<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, 1997
--------------------------
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, 1997, the registrant had 8,284,275 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 (Unaudited)
Consolidated Balance Sheets
at June 30, 1997 and December 31, 1996. 3
Consolidated Statements of Operations
for the Three and Six Months Ended June 30,
1997 and 1996. 4
Consolidated Statements of Cash Flows
for the Six Months Ended June 30,
1997 and 1996. 5
Notes to Consolidated Financial Statements. 6
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of
Operations. 9
Part II. Other Information 13
Signature Page 14
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)
ASSETS June 30, 1997 December 31, 1996
------------- -----------------
Cash $ -- $ --
Accounts receivable, net of allowance
of $204,000 and $195,000 2,138 1,571
Notes receivable, net of allowance of
$70,000 450 498
Property:
Land and land improvements 36,802 37,352
Buildings 114,044 114,913
Equipment and fixtures 555 555
Construction-in-progress 5 --
-------- --------
151,406 152,820
Less: Accumulated depreciation (30,753) (28,508)
-------- --------
Property, net 120,653 124,312
Investment in Mid-America Bethal
Limited Partnership 15,019 15,201
Intangible assets, less accumulated
amortization of $3,579,000 and
$3,422,000 1,468 1,623
Other assets 2,767 2,635
-------- --------
$142,495 $145,840
-------- --------
-------- --------
LIABILITIES AND SHAREHOLDERS' EQUITY
Mortgages and notes payable $ 62,307 $ 64,348
Accrued liabilities 1,958 1,957
-------- --------
Total Liabilities 64,265 66,305
Commitments and Contingencies
Shareholders' Equity:
Common stock, $.01 par value; authorized
25,000,000 shares; issued and
outstanding 8,284,275 and
8,283,255 shares 83 83
Capital in excess of par value 119,715 119,700
Distributions in excess of net income (41,568) (40,248)
-------- --------
Total Shareholders' Equity 78,230 79,535
-------- --------
$142,495 $145,840
-------- --------
-------- --------
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,
--------- ---------
1997 1996 1997 1996
---- ---- ---- ----
<S> <C> <C> <C> <C>
REVENUES:
Rental income $ 4,388 $ 4,301 $ 8,705 $ 8,595
Reimbursed expenses 1,235 1,280 2,474 2,585
Property management and leasing income 43 58 88 102
Other income 149 158 336 407
--------- --------- --------- ---------
Total Revenues 5,815 5,797 11,603 11,689
EXPENSES:
Real estate taxes 710 837 1,486 1,593
Other property costs 999 885 1,877 1,713
Interest expense 1,388 1,461 2,800 2,916
Administrative expenses 350 351 700 754
Property management and leasing expenses 320 288 591 543
Depreciation and amortization 1,228 1,278 2,472 2,559
--------- --------- --------- ---------
Total Expenses 4,995 5,100 9,926 10,078
--------- --------- --------- ---------
Income Before Equity in Earnings of
Mid-America Bethal Limited Partnership 820 697 1,677 1,611
Equity in Earnings of Mid-America Bethal
Limited Partnership 262 253 518 505
--------- --------- --------- ---------
INCOME FROM OPERATIONS 1,082 950 2,195 2,116
Gain on Sale of Real Estate -- -- 130 --
--------- --------- --------- ---------
NET INCOME $ 1,082 $ 950 $ 2,325 $ 2,116
--------- --------- --------- ---------
--------- --------- --------- ---------
Weighted Average Shares
Outstanding During Period 8,283,759 8,281,407 8,283,419 8,281,124
--------- --------- --------- ---------
--------- --------- --------- ---------
NET INCOME PER SHARE $ .13 $ .11 $ .28 $ .26
--------- --------- --------- ---------
--------- --------- --------- ---------
</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,
-------------------------
1997 1996
-------- --------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $ 2,325 $ 2,116
Adjustments:
Depreciation and amortization 2,472 2,559
Gain on Sale of Real Estate (130) --
Investment in Mid-America Bethal
Limited Partnership:
Equity in earnings (518) (505)
Distributions received 700 700
(Decrease) Increase in related
liabilities (16) 42
Increase in related assets (697) (754)
------- -------
Net Cash Flows From Operating Activities 4,136 4,158
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from Sale of Real Estate 344 --
Principal repayments of Notes Receivable 48 59
Additions to property:
Expansion projects and other capital
expenditures (199) (392)
Tenant improvements (111) (129)
Payments from Yield Maintenance Agreement 1,517 19
Cash paid for leasing fees (49) (21)
------- -------
Net Cash Flows From Investing Activities 1,550 (464)
CASH FLOWS FROM FINANCING ACTIVITIES:
(Payments) proceeds on short-term debt, net (1,763) 230
Scheduled principal payments on mortgages (278) (280)
Dividends paid (3,645) (3,644)
------- -------
Net Cash Flows From Financing Activities (5,686) (3,694)
------- -------
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, 1997
(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 1996 Annual Report on
Form 10-K for the year ended December 31, 1996.
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, 1997 and 1996 are not necessarily indicative of the operating
results for the full year.
All material intercompany transactions and profits have been
eliminated in consolidation.
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. In February 1997, the Financial
Accounting Standards Board ("FASB") issued Statement of Financial
Accounting Standards No. 128, "Earnings per Share", effective for
fiscal years beginning after December 15, 1997. The adoption of this
statement is not expected to have a material impact on the Company's
Net Income Per Share calculation.
In addition, in February 1997, the FASB issued Statement of Financial
Accounting Standards No. 129, "Disclosure of Information about Capital
Structure." In June 1997, the FASB issued Statement of Financial
Accounting Standards No. 130, "Reporting Comprehensive Income" and
Statement of Financial Accounting Standards No. 131, "Disclosures
about Segments of an Enterprise and Related Information", all of which
are effective for fiscal years beginning after December 15, 1997. The
adoption of these statements is not expected to have a material impact
on the operations of the Company.
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.
6
<PAGE>
Summarized financial information on Mid-America Bethal is as follows:
June 30, 1997 December 31, 1996
------------- -----------------
BALANCE SHEETS:
Assets:
Cash $ 841 $ 751
Property, net of depreciation of
$7,911,000 and $7,370,000 28,611 29,097
Other Assets 597 572
------- -------
$30,049 $30,420
------- -------
------- -------
Liabilities and Partners' Capital:
Accounts payable and other
liabilities $11 $18
Partners' capital 30,038 30,402
------- -------
$30,049 $30,420
------- -------
------- -------
Six Months Ended June 30,
-------------------------
1997 1996
---- ----
STATEMENTS OF OPERATIONS:
Total Revenues $ 2,282 $ 2,235
------- -------
------- -------
Net Income $ 1,035 $ 1,009
------- -------
------- -------
EQUITY IN EARNINGS OF MID-AMERICA
BETHAL RECORDED BY THE COMPANY $ 518 $ 505
------- -------
------- -------
C. MORTGAGES AND NOTES PAYABLE:
Mortgages and notes payable are comprised of the following:
June 30, 1997 December 31, 1996
------------- -----------------
Mortgages Payable $49,209 $49,488
Working Capital Line of Credit
($5,000,000 available at London
Interbank Offering Rate (LIBOR)
plus 2% due July 1997) 547 545
Acquisitions Line of Credit
($10,000,000 available at LIBOR
plus 2-1/2% due July 1997) 2,992 4,756
Acquisitions Line of Credit
($15,000,000 available at LIBOR
plus 2-1/4% due July 1997) 9,559 9,559
------- -------
$62,307 $64,348
------- -------
------- -------
Subsequent to June 30, 1997, the Company finalized a $4,000,000, 8.28%
fixed rate mortgage loan secured by the Miracle Hills Park Shopping
Center. The net proceeds from this loan were used to repay the maturing
$3,300,000 fixed rate mortgage secured by the Miracle Hills Park Shopping
Center and to repay variable rate acquisition line debt. This loan has a
seven (7) year term with payments based on a 25-year amortization. The
Company paid fees of approximately $46,000.
7
<PAGE>
In addition, during July 1997, the Company renegotiated the terms of its
revolving credit agreements. The $5,000,000 working capital and the
$10,000,000 acquisition lines of credit were extended to July 1999 for an
extension fee of $15,000. Both lines are priced at 200 over LIBOR. The
$15,000,000 acquisition line was extended until July 1998 with the interest
rate remaining at 225 basis points over LIBOR; non-use fee of 25 basis
points was eliminated.
D. COMMITMENTS AND CONTINGENCIES:
In June 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 guaranteed 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 for five specific
properties purchased from the formerly related parties.
Under the YMA, the market value of these properties was determined as of
December 31, 1996. The determined market value was based on a 10.25%
capitalization rate applied to net operating income for the year ended
December 31, 1996. The determined market value of the properties was less
than the Company's adjusted acquisition cost, accordingly, the difference
was owed to the Company, subject to certain limits. The obligations of the
formerly related parties under the YMA was limited to $2,800,000.
During second quarter 1997, the Company received the final settlement of
approximately $1,421,000 due under the YMA. The proceeds, which prior to
receipt were not reflected in the consolidated financial statements of the
Company, were used to reduce bank line debt. In addition, because receipt
of these amounts were not considered operating income, these amounts were
not considered net income and were applied against the carrying value of
the properties purchased from the formerly related parties.
E. PROPERTY TRANSACTIONS:
During the six months ended June 30, 1997, the Company sold two outlot
parcels for total proceeds of approximately $344,000 resulting in a book
gain of approximately $130,000.
F. SUBSEQUENT EVENT:
On July 22, 1997, the Company declared a cash dividend of $.22 per common
share payable on August 19, 1997 to shareholders of record on August 5,
1997.
8
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
LIQUIDITY AND CAPITAL RESOURCES:
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, 1997, 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.
The Company had a debt-to-equity ratio of .80 to 1 at June 30, 1997, compared to
.81 to 1 at December 31, 1996, based upon the ratio of mortgages and notes
payable to total shareholders' equity. The Company's ratio of debt to total
market capitalization was 43% at June 30, 1997 and 45% at December 31, 1996.
INVESTING ACTIVITIES:
During the six months ended June 30, 1997, net cash flows from investing
activities were $1,550,000. Net cash provided from the sale of real estate
totaled $344,000 for the six months ended June 30, 1997. In addition, the
Company received $1,517,000 in proceeds related to the Company's Yield
Maintenance Agreement with the former related parties. Also during these six
months, the Company paid cash of approximately $359,000 related to lease fees
and capital improvements.
FINANCING ACTIVITIES:
During the six months ended June 30, 1997, net cash flows used in financing
activities were $5,686,000 which consisted of dividends paid of $3,645,000 and
reductions of debt of $2,041,000.
RESULTS OF OPERATIONS:
Net income for the six months ended June 30, 1997 was $2,325,000 or $.28 per
share compared to $2,116,000 or $.26 per share for the six months ended June 30,
1996, an increase of $209,000 or 10%. Net income for the three months ended
June 30, 1997 was $1,082,000 or $.13 per share, compared to $950,000 or $.11 per
share for the three months ended June 30, 1996, an increase of $132,000 or 14%.
The increase in net income for the six and three months ended June 30, 1997
compared to the six and three months ended June 30, 1996 was due primarily to
the gain on sale of real estate of $130,000 during the first quarter of 1997,
the increase in rental income resulting from recent expansion activities, the
impact of new leases, a decrease in the Company's weighted average debt
outstanding coupled with a slight decrease in weighted average cost of funds and
a decrease in real estate taxes. Offsetting these items was an increase in
other property management expenses.
9
<PAGE>
RENTAL INCOME:
Rental income for the six and three months ended June 30, 1997 was $8,705,000
and $4,388,000, respectively, compared to $8,595,000 and $4,301,000,
respectively, for the six and three months ended June 30, 1996, an increase of
$110,000 and $87,000 for the six and three months ended June 30, 1997 compared
to the same period in 1996. The increase was due primarily to the effect of
recent expansion activities, the impact of new leases and an increase in
percentage rents.
REIMBURSEMENT INCOME:
Reimbursement income for the six and three months ended June 30, 1997 was
$2,474,000 and $1,235,000, respectively, compared to $2,585,000 and $1,280,000
for the six and three months ended June 30, 1996, a decrease of $111,000 and
$45,000 for the six and three months ended June 30, 1997 compared to the same
period in 1996. This change was attributable to a decrease in the year end
calculation adjustment of tenants' pro rata share of taxes, insurance and common
area maintenance costs and a decrease in real estate tax expense that was
reimbursed by tenants.
PROPERTY MANAGEMENT INCOME:
Property management income, which primarily consists of lease and property
management fees from properties managed for Mid-America Bethal, was $88,000 and
$43,000, respectively, for the six and three months ended June 30, 1997 compared
to $102,000 and $58,000, respectively, for the six and three months ended June
30, 1996, a decrease of $14,000 and $15,000 for the six and three months ended
June 30, 1997 compared to the same period in 1996. The decrease was
attributable to fewer new leases at properties owned by Mid-America Bethal
during the three and six months ended June 30, 1997 compared to the same period
in 1996.
OTHER INCOME:
Other income for the six and three months ended June 30, 1997 was $336,000 and
$149,000, respectively, compared to $407,000 and $158,000 for the six and three
months ended June 30, 1996. The decrease was primarily attributable to a prior
year payment from the Company's investment in the Valley Park Centre received in
the first quarter of 1996.
OTHER PROPERTY COSTS:
Other property costs for the six and three months ended June 30, 1997 were
$1,877,000 and $999,000, respectively, compared to $1,713,000 and $885,000,
respectively, for the six and three months ended June 30, 1996, an increase of
$164,000 and $114,000 for the six and three months ended June 30, 1997 compared
to the same period in 1996. The increase was primarily attributable to an
increase in legal and professional fees related to litigation arising from the
normal course of business and an increase in weather related expenses.
INTEREST EXPENSE:
Interest expense for the six and three months ended June 30, 1997 was $2,800,000
and $1,388,000, respectively, compared to $2,916,000 and $1,461,000,
respectively, for the six and three months ended June 30, 1996, a decrease of
$116,000 and $73,000, respectively. The Company's average total debt was
$63,327,000 during the six months ended June 30, 1997 compared to $65,567,000
during the six months ended June 30, 1996. The Company's weighted average cost
of funds was 8.8% during the first six months of 1997 compared to 8.9% during
the same period of 1996.
10
<PAGE>
REAL ESTATE TAXES:
Real estate tax expense for the six and three months ended June 30, 1997 was
$1,486,000 and $710,000, respectively, compared to $1,593,000 and $837,000,
respectively, for the six and three months ended June 30, 1996, a decrease of
$107,000 and $127,000, respectively. The decrease was attributable to
successfully negotiating a reduction of taxable value at several of the
properties, coupled with a decrease in the tax assessed levy at several
properties.
ADMINISTRATIVE EXPENSES:
Administrative expenses for the six and three months ended June 30, 1997 were
$700,000 and $350,000, respectively, compared to $754,000 and $351,000,
respectively, for the six and three months ended June 30, 1996, a decrease of
$54,000 or 7% for the six months ended June 30, 1997 compared to the same period
in 1996. The decrease related primarily to certain one time charges of
approximately $10,000 in the six months ended June 30, 1996, coupled with timing
of certain general and administrative expenses.
PROPERTY MANAGEMENT AND LEASING EXPENSES:
Property management expenses for the six and three months ended June 30, 1997
were $591,000 and $320,000, respectively, compared to $543,000 and $288,000,
respectively, for the six and three months ended June 30, 1996. This is an
increase of $48,000 and $32,000 for the six and three months ended June 30,
1997. The increase was primarily attributable to an increase in leasing and
marketing activities.
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 statement of operations, 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, 1997 were
$4,852,000 and $2,399,000 or $.59 and $.29 per share, respectively, compared to
$4,760,000 and $2,318,000 or $.57 and $.28 per share, respectively, for the six
and three months ended June 30, 1996.
Funds From Operations is computed as follows:
Six Months Ended Three Months Ended
June 30, June 30,
1997 1996 1997 1996
-------------- ----------------
(In Thousands Except Per Share Data)
Net Income $2,325 $2,116 $1,082 $ 950
Depreciation and Amortization (1) 2,381 2,453 1,181 1,227
Gain on Sale of Real Estate (2) (130) -- -- --
Proceeds from Investment in Valley
Park Centre -- (90) -- --
Investment in Mid-America Bethal:
Equity in Earnings (518) (505) (262) (253)
Equity in Funds From Operations (3) 794 786 398 394
------ ------ ------ ------
Funds From Operations $4,852 $4,760 $2,399 $2,318
------ ------ ------ ------
------ ------ ------ ------
Funds From Operations Per Share $ .59 $ .57 $ .29 $ .28
------ ------ ------ ------
------ ------ ------ ------
11
<PAGE>
- --------------
(1) Depreciation and Amortization for the six months ended June 30, 1997 and
1996, respectively, consisted of real property depreciation of $2,219,000
and $2,278,000, lease fee amortization of $111,000 and $125,000, and
intangible amortization of $51,000 and $50,000.
(2) Gain on Sale of Real Estate consists of a $130,000 gain on the sale of two
outlot parcels.
(3) Equity in Funds From Operations of Mid-America Bethal for the six months
ended June 30, 1997 and 1996, respectively, included real property
depreciation of $535,000 and $544,000, and lease fee amortization of
$18,000 and $18,000.
The Funds From Operations reported above reflect recommendations contained in
the Funds From Operations White Paper (the "FFO White Paper") 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 on and after January 1, 1996.
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:
(SQUARE FOOTAGE IN THOUSANDS)
<TABLE>
<CAPTION>
GROSS LEASEABLE AREA LEASED SPACE (1) LEASED %
--------------------------- --------------------------- ---------------------------
6/30/97 12/31/96 6/30/96 6/30/97 12/31/96 6/30/96 6/30/97 12/31/96 6/30/96
------- -------- ------- ------- -------- ------- ------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Mid-America Realty Investments, Inc.:
Neighborhood shopping centers 1,812 1,812 1,774 1,704 1,698 1,700 94% 94% 96%
Enclosed malls 888 882 869 837 840 823 94% 95% 95%
----- ----- ----- ----- ----- ----- --- --- ---
2,700 2,694 2,643 2,541 2,538 2,523 94% 94% 95%
Mid-America Bethal L.P. (2) 538 538 539 501 501 487 93% 93% 90%
----- ----- ----- ----- ----- ----- --- --- ---
3,238 3,232 3,182 3,042 3,039 3,010 94% 94% 95%
----- ----- ----- ----- ----- ----- --- --- ---
----- ----- ----- ----- ----- ----- --- --- ---
</TABLE>
- ---------------
(1) Leased space represents the amount 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.
12
<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, 1997.
13
<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 1, 1997
- ----------------------------- ---------------
Jerome L. Heinrichs,
Chief Executive Officer
/s/ Dennis G. Gethmann Date: August 1, 1997
- ----------------------------- ---------------
Dennis G. Gethmann
President and Principal Financial Officer
14
<PAGE>
EXHIBIT INDEX
EXHIBIT DESCRIPTION PAGE
- ------- ----------- ----
27 Financial Data Schedule. . . . . . . . . . . . 16
15
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 2,862
<ALLOWANCES> 274
<INVENTORY> 0
<CURRENT-ASSETS> 2,588
<PP&E> 151,406
<DEPRECIATION> 30,753
<TOTAL-ASSETS> 142,495
<CURRENT-LIABILITIES> 1,958
<BONDS> 62,307
0
0
<COMMON> 83
<OTHER-SE> 78,230
<TOTAL-LIABILITY-AND-EQUITY> 142,495
<SALES> 0
<TOTAL-REVENUES> 11,603
<CGS> 0
<TOTAL-COSTS> 3,954
<OTHER-EXPENSES> 2,524
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2,800
<INCOME-PRETAX> 2,325
<INCOME-TAX> 0
<INCOME-CONTINUING> 2,325
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,325
<EPS-PRIMARY> .28
<EPS-DILUTED> .28
</TABLE>
