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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
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Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 2, 1999
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)
One Embarcadero Center, 33rd Floor
San Francisco, CA 94111
(Address of principal executive offices) (Zip Code)
(415) 391-4300
(Registrant's telephone number, including area code)
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Item 5. Other Events
MJ Designs, Inc., a tenant of TriNet Corporate Realty Trust Inc. (the "Company")
occupying a 510,000 square foot industrial building in Coppell, Texas, is in
default under its lease. The Company has learned that, on February 2, 1999, the
tenant filed for protection under Chapter 11 of the federal bankruptcy laws. The
Company has taken steps to collect on a standby letter of credit it holds as
collateral under the lease. No actions have been taken by the tenant either to
confirm or reject its lease with the Company. The annual rents under this lease
total approximately $2.6 million, which represents less than 1.6% of the
Company's total revenues for the year ended December 31, 1998. The face amount
of the collateral letter of credit held by the Company is $2.5 million. Because
of the very preliminary nature of these bankruptcy proceedings, the Company is
not able at this time to determine the impact this event may have on the
Company's financial results, including the impact, if any, on the Company's
funds from operations per share.
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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 thereunto duly authorized.
TRINET CORPORATE REALTY TRUST, INC.
By: /s/ Elisa DiTommaso
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Elisa DiTommaso
Senior Vice President Finance,
Chief Financial Officer and Treasurer
(Authorized Officer of the Registrant
and Principal Financial Officer)
Dated: February 3, 1999
