<PAGE> 1
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): October 10, 1997
TRINET CORPORATE REALTY TRUST, INC.
(Exact name of Registrant as specified in its charter)
Maryland
(State of Incorporation)
1-11918 94-3175659
(Commission File Number) (IRS Employer ID Number)
Four Embarcadero Center, Suite 3150
San Francisco, CA 94111
(Address of principal executive offices) (Zip Code)
(415) 391-4300
(Registrant's telephone number, including area code)
<PAGE> 2
Item 5. Other Events
Property Acquisitions. From October 10, 1997 through December 19, 1997, TriNet
Corporate Realty Trust, Inc. (the "Company") acquired 4 properties (the
"Acquired Properties") for an aggregate purchase price of approximately $65.2
million, plus aggregate acquisition costs of approximately $0.4 million.
Additionally, it is probable that the Company will close on a single acquisition
of two properties (the "Probable Acquisition") for approximately $21.9 million,
plus anticipated acquisition costs of $0.1 million. As of December 19, 1997, the
Company's portfolio consisted of 107 properties and, with the completion of the
Probable Acquisition, the Company's portfolio will consist of 109 properties.
The Acquired Properties and Probable Acquisition are described below.
Neither the Company, any subsidiary of the Company, nor any director or officer
of the Company was affiliated with or had a material relationship with the
seller of any property described below. Two directors of the Company were the
beneficial owners of limited partnership interests (approximately 5.8% and 2.9%
interests, respectively) in the limited partnership which was the seller of the
Hitachi PC Corporation (USA) Property (described below). These two directors
were not involved in the management of the seller generally, did not participate
in the decision by the seller to sell the Hitachi PC Corporation (USA) Property,
and abstained from participating in the decision by the Company to buy the
Hitachi PC Corporation (USA) Property. The purchase price was determined by
arm's length negotiations and was supported by an independent appraisal of the
property conducted on behalf of the Company as well as back-up offers for the
property.
Hitachi PC Corporation (USA). On October 10, 1997, TriNet Essential
Facilities XXVI, Inc. ("TriNet XXVI"), a wholly-owned subsidiary of the
Company, purchased an office building comprising 102,240 square feet
located in Milpitas, California, (the "Hitachi PC Corporation (USA)
Property") from Barber Lane Associates, a limited partnership, for a
purchase price of approximately $16.9 million. TriNet XXVI acquired a fee
title interest in the Hitachi PC Corporation (USA) Property. The purchase
price for the Hitachi PC Corporation (USA) Property was funded entirely
from the proceeds of the Company's October 8, 1997 issuance of 4,000,000
shares of Series C Preferred Stock. The Hitachi PC Corporation (USA)
Property is 100% leased to Hitachi PC Corporation (USA), a wholly-owned
subsidiary of Hitachi (America) Ltd., a wholly-owned subsidiary of Hitachi
Ltd. of Japan.
ADS Alliance Data Systems. On October 31, 1997, TriNet Corporate Partners
II, L.P. ("TCPII"), a wholly-owned subsidiary of the Company, purchased an
office/R&D building comprising approximately 61,750 square feet located in
Dallas, Texas, (the "ADS Alliance Data Systems Property") from Waterview
Parkway, L.P., a limited partnership, for a purchase price of
approximately $6.5 million. TCPII acquired a fee title interest in the ADS
Alliance Data Systems Property. The purchase price for the ADS Alliance
Data Systems Property was funded by a $3.6 million draw on the Company's
$200.0 million unsecured revolving credit facility (the "Acquisition
Facility") with a group of 11 banks for which Morgan Guaranty Trust
Company of New York is the lead agent and The First National Bank of
Boston is the managing co-agent, with the remainder being funded from
working capital. The ADS Alliance Data Systems Property is 100% leased to
ADS Alliance Data Systems, Inc.
<PAGE> 3
Hewlett-Packard Convex. On November 10, 1997, TCPII purchased an
office/warehouse facility comprising 300,820 square feet located in
Richardson, Texas, (the "Hewlett-Packard Convex Property") from
AMBVEX Ltd., a limited partnership, for a purchase price of
approximately $32.6 million. TCPII acquired a fee title interest in
the Hewlett-Packard Convex Property. The purchase price for the
Hewlett-Packard Convex Property was funded by a $30.8 million draw
on the Acquisition Facility with the remainder being funded from
working capital. The Hewlett-Packard Convex Property is 100% leased
to the Hewlett-Packard Company.
MultiLink, Inc. On December 19, 1997, TriNet Essential Facilities
XXIII, Inc. ("TriNet XXIII"), a wholly-owned subsidiary of the
Company, purchased a two-story office building comprising 77,048
square feet located in Andover, Massachusetts, (the "MultiLink
Property") from Andover Research Park Associates, L.P., a limited
partnership, for a purchase price of approximately $9.2 million.
TriNet XXIII acquired a fee title interest in the MultiLink
Property. The purchase price for the MultiLink Property was funded
by a $8.5 million draw on the Acquisition Facility with the
remainder being funded from working capital. The MultiLink Property
is 100% leased to MultiLink, Inc., a wholly owned subsidiary of
PictureTel Corporation. MultiLink, Inc. has an option through July
31, 2002, to purchase the property for $10.0 million.
WellPoint. TriNet Essential Facilities XXII, Inc. ("TriNet XXII"), a
wholly-owned subsidiary of the Company, has entered into a contract
to purchase two properties, each with a two-story office building,
comprising an aggregate 217,613 square feet located in Thousand
Oaks, California, (the "WellPoint Properties") from Corporate Center
Drive Associates L.P., a limited partnership, for a purchase price
of approximately $21.9 million. TriNet XXII will acquire a fee title
interest in the WellPoint Properties. The purchase price for the
WellPoint Properties is anticipated to be funded entirely by a draw
on the Acquisition Facility. The WellPoint Properties are 100%
leased to the WellPoint Health Networks, Inc. Because the purchase
of the WellPoint Properties is still pending, there can be no
assurance that the Company will consummate the acquisition of such
properties or, if acquired, that they will be purchased on the terms
currently contemplated.
This Current Report on Form 8-K contains certain forward-looking
statements within the meaning of the federal securities laws, including
without limitation Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. A number of factors could
cause the Company's actual results, performance or achievements (in
particular those related to the Probable Acquisition) to differ materially
from those anticipated, including changes in the general economic climate,
the supply of and demand for office, R&D and industrial properties in the
Company's markets, increased construction costs, construction delays, the
availability of financing, potential environmental liabilities and other
factors affecting the condition of property to be acquired, the failure to
satisfy conditions described in agreements between the Company and other
parties, the failure of such other parties to perform such agreements and
other risks described from time to time in the Company's reports filed
with the Securities and Exchange Commission.
<PAGE> 4
Item 7. Financial Statements and Exhibits
Financial Statements
Pro Forma Financial Statements
The pro forma financial statements of the Company reflecting the
above transactions are included on pages F-2 to F-6.
Historical Financial Statements
The Historical Summary of Gross Income for the Hewlett-Packard
Convex Property is included on pages F-7 to F-9. The Historical
Summary of Gross Income for the Hitachi PC Corporation (USA)
Property is not included as Hitachi PC Corporation did not occupy
the building until October 1997. The Historical Summary of Gross
Income for the ADS Alliance Data Systems Property is not included as
ADS Alliance Data Systems was a sublessee during 1996 and entered
into a new lease agreement as the sole lessee commencing July 7,
1997. The Historical Summary of Gross Income for the MultiLink
Property is not included as MultiLink entered into a new lease
agreement for the property commencing August 1, 1997. The Historical
Summary of Gross Income for the WellPoint Properties is included on
pages F-10 to F-12.
Exhibits
23.1 Consent of Independent Accountants
<PAGE> 5
TRINET CORPORATE REALTY TRUST, INC.
INDEX TO FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
Page
----
<S> <C>
Pro Forma Financial Statements:
Unaudited pro forma consolidated balance sheet F-2
as of September 30, 1997
Unaudited pro forma consolidated statement of operations F-3
for the nine months ended September 30, 1997
Unaudited pro forma consolidated statement of operations F-4
for the year ended December 31, 1996
Notes to the pro forma financial statements F-5
Historical Summary of Gross Income for the Hewlett-Packard Convex Property:
Report of independent accountants F-7
Historical summary of gross income for the year ended December 31, 1996 F-8
Note to historical summary of gross income F-9
Historical Summary of Gross Income for the WellPoint Properties:
Report of independent accountants F-10
Historical summary of gross income for the year ended December 31, 1996 F-11
Note to historical summary of gross income F-12
</TABLE>
<PAGE> 6
TRINET CORPORATE REALTY TRUST, INC.
PRO FORMA CONSOLIDATED BALANCE SHEET
SEPTEMBER 30, 1997
(UNAUDITED - DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
Adjustments
-------------------------
Acquired Preferred
Historical Properties Offering Pro Forma
----------- ---------- ----------- -----------
<S> <C> <C> <C> <C>
ASSETS
Real estate, at cost:
Land $ 177,165 $ 13,729 A $ -- $ 190,894
Depreciable property 848,249 73,861 A -- 922,110
----------- ---------- ----------- -----------
1,025,414 87,590 -- 1,113,004
Less accumulated depreciation (48,473) -- -- (48,473)
----------- ---------- ----------- -----------
976,941 87,590 -- 1,064,531
Investment in joint venture 6,981 -- 6,981
----------- ---------- ----------- -----------
Total real estate 983,922 87,590 -- 1,071,512
Cash and cash equivalents 3,038 (21,841) A 15,720 B (3,083)
Restricted cash and investments 4,995 -- -- 4,995
Deferred rent receivable 19,009 -- -- 19,009
Interest rate protection agreements and loan costs, net 14,595 -- -- 14,595
Other assets, net 2,985 -- -- 2,985
----------- ---------- ----------- -----------
$ 1,028,544 $ 65,749 $ 15,720 $ 1,110,013
=========== ========== =========== ===========
LIABILITIES AND
STOCKHOLDERS' EQUITY
Liabilities:
Debt $ 402,475 $ 64,900 A $ (80,900) B $ 386,475
Dividends payable 13,131 -- -- 13,131
Other liabilities 33,735 849 A -- 34,584
----------- ---------- ----------- -----------
Total liabilities 449,341 65,749 (80,900) 434,190
----------- ---------- ----------- -----------
Commitments and Contingencies
Stockholders' equity:
Preferred stock, $.01 par value, 10,000,000 shares authorized:
Series A: issued and outstanding: 2,000,000 shares
at September 30, 1997
(aggregate liquidation preference $50,000) 20 -- -- 20
Series B: issued and outstanding: 1,300,000 shares
at September 30, 1997
(aggregate liquidation preference $32,500) 13 -- -- 13
Series C: issued and outstanding: 4,000,000 shares
at September 30, 1997, pro forma
(aggregate liquidation preference $100,000) -- -- 40 B 40
Common stock, $.01 par value, 40,000,000 shares authorized:
20,843,058 issued and outstanding 208 -- -- 208
at September 30, 1997
Paid-in-capital 613,981 -- 96,580 B 710,561
Accumulated deficit (35,019) -- -- (35,019)
----------- ---------- ----------- -----------
Total stockholders' equity 579,203 -- 96,620 675,823
----------- ---------- ----------- -----------
$ 1,028,544 $ 65,749 $ 15,720 $ 1,110,013
=========== ========== =========== ===========
</TABLE>
The accompanying notes are an integral
part of these financial statements
F-2
<PAGE> 7
TRINET CORPORATE REALTY TRUST, INC.
PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997
(UNAUDITED - DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
Adjustments
----------------------------
Acquired Preferred
Historical Properties Offering Pro Forma
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Revenues:
Rent $ 75,825 $ 6,121 C $ -- $ 81,946
Joint venture income 628 -- -- 628
Other 759 -- -- 759
------------ ------------ ------------ ------------
Total revenue 77,212 6,121 -- 83,333
Expenses:
Property operating costs 2,412 -- -- 2,412
General and administrative 4,890 -- -- 4,890
Interest 18,619 3,215 D (4,008) F 17,826
Depreciation and amortization 13,980 1,385 E -- 15,365
------------ ------------ ------------ ------------
Income before gain on sale
of real estate and extraordinary item 37,311 1,521 4,008 42,840
Gain of sale of real estate 985 -- -- 985
------------ ------------ ------------ ------------
Income before extraordinary item 38,296 1,521 4,008 43,825
Extraordinary gain from expropriation of land
by local government 98 -- -- 98
------------ ------------ ------------ ------------
Net income 38,394 1,521 4,008 43,923
Preferred dividend requirement (5,758) -- (6,000) (11,758)
------------ ------------ ------------ ------------
Earnings available to common shares $ 32,636 $ 1,521 $ (1,992) $ 32,165
============ ============ ============ ============
Per common share:
Income available before extraordinary item,
net of preferred dividend requirement $ 1.71 $ 1.69
Extraordinary gain from expropriation of land
by local government 0.01 0.01
============ ============
Earnings available $ 1.72 $ 1.70
============ ============
Weighted average number of common
shares outstanding 18,960,202 18,960,202
============ ============
</TABLE>
The accompanying notes are an integral
part of these financial statements
F-3
<PAGE> 8
TRINET CORPORATE REALTY TRUST, INC.
PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1996
(UNAUDITED - DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
Adjustments
-----------------------------
Acquired Preferred
Historical Properties Offering Pro Forma
------------ ------------ ------------ ------------
Revenues:
<S> <C> <C> <C> <C>
Rent $ 75,252 $ 8,161 C $ -- $ 83,413
Joint venture income 455 -- -- 455
Other 1,117 -- -- 1,117
------------ ------------ ------------ ------------
Total revenue 76,824 8,161 -- 84,985
Expenses:
Property operating costs 2,867 -- -- 2,867
General and administrative 5,196 -- -- 5,196
Interest 20,768 4,567 D (5,693) F 19,642
Depreciation 13,479 1,847 E -- 15,326
Amortization 2,879 -- -- 2,879
Provision for portfolio repositioning 6,800 -- -- 6,800
------------ ------------ ------------ ------------
Income before gain on sale and
extraordinary charge 24,835 1,747 5,693 32,275
Gain on sale of real estate 6,807 -- -- 6,807
------------ ------------ ------------ ------------
Income before extraordinary items 31,642 1,747 5,693 39,082
Extraordinary gain from
casualty loss 3,178 -- -- 3,178
Extraordinary charge from early
extinguishment of debt (2,191) -- -- (2,191)
------------ ------------ ------------ ------------
Net income $ 32,629 $ 1,747 $ 5,693 $ 40,069
Preferred dividend requirement (3,646) -- (8,000) (11,646)
------------ ------------ ------------ ------------
Earnings available to common shares $ 28,983 $ 1,747 $ (2,307) $ 28,423
============ ============ ============ ============
Per common share:
Income available before extraordinary items,
net of preferred dividend requirement $ 2.02 $ 1.98
Extraordinary gain 0.23 0.23
Extraordinary charge (0.16) (0.16)
============ ============
Earnings available $ 2.09 $ 2.05
============ ============
Weighted average number of common
shares outstanding 13,864,116 13,864,116
============ ============
</TABLE>
The accompanying notes are an integral
part of these financial statements
F-4
<PAGE> 9
TRINET CORPORATE REALTY TRUST, INC.
NOTES TO THE PRO FORMA FINANCIAL STATEMENTS
(UNAUDITED)
1. Basis of Presentation.
The pro forma financial statements of TriNet Corporate Realty Trust, Inc.
(the "Company"), which are unaudited, have been prepared based on the
historical financial statements of the Company. On October 8, 1997, the
Company completed a public offering of 4,000,000 shares of 8.00% Series C
Cumulative Preferred Stock (the "Preferred Offering") which generated
proceeds of approximately $96.9 million (before issuance costs). The
accompanying unaudited pro forma consolidated balance sheet as of September
30, 1997, has been prepared as if the acquisitions between October 10, 1997
and December 19, 1997 of the Hitachi PC Corporation (USA) Property, the ADS
Alliance Data Systems Property, the Hewlett-Packard Convex Property and the
MultiLink Property, the probable acquisition of the WellPoint Properties
(collectively, the "Acquired Properties"), and the Preferred Offering had
occurred on September 30, 1997. The unaudited pro forma consolidated
statements of operations for the nine months ended September 30, 1997 and for
the year ended December 31, 1996 have been prepared as if the Preferred
Offering and the acquisitions of the Acquired Properties had occurred on
January 1, 1996.
In management's opinion, all adjustments necessary to reflect the effects of
these transactions have been made. The pro forma financial statements should
be read in conjunction with the historical financial statements of the
Company. The pro forma financial statements are not necessarily indicative of
what the financial condition or results of operations of the Company would
have been as of and for the nine months ended September 30, 1997 or for the
year ended December 31, 1996 had the completion of the Preferred Offering and
the acquisitions of the Acquired Properties actually occurred on the dates
indicated, nor do they purport to represent the financial condition or
results of operations for future periods.
2. Pro Forma Adjustments.
A. Reflects the purchase of the Acquired Properties.
B. Increase in cash reflects $96.6 million of proceeds (net of offering
costs) from the Preferred Offering. This increase is offset by the use of
$80.9 million of the proceeds to pay down the outstanding balance on the
Acquisition Facility.
C. Additional rental revenue is attributable to the Acquired Properties.
D. Additional interest expense is calculated to reflect the draw amount of
approximately $64.9 million on the Company's Acquisition Facility in
connection with the acquisition of the Acquired Properties, computed at a
weighted average interest rate in effect under the Acquisition Facility
during the nine months ended September 30, 1997 or the year ended December
31, 1996.
E. Additional depreciation expense is calculated to reflect depreciation
attributable to the Acquired Properties. Depreciation is computed using
the straight-line method of cost recovery over 40 years for building and
improvements.
F-5
<PAGE> 10
TRINET CORPORATE REALTY TRUST, INC.
NOTES TO THE PRO FORMA FINANCIAL STATEMENTS
(UNAUDITED)
F. Decrease in interest expense reflects the use of $80.9 million of proceeds
from the Preferred Offering to pay down the Acquisition Facility, computed
at a weighted average interest rate in effect under the Acquisition
Facility during the nine months ended September 30, 1997 or the year ended
December 31, 1996.
G. The preferred dividend requirement increased as the dividends on the 8%
Series C Cumulative Preferred Stock are payable at a rate of 8% per annum
which is equivalent to a fixed annual rate of $2.00 per share.
F-6
<PAGE> 11
REPORT OF INDEPENDENT ACCOUNTANTS
Board of Directors
TriNet Corporate Realty Trust, Inc.
We have audited the accompanying Historical Summary of Gross Income (the
"Historical Summary") of the Hewlett-Packard Convex Property (the "Property")
for the year ended December 31, 1996. The Historical Summary is the
responsibility of the Property's owner. Our responsibility is to express an
opinion on the Historical Summary based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the Historical Summary is free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the Historical Summary. An audit also includes assessing the
basis of the accounting used and significant estimates made by management, as
well as evaluating the overall presentation of the Historical Summary. We
believe that our audit provides a reasonable basis for our opinion.
The accompanying Historical Summary was prepared for the purpose of complying
with the rules and regulations of the Securities and Exchange Commission as
described in Note A. The Historical Summary is not intended to be a complete
presentation of the Property's gross income and expenses and may not be
comparable to results from proposed future operations of the Property.
In our opinion, the Historical Summary referred to above presents fairly, in all
material respects, the gross income as described in Note A, of the
Hewlett-Packard Convex Property, for the year ended December 31, 1996, in
conformity with generally accepted accounting principles.
COOPERS & LYBRAND L.L.P.
San Francisco, California
December 19, 1997
F-7
<PAGE> 12
HEWLETT-PACKARD CONVEX PROPERTY
HISTORICAL SUMMARY OF GROSS INCOME
FOR THE YEAR ENDED DECEMBER 31, 1996
Gross Income $3,020,491
==========
The accompanying note is an integral
part of this historical summary
F-8
<PAGE> 13
HEWLETT-PACKARD CONVEX PROPERTY
NOTE TO HISTORICAL SUMMARY OF GROSS INCOME
FOR THE YEAR ENDED DECEMBER 31, 1996
A. Property and Basis of Accounting
The accompanying Historical Summary of Gross Income (the "Historical
Summary") has been prepared in accordance with Rule 3-14 of Regulation S-X
of the Securities and Exchange Commission and relates to the operations of
the Hewlett-Packard Convex Property (the "Property"). The Property
consists of four office buildings comprising 300,820 square feet located
in Richardson, Texas.
The Property is 100% net leased to the Hewlett-Packard Company. The lease
agreement provides for the tenant to pay all expenses of the Property and
expires in July 2004.
Added to gross income is $36,357 resulting from the straight-line
adjustment for differences between straight-line rents and contractual
rent payments.
F-9
<PAGE> 14
REPORT OF INDEPENDENT ACCOUNTANTS
Board of Directors
TriNet Corporate Realty Trust, Inc.
We have audited the accompanying Historical Summary of Gross Income (the
"Historical Summary") of the WellPoint Properties (the "Properties") for the
year ended December 31, 1996. The Historical Summary is the responsibility of
the Properties' owner. Our responsibility is to express an opinion on the
Historical Summary based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the Historical Summary is free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the Historical Summary. An audit also includes assessing the
basis of the accounting used and significant estimates made by management, as
well as evaluating the overall presentation of the Historical Summary. We
believe that our audit provides a reasonable basis for our opinion.
The accompanying Historical Summary was prepared for the purpose of complying
with the rules and regulations of the Securities and Exchange Commission as
described in Note A. The Historical Summary is not intended to be a complete
presentation of the Properties' gross income and expenses and may not be
comparable to results from proposed future operations of the Properties.
In our opinion, the Historical Summary referred to above presents fairly, in all
material respects, the gross income as described in Note A, of the WellPoint
Properties, for the year ended December 31, 1996, in conformity with generally
accepted accounting principles.
COOPERS & LYBRAND L.L.P.
San Francisco, California
December 19, 1997
F-10
<PAGE> 15
WELLPOINT PROPERTIES
HISTORICAL SUMMARY OF GROSS INCOME
FOR THE YEAR ENDED DECEMBER 31, 1996
Gross Income $702,876
========
The accompanying note is an integral
part of this historical summary
F-11
<PAGE> 16
WELLPOINT PROPERTIES
NOTE TO THE HISTORICAL SUMMARY OF GROSS INCOME
FOR THE YEAR ENDED DECEMBER 31, 1996
A. Property and Basis of Accounting
The accompanying Historical Summary of Gross Income (the "Historical
Summary") has been prepared in accordance with Rule 3-14 of Regulation S-X
of the Securities and Exchange Commission and relates to the operations of
the WellPoint Properties (the "Properties"). The Properties consist of
two, two-story office buildings located in Thousand Oaks, California. One
of the office buildings (the "Existing Building") comprises 106,560 square
feet and during 1996 was 100% net leased to WellPoint Health Networks,
Inc. The Existing Building's operations are reflected in the Historical
Summary.
In 1997, the second two-story office building (the "Expansion Building")
was completed adjacent to the Existing Building and comprises 111,053
square feet. WellPoint Health Networks, Inc. entered into a new net lease
agreement for the Existing Building and the Expansion Building commencing
November 1, 1997. The new lease agreement provides for the tenant to pay
all expenses of the Properties and expires in October 2012.
Subtracted from gross income is $1,743 resulting from the straight-line
adjustment for differences between straight-line rents and contractual
rent payments.
F-12
<PAGE> 17
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.
TRINET CORPORATE REALTY TRUST, INC.
By: /s/A. William Stein
---------------------------------------------
A. William Stein
Executive Vice President and
Chief Financial Officer
(Authorized Officer of the Registrant
and Principal Financial Officer)
Dated: December 22, 1997
<PAGE> 1
Exhibit 23.1
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the registration statements
of TriNet Corporate Realty Trust, Inc. on Form S-3 (File No. 333-42717), Form
S-3 (File No. 333-29593), Form S-3 (File No. 333-19137), Form S-3 (File No.
33-79746), Form S-8 (File No. 33-79748), Form S-8 (File No. 333-02222), and Form
S-8 (File No. 333-35149) of our reports dated December 19, 1997 on our audits of
the Historical Summary of Gross Income of the Hewlett-Packard Convex Property
for the year ended December 31, 1996, and the Historical Summary of Gross Income
of the WellPoint Properties for the year ended December 31, 1996, which reports
are included in this Current Report on Form 8-K.
COOPERS & LYBRAND L.L.P.
San Francisco, California
December 22, 1997
