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
July 22, 1998
Date of Report (Date of earliest event reported)
Mid-America Realty Investments, Inc.
(Exact name of registrant as specified in its charter)
Maryland 1-9663 47-0700007
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
11506 Nicholas Street, Suite 100
Omaha, Nebraska 68154
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code
(402) 496-3300
<PAGE>
Item 5. OTHER EVENTS.
On July 22, 1998, Mid-America Realty Investments, Inc. issued a press
release announcing net income and Funds From Operations for the three and six
months ended June 30, 1998.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) EXHIBITS
Exhibit 99.1 Press Release dated July 22 1998
<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.
Date: July 22, 1998 By: /s/ Jerome L. Heinrichs
--------------------------
Jerome L. Heinrichs
Chairman and Chief Executive Officer
<PAGE>
MID-AMERICA REALTY INVESTMENTS, INC.
11506 Nicholas Street - Suite 100
Omaha, Nebraska 68154-4468
402/496-3300
July 22, 1998
MID-AMERICA REALTY INVESTMENTS, INC.
REPORTS INCREASED
FUNDS FROM OPERATIONS
FOR MORE INFORMATION CONTACT:
Jerome L. Heinrichs
Chief Executive Officer
Mid-America Realty Investments, Inc.
(402) 496-3300 ext. 102
FOR IMMEDIATE RELEASE:
OMAHA, NEBRASKA--Mid-America Realty Investments, Inc. (the "Company") has
announced net income and Funds From Operations for the three and six months
ended June 30, 1998.
For the three and six months ended June 30, 1998, net income was $864,000
or $.10 per share and $2,159,000 or $.26 per share, respectively, compared to
$1,082,000 or $.13 per share and $2,325,000 or $.28 per share, respectively, for
the same periods in 1997. The decrease in net income for the three and six
months ended June 30, 1998, compared to the same periods in 1997 was due
primarily to approximately $375,000 of costs related to the Company's merger
agreement with Bradley Real Estate, Inc., which is subject to shareholder vote
on August 5, 1998. While these costs are included in calculating net income,
they are not considered in determining Funds From Operations (FFO), as they are
not incurred in the normal course of business, and are not recurring in nature.
FFO for the three and six months ended June 30, 1998 was $2,601,000 or $.31
per share and $5,238,000 or $.63 per share, respectively, compared to $2,399,000
or $.29 per share and $4,852,000 or $.59 per share, respectively for the same
periods of 1997. The increase in FFO for three and six months ended June 30,
1998 compared to the same period in 1997 related primarily to the positive
impact of recent expansion activity, the impact of new leases, and the favorable
interest rate environment.
Mid-America Realty Investments, Inc. (NYSE: MDI) currently owns 18
neighborhood shopping centers and four enclosed malls located as follows: eight
in Nebraska, three in Wisconsin, two each in Indiana and Minnesota, and one each
in Arkansas, Georgia, Illinois, Iowa, Michigan, South Dakota and Tennessee.
Additionally, the Company is a 50% partner in Mid-America Bethal Limited
Partnership which owns two neighborhood shopping centers,
<PAGE>
one in Nebraska and one in Wisconsin and one enclosed mall in Nebraska.
The following is a comparable analysis of gross leasable area and leased
space:
<TABLE>
Gross Leasable Area Leased Space Leased %
6/30/98 12/31/97 6/30/98 12/31/97 6/30/98 12/31/97
<S> <C> <C> <C> <C> <C> <C>
Mid-America Realty Investments,
Inc.:
Neighborhood shopping centers 1,841,000 1,812,000 1,754,000 1,726,000 95.2% 95.3%
Enclosed malls 889,000 889,000 830,000 833,000 93.5% 93.7%
------- ------- ------- ------- ----- -----
2,730,000 2,701,000 2,584,000 2,559,000 94.6% 94.7%
========= ========= ========= ========= ===== =====
Mid-America Bethal L.P. 538,000 538,000 512,000 498,000 95.2% 92.6%
------- ------- ------- ------- ----- -----
3,268,000 3,239,000 3,096,000 3,057,000 94.7% 94.4%
========= ========= ========= ========= ===== =====
FINANCIAL SUMMARY
For the Six Months Ended For the Three Months Ended
June 30, 1998 June 30, 1997 June 30, 1998 June 30, 1997
-------------------- ------------------- ---------------------- ------------------
<S> <C> <C> <C> <C>
Total Revenues $ 11,516,000 $ 11,603,000 $ 5,704,000 $ 5,815,000
Net Income $ 2,159,000 $ 2,195,000 $ 864,000 $ 1,082,000
Funds From Operations $ 5,238,000 $ 4,852,000 $ 2,601,000 $ 2,399,000
Per Share Amounts:
Net Income $ .26 $ .28 $ .10 $ .13
Funds From Operations $ .63 $ .59 $ .31 $ .29
Weighted Average Shares 8,285,391 8,283,419 8,285,713 8,283,759
June 30, 1998 Dec. 31, 1997
------------------ ------------------------
<S> <C> <C>
Total Assets $ 138,740,000 $ 140,530,000
Property, net $ 117,704,000 $ 119,590,000
Investment in Mid-America Bethal L.P. $ 14,853,000 $ 15,027,000
Mortgages and Notes Payable:
Fixed-rate $ 49,998,000 $ 49,651,000
Adjustable-rate $ 12,723,000 $ 11,871,000
Stockholders' Equity $ 73,618,000 $ 76,913,000
Common Shares Outstanding 8,286,215 8,284,743
</TABLE>
###
<PAGE>
