 per
share for the same period a year earlier. Revenues for the year ended December
31, 1993 were $150,826,000 versus $132,394,000 for the year ended December 31,
1992. Net income increased to $63,636,000 or $2.03 per share for the year
ended December 31, 1993 versus $51,358,000 or $1.95 per share for the year
ended December 31, 1992.
David F. Benson, President of Meditrust stated that, "During 1993 Meditrust
invested over $200 million in subacute healthcare properties. In 1994 we will
continue to invest in those facilities which will be attractive to referrals
from managed care companies and benefit from future health care reform."
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Meditrust, with headquarters in Waltham, Massachusetts, is the nation's largest
Health Care Real Estate Investment Trust, with investments in 212 health care
facilities with 30 different operators in 33 states and with total assets of
over $1.3 billion. Meditrust has over $1 billion of market capitalization.
The Company specializes in making real estate investments in the subacute
sector of the health care industry.
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MEDITRUST
FINANCIAL RESULTS
<TABLE>
<CAPTION>
THREE MONTHS ENDED TWELVE MONTHS ENDED
DECEMBER 31 DECEMBER 31
(Unaudited) (Unaudited)
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(In thousands except per share amounts) 1993 1992 1993 1992
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<S> <C> <C> <C> <C>
REVENUES $38,274 $33,371 $150,826 $132,394
NET INCOME 16,716 13,039 63,636 51,358
EARNINGS PER SHARE .51 .49 2.03 1.95
CASH FLOW FROM
OPERATING ACTIVITIES 22,498 17,387 84,831 67,942
CASH FLOW FORM OPERATING
ACTIVITIES PER SHARE .69 .65 2.71 2.58
WEIGHTED AVERAGE NUMBER
OF SHARES OUTSTANDING 32,775 26,712 31,310 26,360
</TABLE>
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
MEDITRUST
March 3, 1994 /s/ Michael S. Benjamin
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Michael S. Benjamin
Senior Vice President
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