<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended June 30, 1996
-------------------------------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
-------- --------
COMMISSION FILE NUMBER 1-9663
-------------
Mid-America Realty Investments, Inc.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Maryland 47-0700007
- --------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
11506 Nicholas Street, Suite 100, Omaha, NE 68154
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(Registrant's telephone number, including area code) (402) 496-3300
--------------------------
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing requirements for
the past 90 days. Yes X No
---
At July 31, 1996, the registrant had 8,282,171 shares of common stock
outstanding.
1
<PAGE>
MID-AMERICA REALTY INVESTMENTS, INC. AND SUBSIDIARY
FORM 10-Q
INDEX
Page
----
Part I. Financial Information
Item 1. Financial Statements
Consolidated Balance Sheets
at June 30, 1996 and December 31, 1995. 3
Consolidated Statements of Operations
for the Three and Six Months Ended June 30,
1996 and 1995. 4
Consolidated Statements of Cash Flows
for the Six Months Ended June 30,
1996 and 1995. 5
Notes to Consolidated Financial Statements. 6-8
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of
Operations. 8-11
Part II. Other Information 12
Signatures 13
2
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
MID-AMERICA REALTY INVESTMENTS, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(Columnar Dollars in Thousands)
<TABLE>
<CAPTION>
June 30, 1996 December 31, 1995
------------- -----------------
<S> <C> <C>
ASSETS
Cash $ -- $ --
Accounts receivable, net of allowances
of $198,000 and $175,000 1,906 1,497
Notes receivable, net of allowance of
$160,000 683 742
Property:
Land and land improvements 37,563 37,567
Buildings 114,329 113,602
Equipment and fixtures 559 559
Construction-in-progress 66 287
-------- --------
152,517 152,015
Less: Accumulated depreciation (26,550) (24,250)
-------- --------
Property, net 125,967 127,765
Investment in Mid-America Bethal Limited Partnership 15,402 15,597
Intangible assets, less accumulated
amortization of $3,181,000 and $2,948,000 1,829 2,042
Other assets 3,017 2,696
-------- --------
$148,804 $150,339
-------- --------
-------- --------
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgages and notes payable $ 65,543 $65,592
Accrued liabilities 1,865 1,831
-------- --------
Total Liabilities 67,408 67,423
Commitment and Contingencies
Shareholders' Equity:
Common stock, $.01 par value; 25,000,000 shares authorized;
8,281,603 and 8,280,524 shares issued and outstanding 83 83
Capital in excess of par value 119,690 119,682
Distributions in excess of net income (38,377) (36,849)
-------- --------
Total Shareholders' Equity 81,396 82,916
-------- --------
$148,804 $150,339
-------- --------
-------- --------
</TABLE>
See notes to consolidated financial statements.
3
<PAGE>
MID-AMERICA REALTY INVESTMENTS, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(Columnar Dollars in Thousands Except Per Share Data)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
------------------ ----------------
June 30, June 30,
-------- --------
1996 1995 1996 1995
---- ---- ---- ----
<S> <C> <C> <C> <C>
REVENUES:
Rental income $ 4,301 $ 4,092 $ 8,595 $ 8,223
Reimbursed expenses 1,280 1,191 2,585 2,438
Property management and leasing income 58 60 102 112
Other income 158 145 407 308
------ ------ ------ ------
Total Revenues 5,797 5,488 11,689 11,081
EXPENSES:
Real estate taxes 837 768 1,593 1,471
Other property costs 885 940 1,713 1,797
Interest expense 1,461 1,517 2,916 2,967
Administrative expenses 351 287 754 761
Property management and leasing expenses 288 187 543 424
Depreciation and amortization 1,278 1,288 2,559 2,513
------ ------ ------ ------
Total Expenses 5,100 4,987 10,078 9,933
------ ------ ------ ------
Income Before Equity in Earnings of
Mid-America Bethal Limited Partnership 697 501 1,611 1,148
Equity in Earnings of Mid-America Bethal
Limited Partnership 253 219 505 461
------ ------ ------ ------
INCOME FROM OPERATIONS 950 720 2,116 1,609
Gain on Sale of Real Estate -- 124 -- 124
------ ------ ------ ------
NET INCOME $950 $844 $2,116 $1,733
------ ------ ------ ------
------ ------ ------ ------
Weighted Average Shares
Outstanding During Period 8,281,407 8,279,892 8,281,124 8,279,892
--------- --------- --------- ---------
--------- --------- --------- ---------
NET INCOME PER SHARE $ .11 $ .10 $ .26 $ .21
------ ------ ------ ------
------ ------ ------ ------
</TABLE>
See notes to consolidated financial statements.
4
<PAGE>
MID-AMERICA REALTY INVESTMENTS, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(COLUMNAR DOLLARS IN THOUSANDS)
Six Months Ended June 30,
-------------------------
1996 1995
------- -------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $ 2,116 $ 1,733
Adjustments:
Depreciation and amortization 2,559 2,513
Investment in Mid-America Bethal
Limited Partnership:
Equity in earnings (505) (461)
Distributions received 700 800
Gain on sale of real estate -- (124)
Increase in related liabilities 42 211
Increase in related assets (754) (754)
------ ------
Net Cash Flows From Operating Activities 4,158 3,918
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of real estate -- 174
Principal repayments of notes receivable 59 42
Additions to property:
Renovation and expansion projects (392) (591)
Tenant improvements (129) (244)
Payments from Yield Maintenance Agreement 19 58
Cash paid for leasing fees (21) (108)
------ ------
Net Cash Flows From Investing Activities (464) (669)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds (payments) on short-term debt, net 230 (4,936)
Proceeds of mortgages payable -- 14,500
Scheduled principal payments on mortgages (280) (9,008)
Cash paid for loan fees -- (162)
Dividends paid (3,644) (3,643)
------ ------
Net Cash Flows From Financing Activities (3,694) (3,249)
------ ------
NET CHANGE IN CASH -- --
CASH, BEGINNING OF PERIOD -- --
------ ------
CASH, END OF PERIOD $ -- $ --
------ ------
------ ------
See notes to consolidated financial statements.
5
<PAGE>
MID-AMERICA REALTY INVESTMENTS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF AND FOR THE SIX MONTHS ENDED JUNE 30, 1996
(UNAUDITED)
(COLUMNAR DOLLARS IN FOOTNOTES ARE IN THOUSANDS EXCEPT PER SHARE DATA)
A. BASIS OF CONSOLIDATION AND PRESENTATION:
The unaudited consolidated financial statements are prepared on an accrual
basis and include the accounts of Mid-America Realty Investments, Inc. (the
"Company") and its wholly-owned subsidiary, Mid-America Centers Corp. The
unaudited consolidated financial statements should be read in conjunction
with the audited consolidated financial statements included in the
Company's 1995 Annual Report on Form 10-K for the year ended December 31,
1995.
The information furnished herein reflects all adjustments, which consist of
normal recurring accruals, which are, in the opinion of management,
necessary to fairly present the financial results for the interim periods
presented. The results for the six months ended June 30, 1996 and 1995 are
not necessarily indicative of the operating results for the full year.
All material intercompany transactions and profits have been eliminated in
consolidation. Certain reclassifications have been made to the 1995
financial statements to conform to those classifications used in 1996.
Net income per share was determined by dividing net income for the periods
presented by the weighted average number of shares of common stock
outstanding for the period.
B. INVESTMENT IN MID-AMERICA BETHAL LIMITED PARTNERSHIP:
Mid-America Bethal Limited Partnership ("Mid-America Bethal") was formed on
June 1, 1989 by the Company and a European investor. The Company has a 50%
interest in Mid-America Bethal and is the managing general partner. The
European investor has a 50% interest and is the limited partner.
Summarized financial information on Mid-America Bethal is as follows:
<TABLE>
<CAPTION>
June 30, 1996 December 31, 1995
------------- -----------------
<S> <C> <C>
BALANCE SHEETS:
Assets:
Cash $ 762 $ 817
Property, net of depreciation of
$6,828,000 and $6,278,000 29,494 29,940
Other assets 556 454
-------- --------
$ 30,812 $ 31,211
-------- --------
-------- --------
Liabilities and Partners' Capital:
Accounts payable and other
liabilities $ 10 $ 18
Partners' capital 30,802 31,193
-------- --------
$ 30,812 $ 31,211
-------- --------
-------- --------
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
Six Months Ended June 30,
-------------------------
1996 1995
------- -------
<S> <C> <C>
STATEMENTS OF OPERATIONS:
Total Revenues $ 2,235 $ 2,140
-------- --------
-------- --------
Net Income $ 1,009 $ 921
-------- --------
-------- --------
EQUITY IN EARNINGS OF MID-AMERICA
BETHAL RECORDED BY THE COMPANY: $ 505 $ 461
-------- --------
-------- --------
</TABLE>
C. MORTGAGES AND NOTES PAYABLE:
Mortgages and notes payable are comprised of the following:
<TABLE>
<CAPTION>
June 30, 1996 December 31, 1995
------------- -----------------
<S> <C> <C>
Mortgages Payable $ 50,516 $ 50,796
Working Capital Line of Credit
($5,000,000 available at London International Bank
Offering Rate (LIBOR) plus 2% due July 1997) 894 663
Acquisitions Line of Credit
($10,000,000 available at LIBOR plus 2-1/2% due July 1997) 8,574 8,574
Acquisitions Line of Credit
($15,000,000 available at Prime plus 1/2% due July 1996) 5,559 5,559
Other -- --
-------- --------
$ 65,543 $ 65,592
-------- --------
-------- --------
</TABLE>
During the six months ended June 30, 1996, the Company completed the
extension of the two Twin Oaks Centre mortgage loans with the existing
lender. These loans total $3,673,000 and have been extended for three
years to April 1999, with an interest rate of 8.50%.
Subsequent to June 30, 1996, the Company renegotiated the terms of its
$15,000,000 acquisition line of credit. The line has been extended to July
1997 at an interest rate of LIBOR plus 250 basis points, with a non-use fee
of 25 basis points on the committed amount.
D. COMMITMENTS AND CONTINGENCIES:
In 1992, the Company entered into a Yield Maintenance Agreement (as
amended, the "YMA") with parties formerly related to the Company. Under
the YMA, the formerly related parties guarantee a 10% return from June 1,
1992 to December 31, 1996, calculated on a quarterly basis, to the Company
based upon the amount of the Company's "Investment Base" (as defined in the
YMA) for five specific properties purchased from the formerly related
parties. If the cash flow (as defined in the YMA) of the properties after
debt service on a quarterly basis does not exceed the required 10% return,
the difference (defined as the "Arrearage" in the YMA) is owed to the
Company by the formerly related parties. The formerly related parties have
the option of paying the Arrearage in cash every quarter or having it added
to the "Investment Base."
Under the YMA, the market value of these properties will be determined as
of December 31, 1996. The determined market value will be based on a
10.25% capitalization rate applied to "net operating income" (as defined in
the YMA) for the year ended December 31, 1996. If the determined market
value of the properties is different than the Company's "adjusted
Acquisition Cost" (as defined in the YMA), the difference will be paid by
or owed to the Company, subject to certain limits as defined in the YMA.
The obligations of the formerly related parties under the YMA are limited
to $2,800,000 and are secured by promissory notes. The promissory notes
are personally guaranteed by the formerly related parties and
7
<PAGE>
are collateralized by specific tangible collateral. In addition, under the
YMA, the Company has an assignment of a 50% interest in Kearney Mall
Associates, Ltd., Limited Partnership ("Kearney Mall Associates"), whose
limited partners were formerly related to the Company, which owns Hilltop
Mall in Kearney, Nebraska. Cumulative amounts received under this
agreement totaled $1,247,000 through June 30, 1996 and reduce the
guaranteed limits described above.
At June 30, 1996, accumulated YMA arrearages (which are not reflected in
the consolidated financial statements) exceeded the guaranteed limits. The
final accumulated YMA arrearage cannot be calculated until December 31,
1996.
E. SUBSEQUENT EVENTS:
Subsequent to June 30, 1996, the Company was approached with an offer to
sale Westview Plaza located in McCook, Nebraska. The estimated selling
price is $425,000 resulting in an estimated loss of approximately $400,000.
In addition, preliminary negotiations have begun on the sale of Town West
Center in Paragould, Arkansas. The Company anticipates the selling price
to be approximately $3,800,000 resulting in a gain of approximately
$150,000. The Company expects to use the proceeds from the potential sales
to reduce debt which will reduce future interest expense.
On July 23, 1996, the Company declared a cash dividend of $.22 per common
share payable on August 20, 1996 to stockholders of record on August 6,
1996.
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
CAPITAL RESOURCES AND LIQUIDITY:
The Company's primary source of funds are (i) cash generated from operations
which includes distributions from Mid-America Bethal, (ii) borrowings, (iii)
sales of real estate, and (iv) principal repayments on notes receivable.
Management anticipates that these sources will provide the necessary funds for
its operating expenses, interest expense on outstanding indebtedness, recurring
capital expenditures and dividends to shareholders in accordance with REIT
requirements, during the next twelve months. Management also believes that it
has capital, and the access to capital resources, sufficient to expand and
develop its business in accordance with its strategy for growth. In general,
the Company intends to acquire and finance additional real estate properties and
investments, to the extent possible, in such a manner as to maintain the ability
to make regular distributions to shareholders. However, the future issuance of
debt or equity securities by the Company or the acquisition of new properties or
investments could affect the yield to shareholders.
At June 30, 1996, the Company had invested approximately 95% of its assets in
enclosed malls and neighborhood shopping centers, including the Company's
investment in Mid-America Bethal. The remainder of the Company's assets
primarily consisted of accounts and notes receivable.
At June 30, 1996, the Company had a debt-to-equity ratio of .81 to 1, compared
to .79 to 1 at December 31, 1995, based upon the ratio of mortgages and notes
payable to total shareholders' equity. The Company's ratio of debt to total
market capitalization was 48% at June 30, 1996 and 51% at December 31, 1995.
8
<PAGE>
INVESTING ACTIVITIES:
During the six months ended June 30, 1996, net cash flows used in investing
activities were $464,000 which related primarily to costs associated with the
expansions at Lakewood Mall and Monument Mall and tenant improvements. These
costs were offset by principal repayments on notes receivable and payments under
the YMA.
In March 1996, the Company completed the expansion at the Herberger's department
store at Lakewood Mall from 55,000 square feet to nearly 80,000 square feet, at
a total cost of $515,000. Cash paid for the Lakewood Mall expansion during the
six months ended June 30, 1996 was $244,000.
During the second quarter 1996, the Company began construction on a 12,857
square foot theatre expansion at Monument Mall at a total cost estimated at
approximately $767 ,000. Cash paid for the Monument Mall theatre expansion
during the six months ended June 30, 1996 was approximately $66,000.
During the six months ended June 30, 1996, cash paid for tenant improvements was
$129,000. Cash paid for lease fees was $21,000.
FINANCING ACTIVITIES:
During the six months ended June 30, 1996, net cash flows used in financing
activities were $3,694,000 which related primarily to dividends paid of
$3,644,000. For a description of certain mortgage refinancing and line of
credit extensions during the fiscal year to date, see Note C to the Unaudited
Consolidated Financial Statements.
RESULTS OF OPERATIONS:
Net income for the six months ended June 30, 1996 was $2,116,000 or $.26 per
share compared to $1,733,000 or $.21 per share for the six months ended June 30,
1995. Net income for the three months ended June 30, 1996 was $950,000 or $.11
per share, compared to $844,000 or $.10 per share for the three months ended
June 30, 1995. The increase in both the six and three months ended June 30,
1996 compared to the six and three months ended June 30, 1995 was due primarily
to increased rental income resulting from additional revenues from recent
expansion activities, the effect of new leases, a decrease in the weighted
average cost of funds, and the impact of the purchase of the Twin Oaks Centre in
April 1995. Offsetting this increase is an increase in total expenses.
RENTAL INCOME:
Rental income for the six and three months ended June 30, 1996 was $8,595,000
and $4,301,000, respectively, compared to $8,223,000 and $4,092,000,
respectively, for the six and three months ended June 30, 1995. The increase of
$209,000 for the second quarter of 1996 compared to the second quarter of 1995
and $372,000 for the six months ended June 30, 1996 compared to the six months
ended June 30, 1995 was due primarily to the effects of new leases, expansion
activities, rent increases and the full six month impact of the acquisition of
the Twin Oaks Centre in April 1995.
REIMBURSEMENT INCOME:
Reimbursement income for the six and three months ended June 30, 1996 was
$2,585,000 and $1,280,000, respectively, compared to $2,438,000 and $1,191,000,
respectively, for the six and three months ended June 30, 1995. The increase
was due primarily to the acquisition of the Twin Oaks Centre in April 1995 and
the effects of new leases.
9
<PAGE>
OTHER INCOME:
Other income for the six and three months ended June 30, 1996 was $407,000 and
$158,000, respectively, compared to $308,000 and $145,000, respectively, for the
six and three months ended June 30, 1995. The increase is primarily
attributable to a $90,000 final settlement from the Company's investment in
Valley Park Center.
OTHER PROPERTY COSTS:
Other property costs for the six and three months ended June 30, 1996 were
$1,713,000 and $885,000, respectively, compared to $1,797,000 and $940,000,
respectively, for the six and three months ended June 30, 1995. The decrease is
primarily attributable to the continued impact of the cost control initiatives
implemented by the Company in late 1994.
INTEREST EXPENSE:
Interest expense for the six and three months ended June 30, 1996 was $2,916,000
and $1,461,000, respectively, compared to $2,967,000 and $1,517,000,
respectively, for the six and three months ended June 30, 1995. The decrease in
interest expense for the six and three months ended June 30, 1996 compared to
the same period one year ago is primarily related to a decrease in the weighted
average cost of funds partially offset by an increase in the Company's average
debt outstanding. The Company's weighted average cost of funds was 8.9% during
the first six months of 1996 compared to 9.2% during the same period of 1995.
The Company's average total debt was $65,657,000 during the six months ended
June 30, 1996 compared to $64,836,000 during the six months ended June 30, 1995.
ADMINISTRATIVE EXPENSES:
Administrative expenses for the six months ended June 30, 1996 were $754,000,
compared to $761,000 for the six months ended June 30, 1995, a decrease of
$7,000. The decrease relates primarily to the continued impact of improved cost
control initiatives.
PROPERTY MANAGEMENT EXPENSES:
Property management expenses for the six and three months ended June 30, 1996
were $543,000 and $288,000, respectively, compared to $424,000 and $187,000,
respectively, for the six and three months ended June 30, 1995. The increase is
primarily attributable to the impact of the acquisition of the Twin Oaks Centre
in April 1995, an increase in leasing activities and timing of certain property
management expenses.
FUNDS FROM OPERATIONS:
Management considers Funds from Operations to be the most appropriate measure of
the performance of an equity real estate investment trust ("REIT"). The Company
defines Funds From Operations as net income before gains/losses from property
sales adjusted for non-cash items in the income statement, such as depreciation
and amortization. Funds from Operations is a supplemental measure of
performance that does not replace net income (loss) as a measure of performance
or net cash provided by operating activities as a measure of liquidity.
Funds From Operations for the six and three months ended June 30, 1996 were
$4,760,000 and $2,318,000 or $.57 and $.28 per share, respectively, compared to
$4,264,000 and $2,081,000 or $.52 and $.25 per share, respectively, for the six
and three months ended June 30, 1995. The increase is primarily attributable to
the positive impact of the April 1995 acquisition of the Twin Oaks Centre, an
increase in rental income due to recent expansion activities, the effect of new
leases and, to a lesser degree, an increase in base rent.
10
<PAGE>
Funds From Operations is computed as follows:
<TABLE>
<CAPTION>
Six Months Ended Three Months Ended
June 30, June 30,
1996 1995 1996 1995
---------------------- ------------------------
(In Thousands Except Per Share Data)
<S> <C> <C> <C> <C>
Net Income $ 2,116 $ 1,733 $ 950 $ 844
Depreciation and Amortization (1) 2,453 2,366 1,227 1,212
Proceeds from investment in Valley Park Center (90) -- -- --
Gain on sale of real estate -- (124) -- (124)
Investment in Mid-America Bethal:
Equity in Earnings (505) (461) (253) (218)
Equity in Funds From Operations (2) 786 750 394 367
-------- -------- -------- --------
Funds From Operations $ 4,760 $ 4,264 $ 2,318 $ 2,081
-------- -------- -------- --------
-------- -------- -------- --------
</TABLE>
- ------------
(1) Depreciation and Amortization for the six months ended June 30, 1996
consisted of real property depreciation of $2,278,000, lease fee
amortization of $125,000, and intangible amortization of $50,000.
Repairs and maintenance expensed as "Property Costs" during the
six months ended June 30, 1996 totaled $260,400.
(2) Equity in Funds From Operations of Mid-America Bethal for the six months
ended June 30, 1996 included real property depreciation of $544,000 and
lease fee amortization of $18,483.
The 1996 Funds From Operations reported above reflect recommendations contained
in the Funds From Operations White Paper (the "FFO White Paper") recently
adopted by the National Association of Real Estate Investment Trusts to
standardize financial reporting by real estate investment trusts. The Company
adopted the recommendations prescribed in the FFO White Paper for reporting
periods beginning after January 1, 1996. In addition, 1995 Funds From
Operations has been restated to conform to the prescribed FFO White Paper.
TENANT AND LEASING INFORMATION:
The following tables set forth information concerning each of the properties
that the Company owns directly or has an equity interest in through Mid-America
Bethal Limited Partnership:
<TABLE>
<CAPTION>
(SQUARE FOOTAGE IN THOUSANDS)
GROSS LEASEABLE AREA LEASED SPACE (1) LEASED %
6/30/96 12/31/95 6/30/95 6/30/96 12/31/95 6/30/95 6/30/96 12/31/95 6/30/95
------- ------- -------- ------- -------- ------- ------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Mid-America Realty Investments, Inc.:
Neighborhood shopping centers 1,774 1,771 1,800 1,700 1,695 1,731 96% 96% 96%
Enclosed malls 869 863 863 823 795 798 95% 92% 93%
----- ----- ----- ----- ----- ----- -- -- --
2,643 2,634 2,663 2,523 2,490 2,529 96% 95% 95%
Mid-America Bethal L.P. (2) 539 538 538 487 475 499 90% 88% 93%
----- ----- ----- ----- ----- ----- -- -- --
3,182 3,172 3,201 3,010 2,965 3,028 95% 93% 95%
----- ----- ----- ----- ----- ----- -- -- --
----- ----- ----- ----- ----- ----- -- -- --
</TABLE>
- ------------
(1) Leased space represents the percentage of gross leasable area which is
leased to third-party tenants.
(2) The Company owns a 50% partnership interest in Mid-America Bethal Limited
Partnership. All information presented is for the entire partnership.
11
<PAGE>
PART II. OTHER INFORMATION
ITEM 5. EXHIBITS AND REPORTS ON FORM 8-K
A. EXHIBITS
27 Financial Data Schedule
B. REPORTS ON FORM 8-K
The Company did not file any reports on Form 8-K during the quarter
ended June 30, 1996.
12
<PAGE>
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 thereunto duly authorized.
MID-AMERICA REALTY INVESTMENTS, INC.
/s/ Jerome L. Heinrichs Date: August 9, 1996
- ------------------------------ -------------------------
Jerome L. Heinrichs,
Chief Executive Officer
/s/ Dennis G. Gethmann Date: August 9, 1996
- ------------------------------ -------------------------
Dennis G. Gethmann
President and Principal Financial Officer
13
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> JUN-30-1996
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 2,947
<ALLOWANCES> 358
<INVENTORY> 0
<CURRENT-ASSETS> 3,305
<PP&E> 152,517
<DEPRECIATION> 26,550
<TOTAL-ASSETS> 148,804
<CURRENT-LIABILITIES> 1,865
<BONDS> 65,543
0
0
<COMMON> 83
<OTHER-SE> 81,313
<TOTAL-LIABILITY-AND-EQUITY> 148,804
<SALES> 0
<TOTAL-REVENUES> 11,689
<CGS> 0
<TOTAL-COSTS> 3,834
<OTHER-EXPENSES> 2,808
<LOSS-PROVISION> 15
<INTEREST-EXPENSE> 2,916
<INCOME-PRETAX> 2,116
<INCOME-TAX> 0
<INCOME-CONTINUING> 2,116
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,116
<EPS-PRIMARY> .26
<EPS-DILUTED> .26
</TABLE>
