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Previous: TAKE TWO INTERACTIVE SOFTWARE INC, 3, 1998-09-10 |
Next: MERIDIAN INDUSTRIAL TRUST INC, 10-Q/A, 1998-09-10 |
<PAGE>
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: September 10, 1998
MERIDIAN INDUSTRIAL TRUST, INC.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Maryland 1-14166 94-3224765
- --------------------------------------------------------------------------------
(State of Organization) (Commission Number) (IRS Employer I.D. #)
455 Market Street, 17th Floor, San Francisco, California 94105
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (415) 281-3900
------------------
Not Applicable
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
ITEM 5. OTHER EVENTS.
Meridian Industrial Trust, Inc. (the "Company") is filing the attached
information in connection with the announcement of its second quarter results.
The attached information contains statements that constitute
forward-looking information. This forward-looking information includes
statements regarding development in progress and future lease expirations.
The Company's actual results may differ significantly from the results
discussed in these statements. Factors that could cause such differences
include, but are not limited to, the overall United States economy, local
market conditions, interest rates, competition, lease turnover, absorption
rates, and property characteristics discovered during the development
process. For further information on these and other factors that could
impact the Company and the statements contained in the attached information,
reference should be made to the company's filings with the Securities and
Exchange Commission, including the risk factors discussed in the Company's
Annual Report on Form 10-K for the year ended December 31, 1997, as amended.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION, AND EXHIBITS.
(c) EXHIBITS. The following exhibits are attached to this report:
99.1 Supplemental Information dated June 30, 1998
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 hereunto duly authorized.
By: MERIDIAN INDUSTRIAL TRUST, INC.
Date: September 10, 1998 By:______________________________
Robert A. Dobbin
Secretary
<PAGE>
MERIDIAN INDUSTRIAL TRUST
SUPPLEMENTAL INFORMATION
JUNE 30, 1998
- --------------------------------------------------------------------------------
MERIDIAN INDUSTRIAL TRUST
455 Market Street, 17th Floor, San Francisco, California 94105
(415) 281-3900
http://www.MIT-REIT.com
<PAGE>
MERIDIAN INDUSTRIAL TRUST
TABLE OF CONTENTS
Page
Financial Highlights 1
Consolidated Balance Sheets 2
Consolidated Statements of Operations 3
Funds From Operations 4
Portfolio Summary 5
Leasing Activity and Lease Expirations 6
Fifteen Largest Tenants 7
Investment Summary 8
Property Acquisitions and Divestitures 9
Completed Developments 10
Land Acquisitions and Land Inventory 11
Properties Under Development 12
Capital Structure 13
Debt Summary 14
This Supplemental Information report contains statements which constitute
forward looking information regarding the (i) potential acquisitions and
property developments by the Company; (ii) trends affecting the Company's
financial condition or results of operations; and (iii) the Company's growth
strategy, operating strategy and financing strategy. The Company's actual
results may differ significantly from the results discussed in the forward
looking statements. Certain factors that might cause such a difference are
disclosed in the Company's filings with the Securities and Exchange Commission.
<PAGE>
MERIDIAN INDUSTRIAL TRUST
Financial Highlights
For the Three and Six Months Ended June 30, 1998 and 1997
Unaudited
(IN THOUSANDS, EXCEPT SHARE DATA)
<TABLE>
<CAPTION>
THREE MONTHS ENDED JUNE 30, SIX MONTHS ENDED JUNE 30,
--------------------------- -------------------------
1998 1997 1998 1997
------------ ------------ ----------- -----------
<S> <C> <C> <C> <C>
Revenues $ 29,878 $ 13,017 $ 56,921 $ 24,868
Net Income Allocable to Common
11,945 2,186 21,418 6,267
Funds From Operations Allocable to Common (1)
16,222 6,768 31,414 13,111
PER SHARE FUNDS FROM OPERATIONS ALLOCABLE TO COMMON (1):
Basic $ 0.54 $ 0.50 $ 1.04 $ 0.96
Diluted $ 0.49 $ 0.42 $ 0.95 $ 0.80
Dividends per Common Share $ 0.33 $ 0.29 $ 0.66 $ 0.58
RATIOS:
Interest Coverage Ratio (2) 3.8 4.1 4.0 4.5
Funds From Operations Payout Ratio (1) 66.0% 68.7% 68.2% 70.9%
</TABLE>
<TABLE>
<CAPTION>
AS OF JUNE 30, AS OF DEC. 31,
1998 1997
-------------- --------------
<S> <C> <C>
ASSETS:
Investments in Real Estate Assets Before Accum. Depreciation $ 995,856 $ 844,739
Total Assets 1,072,258 863,512
CAPITALIZATION (3):
Mortgage Loans $ 97,674 $ 76,597
Unsecured Debt 305,905 180,609
-------------- --------------
Total Debt $ 403,579 $ 257,206
-------------- --------------
Total Shares Outstanding 32,876,684 32,438,389
Common Share Market Price $ 23.00 $ 25.50
Equity Value $ 806,164 $ 827,179
Total Market Capitalization $ 1,209,743 $ 1,084,385
-------------- --------------
-------------- --------------
Debt/Total Market Capitalization 33.4% 23.7%
</TABLE>
(1) See Funds From Operations schedule on page 4.
(2) Funds From Operations plus interest expense divided by interest expense.
Interest expense excludes amortization of deferred loan fees.
(3) Includes 2,000,000 shares of Series D Redeemable Preferred Stock valued at
$50,000 and 453,375 limited partnership units which are convertible to
Common Stock as of June 30, 1998. See summary of capital structure on page
13.
MERIDIAN INDUSTRIAL TRUST
PAGE 1 OF 14 SUPPLEMENTAL INFORMATION
<PAGE>
MERIDIAN INDUSTRIAL TRUST
Consolidated Balance Sheets
As of June 30, 1998 and December 31, 1997
(IN THOUSANDS)
<TABLE>
<CAPTION>
ASSETS JUNE 30, 1998 DECEMBER 31, 1997
(UNAUDITED) (AUDITED)
------------------- -----------------
<S> <C> <C>
INVESTMENT IN REAL ESTATE ASSETS:
Rental Properties Held for Investment $ 974,076 $ 813,389
Less: Accumulated Depreciation (23,912) (14,374)
Rental Properties Held for Divestiture 267 9,492
------------------- -----------------
950,431 808,507
Investment in Unconsolidated Joint Venture 21,500 21,500
------------------- -----------------
TOTAL INVESTMENT IN REAL ESTATE ASSETS 971,931 830,007
OTHER ASSETS:
Investments in and Advances to Unconsolidated Subsidiaries 46,019 -
Cash and Cash Equivalents 10,701 8,847
Restricted Cash and Cash Held in Escrow 7,031 11,267
Accounts Receivable, Net 4,837 3,460
Capitalized Loan Fees, Lease Commissions and Other Assets, Net 31,739 9,931
------------------- -----------------
TOTAL ASSETS $ 1,072,258 $ 863,512
------------------- -----------------
------------------- -----------------
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES:
Unsecured Notes, Net $ 160,105 $ 160,109
Mortgage Loans, Net 97,674 76,597
Unsecured Credit Facility 145,800 20,500
Accrued Dividends Payable 10,723 9,473
Accounts Payable, Prepaid Rent, Tenant Deposits and Other Liabilities 22,439 21,562
------------------- -----------------
TOTAL LIABILITIES 436,741 288,241
------------------- -----------------
MINORITY INTEREST IN CONSOLIDATED LIMITED PARTNERSHIPS 17,024 5,132
------------------- -----------------
STOCKHOLDERS' EQUITY:
Series B Preferred Stock at $0.001 par value 2 2
Series D Preferred Stock at $0.001 par value 2 -
Common Stock at $0.001 par value 31 30
Additional Paid-in Capital 621,912 574,848
Distributions in Excess of Income (3,454) (4,741)
------------------- -----------------
TOTAL STOCKHOLDERS' EQUITY 618,493 570,139
------------------- -----------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,072,258 $ 863,512
------------------- -----------------
------------------- -----------------
</TABLE>
MERIDIAN INDUSTRIAL TRUST
PAGE 2 OF 14 SUPPLEMENTAL INFORMATION
<PAGE>
MERIDIAN INDUSTRIAL TRUST
Consolidated Statements of Operations
For the Three and Six Months Ended June 30, 1998 and 1997
Unaudited
(IN THOUSANDS)
<TABLE>
<CAPTION>
THREE MONTHS ENDED JUNE 30, SIX MONTHS ENDED JUNE 30,
--------------------------- --------------------------
REVENUES: 1998 1997 1998 1997
----------- ------------ ------------ -----------
<S> <C> <C> <C> <C>
Rentals from Real Estate Investments (1) $ 28,393 $ 12,870 $ 54,653 $ 24,564
Interest and Other Income 427 147 528 304
Income From Unconsolidated Subsidiaries and Joint Venture 1,058 - 1,740 -
----------- ------------ ------------ -----------
TOTAL REVENUES 29,878 13,017 56,921 24,868
----------- ------------ ------------ -----------
EXPENSES:
Interest 5,888 2,160 10,480 3,784
Property Taxes 3,515 1,764 6,824 3,393
Property Operating 2,263 956 4,262 2,042
General and Administrative 2,087 1,350 3,976 2,501
Depreciation and Amortization 5,467 2,211 10,470 4,216
----------- ------------ ------------ -----------
TOTAL EXPENSES 19,220 8,441 36,012 15,936
----------- ------------ ------------ -----------
Income Before Minority Interest, Gain (Loss) on
Divestiture of Properties and Extraordinary Item 10,658 4,576 20,909 8,932
Minority Interest in Net (Income) (158) - (247) -
Gain (Loss) on Divestiture of Properties 1,993 (877) 2,054 (448)
Extraordinary Item - (808) - (808)
----------- ------------ ------------ -----------
NET INCOME $ 12,493 $ 2,891 $ 22,716 $ 7,676
Less Preferred Stock Dividends Declared:
Series B Preferred Stock (536) (705) (1,286) (1,409)
Series D Preferred Stock (12) - (12) -
----------- ------------ ------------ -----------
NET INCOME ALLOCABLE TO COMMON $ 11,945 $ 2,186 $ 21,418 $ 6,267
----------- ------------ ------------ -----------
----------- ------------ ------------ -----------
</TABLE>
(1) Includes $956 and $449 for straight-line rents for the three months ended
June 30, 1998 and 1997, respectively. Straight-line rents for the six
months ended June 30, 1998 and 1997, were $1,893 and $851, respectively.
MERIDIAN INDUSTRIAL TRUST
PAGE 3 OF 14 SUPPLEMENTAL INFORMATION
<PAGE>
MERIDIAN INDUSTRIAL TRUST
Funds From Operations
For the Three and Six Months Ended June 30, 1998 and 1997
Unaudited
(IN THOUSANDS, EXCEPT SHARE DATA)
<TABLE>
<CAPTION>
THREE MONTHS ENDED JUNE 30, SIX MONTHS ENDED JUNE 30,
------------------------------- -------------------------------
1998 1997 1998 1997
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
NET INCOME $ 12,493 $ 2,891 $ 22,716 $ 7,676
ADD (LESS):
Real Estate Depreciation and Amortization 5,576 2,192 10,562 4,179
(Gain) Loss on Divestiture of Properties (1,993) 877 (2,054) 448
Extraordinary Item - 808 - 808
Minority Interest in Net Income 158 - 202 -
Series D Preferred Stock Dividends (12) - (12) -
-------------- -------------- -------------- --------------
FUNDS FROM OPERATIONS ALLOCABLE TO COMMON (1) $ 16,222 $ 6,768 $ 31,414 $ 13,111
-------------- -------------- -------------- --------------
-------------- -------------- -------------- --------------
PER SHARE FUNDS FROM OPERATIONS ALLOCABLE TO COMMON:
Basic $ 0.54 $ 0.50 $ 1.04 $ 0.96
Diluted $ 0.49 $ 0.42 $ 0.95 $ 0.80
Dividends per Common Share $ 0.33 $ 0.29 $ 0.66 $ 0.58
Funds From Operations Payout Ratio (2) 66.0% 68.7% 68.2% 70.9%
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic 30,182,754 13,598,756 30,180,624 13,597,570
Diluted (3) 33,331,951 16,288,550 33,212,739 16,303,580
</TABLE>
(1) The Company calculates funds from operations (FFO) in accordance with the
white paper published by the National Association of Real Estate Investment
Trusts, Inc. FFO means net income (loss), (computed in accordance with
generally accepted accounting principles), excluding gains (or losses) from
debt restructuring and divestiture of property, plus depreciation and
amortization relating to real property, and after adjustment from
unconsolidated partnerships and joint ventures.
(2) Includes quarterly dividends paid to Series B Preferred Stockholders of
$0.33 per share and $0.31 per share in 1998 and 1997, respectively.
(3) The diluted weighted average common shares outstanding was calculated as if
the outstanding shares of Series B Convertible Preferred Stock, stock
options, warrants and limited partnership units had been converted into
shares of Common Stock.
MERIDIAN INDUSTRIAL TRUST
PAGE 4 OF 14 SUPPLEMENTAL INFORMATION
<PAGE>
MERIDIAN INDUSTRIAL TRUST
Portfolio Summary (1)
As of June 30, 1998
<TABLE>
<CAPTION>
MARKET NO. OF OCCUPANCY RENTABLE % OF TOTAL ANNUALIZED % OF TOTAL
PROPERTIES RATE SQUARE FEET SQUARE FEET BASE RENT BASE RENT
- --------------- ---------- --------- ----------- ----------- ------------- ----------
<S> <C> <C> <C> <C> <C> <C>
Atlanta 7 97% 1,064,591 4.0% $ 5,524,652 5.6%
Boston 1 100% 106,964 0.4% 481,338 0.5%
Chicago 22 98% 2,655,926 10.0% 10,324,544 10.4%
Columbus 7 100% 2,052,533 7.7% 6,077,079 6.1%
Dallas/Ft Worth 48 90% 5,358,942 20.2% 15,999,150 16.2%
Detroit 13 89% 654,338 2.5% 2,903,560 2.9%
Houston 10 98% 1,134,445 4.3% 3,726,292 3.8%
Indianapolis 1 100% 219,104 0.8% 724,428 0.7%
LA Basin 54 96% 6,132,873 23.2% 25,639,945 25.9%
Las Vegas 3 100% 612,495 2.3% 2,956,376 3.0%
Little Rock 2 100% 235,250 0.9% 599,642 0.6%
Memphis 14 98% 2,229,353 8.4% 6,392,798 6.4%
Miami 3 95% 219,379 0.8% 1,049,440 1.1%
Minneapolis 1 100% 100,000 0.4% 409,165 0.4%
New Jersey/I-95 10 100% 579,267 2.2% 2,325,386 2.3%
Orlando 2 100% 362,160 1.4% 1,585,992 1.6%
Phoenix 5 100% 587,105 2.2% 2,259,047 2.3%
Richmond 2 99% 145,799 0.6% 1,416,385 1.4%
San Diego 2 100% 191,451 0.7% 1,610,335 1.6%
Seattle 1 59% 237,281 0.9% 836,732 0.8%
SF Bay Area 6 98% 1,489,928 5.6% 5,877,123 5.9%
St. Louis 1 100% 126,642 0.5% 499,992 0.5%
---------- --------- ----------- ----------- ------------- ----------
Total 215 96% 26,495,826 100.0% $ 99,219,401 100.0%
---------- --------- ----------- ----------- ------------- ----------
---------- --------- ----------- ----------- ------------- ----------
</TABLE>
(1) Does not include properties under development and refrigerated distribution
services.
MERIDIAN INDUSTRIAL TRUST
PAGE 5 OF 14 SUPPLEMENTAL INFORMATION
<PAGE>
MERIDIAN INDUSTRIAL TRUST
Leasing Activity (1)
For the Three and Six Months Ended June 30, 1998
<TABLE>
<CAPTION>
THREE MONTHS SIX MONTHS
ENDED JUNE 30, 1998 ENDED JUNE 30, 1998
------------------- -------------------
<S> <C> <C>
No. of Leases 52 86
Square Feet of Leases 1,110,208 2,165,632
Average Lease Term in Years 3.88 3.96
Base Rent % Change 6.32% 7.62%
Average TI's & LC's per SF $1.23 $1.30
Tenant Retention 82% 73%
</TABLE>
LEASE EXPIRATIONS (2)
AS OF JUNE 30, 1998
<TABLE>
<CAPTION>
% OF TOTAL % OF TOTAL
RENTABLE SQUARE SQUARE FEET ANNUAL BASE ANNUAL BASE
YEAR OF FEET SUBJECT TO REPRESENTED BY RENTS UNDER RENTS REPRESENTED BY
LEASE EXPIRATION EXPIRING LEASES EXPIRING LEASES EXPIRING LEASES EXPIRING LEASES
- ---------------- --------------- --------------- --------------- ---------------------
<S> <C> <C> <C> <C>
1998 1,970,959 8% 7,578,555 8%
1999 3,257,675 13% 14,363,081 15%
2000 3,328,395 13% 12,278,975 13%
2001 3,339,016 13% 13,772,785 14%
2002 2,730,127 11% 10,290,510 11%
2003 1,558,762 6% 6,629,457 7%
2004 509,263 2% 2,243,012 2%
2005 2,512,353 10% 7,876,882 8%
2006 2,020,572 8% 7,339,961 8%
2007 1,187,134 5% 4,975,751 5%
Thereafter 2,596,084 11% 9,165,121 9%
--------------- --------------- --------------- ---------------------
Total 25,010,340 100% 96,514,090 100%
--------------- --------------- --------------- ---------------------
--------------- --------------- --------------- ---------------------
</TABLE>
(1) Includes new and renewed leases for second generation space commenced
during the period. Excludes two retail properties in Atlanta consisting of
384,875 square feet. Also, excludes month-to-month tenants.
(2) Excludes two retail properties in Atlanta consisting of 384,875 square
feet, which were 91% occupied as of June 30, 1998. Month-to-month tenants
are included as 1998 expirations.
MERIDIAN INDUSTRIAL TRUST
PAGE 6 OF 14 SUPPLEMENTAL INFORMATION
<PAGE>
MERIDIAN INDUSTRIAL TRUST
Fifteen Largest Tenants
As of June 30, 1998
<TABLE>
<CAPTION>
TENANT NUMBER OF SQUARE FEET % OF TOTAL ANNUALIZED % OF TOTAL
LEASES LEASED PORTFOLIO BASE RENT (1) PORTFOLIO
- ------------------------------- --------- ----------- ---------- ------------- ----------
<S> <C> <C> <C> <C> <C>
Sears Roebuck & Co. 3 1,814,592 6.8% $ 4,966,448 5.0%
Freeman Decorating Co. 2 551,368 2.1% 2,216,712 2.2%
General Tire, Inc. 2 632,790 2.4% 2,120,916 2.1%
S. C. Johnson & Son, Inc. 2 502,500 1.9% 1,660,765 1.7%
Unilever United States, Inc. 1 500,004 1.9% 1,475,012 1.5%
Kirk Paper Corp. 1 315,705 1.2% 1,412,712 1.4%
Allegiance Healthcare Corp. 1 361,690 1.4% 1,294,127 1.3%
Kraft Foods, Inc. 1 351,788 1.3% 1,278,262 1.3%
IMI Cornelius, Inc. 2 311,444 1.2% 1,276,920 1.3%
Technicolor Videocassette, Inc. 1 310,736 1.2% 1,132,585 1.1%
Chrysler Corporation 1 317,952 1.2% 1,111,572 1.1%
L. D. Brinkman & Co., Inc. 1 367,744 1.4% 1,055,676 1.1%
Dynamic Cooking Systems 1 165,000 0.6% 975,996 1.0%
Moog Automotive, Inc. 1 209,682 0.8% 966,215 1.0%
International Business Machines 1 150,000 0.6% 937,500 0.9%
--------- ----------- ---------- ------------- ----------
Total 21 6,862,995 26.0% $ 23,881,418 24.0%
--------- ----------- ---------- ------------- ----------
--------- ----------- ---------- ------------- ----------
</TABLE>
(1) Represents annualized base rent from leases in effect as of June 30, 1998.
MERIDIAN INDUSTRIAL TRUST
PAGE 7 OF 14 SUPPLEMENTAL INFORMATION
<PAGE>
MERIDIAN INDUSTRIAL TRUST
Investment Summary
For the Six Months Ended June 30, 1998
<TABLE>
<CAPTION>
THREE MONTHS ENDED
------------------ ------------------------------------------
YEAR-TO-DATE JUNE 30, 1998 MARCH 31, 1998
------------------ ------------------------------------------
<S> <C> <C> <C>
PROPERTY ACQUISITIONS:
Rentable Square Feet 2,358,139 1,585,215 772,924
Total Investment Cost (1) $ 100,812,459 $ 56,729,279 $ 44,083,180
Number of Property Acquisitions 22 14 8
COMPLETED DEVELOPMENTS:
Rentable Square Feet 802,815 802,815 -
Total Investment Cost (1) $ 29,227,569 $ 29,227,569 $ -
Number of Completed Developments 3 3 -
LAND ACQUISITIONS:
Acres 172 116 56
Total Investment Cost (1) $ 21,847,364 $ 10,849,747 $ 10,997,617
Number of Land Acquisitions 9 4 5
PROPERTY DIVESTITURES:
Rentable Square Feet 752,968 571,904 181,064
Sales Price $ 18,640,297 $ 16,760,297 $ 1,880,000
Number of Property Divestitures 5 4 1
PROPERTIES UNDER DEVELOPMENT (AS OF THE END OF THE QUARTER):
Rentable Square Feet N/A 4,446,949 3,781,614
Estimated Development Cost (2) N/A $ 171,409,000 $ 129,481,211
Number of Properties Under Development N/A 11 10
MERIDIAN REFRIGERATED, INC.
Acquisitions $ 50,816,000 $ 29,741,000 $ 21,075,000
Cubic Feet 16,400,000 9,200,000 7,200,000
Square Feet 631,924 332,924 299,000
</TABLE>
(1) Total investment cost includes all costs incurred to date for the property
acquisitions, completed developments and land acquisitions.
(2) Estimated development cost includes all estimated costs to complete
development.
MERIDIAN INDUSTRIAL TRUST
PAGE 8 OF 14 SUPPLEMENTAL INFORMATION
<PAGE>
MERIDIAN INDUSTRIAL TRUST
Property Acquisitions and Divestitures
For the Three Months Ended June 30, 1998
<TABLE>
<CAPTION>
RENTABLE INVESTMENT
PROPERTY NAME MARKET SQUARE FEET ACQUISITION DATE COST (1)
- --------------------------------- ----------- ----------- ---------------- --------------
<S> <C> <C> <C> <C>
PROPERTY ACQUISITIONS:
5141 East Santa Ana Street LA Basin 317,952 4/2/98 $ 12,462,399
2300 Principal Row Orlando 120,000 4/7/98 5,151,325
7050 Alan Schwartzwalder Street Columbus 84,250 4/21/98 2,844,373
2800 Technology Dallas 155,543 5/1/98 5,706,604
3000 Technology Dallas 83,840 5/1/98 5,363,510
2901 Summit Dallas 67,200 5/1/98 4,158,992
3001 Summit Dallas 67,200 5/1/98 4,158,990
15450 East Salt Lake Avenue LA Basin 115,136 5/6/98 4,478,365
3900 New Getwell Road Memphis 251,685 5/7/98 3,254,275
2893 Shortside Lane Memphis 28,380 5/7/98 482,202
2870 Cargo Circle Memphis 58,560 5/7/98 979,169
3634 Contract Drive Memphis 118,320 5/7/98 1,996,869
3558 Lamar Avenue Memphis 10,185 5/7/98 197,782
25 Otis Street Boston 106,964 6/23/98 5,494,424
----------- --------------
14- PROPERTY ACQUISITIONS 1,585,215 $ 56,729,279
----------- --------------
----------- --------------
</TABLE>
<TABLE>
<CAPTION>
RENTABLE
PROPERTY NAME MARKET SQUARE FEET DISPOSITION DATE SALES PRICE
- --------------------------------- ----------- ----------- ---------------- --------------
<S> <C> <C> <C> <C>
PROPERTY DIVESTITURES:
San Carlos Industrial SF Bay Area 134,352 5/1/98 $ 10,200,000
Hennessey Warehouse (2) Nashville 96,000 5/7/98
1550 Heil Quaker (2) Nashville 238,900 5/7/98 } 6,560,297
1600 Corporate Place (2) Nashville 102,652 5/7/98
----------- --------------
4- PROPERTY DIVESTITURES 571,904 $ 16,760,297
----------- --------------
----------- --------------
</TABLE>
(1) Investment cost includes all costs incurred to date for the property
acquisition.
(2) Properties were divested as a portfolio.
MERIDIAN INDUSTRIAL TRUST
PAGE 9 OF 14 SUPPLEMENTAL INFORMATION
<PAGE>
MERIDIAN INDUSTRIAL TRUST
COMPLETED DEVELOPMENTS
FOR THE THREE MONTHS ENDED JUNE 30, 1998
<TABLE>
<CAPTION>
RENTABLE DATE OF INVESTMENT
PROPERTY NAME MARKET SQUARE FEET STABILIZATION COST (1)
- -------------------------- ---------------- ------------ ------------- -------------
<S> <C> <C> <C> <C>
Enterprise Building B Dallas 124,798 6/6/98 $ 4,434,990
Enterprise Building C Dallas 178,013 6/8/98 5,593,882
Gateway One SF Bay Area 500,004 6/30/98 19,198,697
------------ -------------
3- COMPLETED DEVELOPMENTS 802,815 $ 29,227,569
------------ -------------
------------ -------------
</TABLE>
(1) Investment cost includes all costs incurred to date for the completed
development.
MERIDIAN INDUSTRIAL TRUST
PAGE 10 OF 14 SUPPLEMENTAL INFORMATION
<PAGE>
MERIDIAN INDUSTRIAL TRUST
Land Acquisitions
For the Three Months Ended June 30, 1998
<TABLE>
<CAPTION>
APPROX. RENTABLE INVESTMENT
MARKET ACRES SQUARE FEET ACQUISITION DATE COST (1)
- ------------------------------- ----- ---------------- ---------------- ------------
<S> <C> <C> <C> <C>
Chicago 47.0 922,000 5/1/98 $ 4,290,123
Orlando 4.3 67,500 6/16/98 494,894
Orlando 4.4 67,500 6/16/98 499,246
Orlando 60.7 883,000 6/25/98 5,565,484
----- ---------------- ------------
4- LAND ACQUISITIONS 116.4 1,940,000 $ 10,849,747
----- ---------------- ------------
----- ---------------- ------------
</TABLE>
LAND INVENTORY
AS OF JUNE 30, 1998
<TABLE>
<CAPTION>
APPROX. RENTABLE
MARKET ACRES SQUARE FEET
------------ ----- -----------------
<S> <C> <C>
Chicago 47.0 922,000
Dallas (2) 60.7 1,159,000
Detroit (3) 102.1 1,250,000
LA Basin (4) 111.0 2,162,000
Orlando 69.4 1,018,000
----- -----------------
Total 390.2 6,511,000
----- -----------------
----- -----------------
</TABLE>
(1) Investment cost includes all costs incurred to date for the land
acquisition.
(2) Includes 17.7 acres which have been acquired and a purchase option for 43.0
acres.
(3) A Purchase and Sale Agreement for this land parcel has been executed.
(4) Includes 65.7 acres which have been acquired and a purchase option for 45.3
acres.
MERIDIAN INDUSTRIAL TRUST
PAGE 11 OF 14 SUPPLEMENTAL INFORMATION
<PAGE>
MERIDIAN INDUSTRIAL TRUST
Properties Under Development
As of June 30, 1998
<TABLE>
<CAPTION>
ESTIMATED ESTIMATED ESTIMATED
RENTABLE DATE OF DATE OF DEVELOPMENT
PROPERTY NAME MARKET SQUARE FEET COMPLETION STABILIZATION (1) COST (2)
- ---------------------------------------- --------------- ----------- ---------- ----------------- -------------
<S> <C> <C> <C> <C> <C>
2100 Consulate Drive Orlando 75,000 1/98 11/98 $ 3,916,000
Lebanon Pike Circle Nashville 178,630 7/98 9/98 7,282,000
Frankford Trade Center Dallas 709,920 7/98 7/99 20,560,000
Kraft Foods, Inc. Columbus 510,408 7/98 7/98 17,864,000
Carrowinds Boulevard (Leiner Healthcare) Charlotte 558,900 7/98 8/98 21,577,000
Kraft Foods, Inc. New Jersey/I-95 528,670 8/98 8/98 18,503,000
Kraft Foods, Inc. New Jersey/I-95 265,000 8/98 8/98 20,529,000
Meridian Distribution Center LA Basin 606,753 9/98 9/98 19,626,000
2225 Cedars Road Atlanta 249,600 9/98 9/99 6,872,000
Kraft Foods, Inc. Columbus 163,270 11/98 11/98 12,640,000
Lever Atlanta Atlanta 600,798 12/98 12/98 22,040,000
------------ --------------
11- PROPERTIES UNDER DEVELOPMENT 4,446,949 $ 171,409,000
------------ --------------
------------ --------------
</TABLE>
(1) Represents the Company's estimate of the date that the property will reach
stabilization. Properties are considered stabilized for financial reporting
purposes upon the earlier of substantial lease-up or one year from shell
completion. However, there can be no assurance that these properties will
reach stabilization by the date shown.
(2) Estimated development cost includes all estimated costs to complete
development.
MERIDIAN INDUSTRIAL TRUST
PAGE 12 OF 14 SUPPLEMENTAL INFORMATION
<PAGE>
MERIDIAN INDUSTRIAL TRUST
Capital Structure
As of June 30, 1998
<TABLE>
<CAPTION>
AGGREGATE
PRINCIPAL
OUTSTANDING AT
DEBT JUNE 30, 1998
----------------
<S> <C>
Unsecured Notes 7.25% due November 20, 2007 $ 135,000,000
Unsecured Notes 7.30% due November 20, 2009 25,000,000
----------------
Total Unsecured Notes 160,000,000
Add: Unamortized Debt Premium 104,578
----------------
Total Unsecured Notes Including Debt Premium 160,104,578
----------------
Mortgage Loans (including unamortized debt premium of $11,937) 97,674,512
Unsecured Credit Facility 145,800,000
----------------
Total Debt $ 403,579,090
----------------
----------------
</TABLE>
<TABLE>
<CAPTION>
SHARES CONVERSION COMMON STOCK MARKET VALUE
EQUITY OUTSTANDING (1) RATIO EQUIVALENTS EQUIVALENTS
- --------------------------------------------------- --------------- ---------- ------------ ----------------
<S> <C> <C> <C> <C>
Series B Convertible Preferred Stock (2) 1,623,376 1 : 1 1,623,376 $ 37,337,648
Series D Redeemable Preferred Stock (3) 2,000,000 N/A N/A 50,000,000
Limited Partnership Units (2) 1 : 1 453,375 10,427,625
453,375
Common Stock (2) 30,799,933 N/A 30,799,933 708,398,459
---------------- ----------------
Total Shares and Equity Capitalization 34,876,684 $ 806,163,732
---------------- ----------------
---------------- ----------------
Total Market Capitalization $ 1,209,742,822
----------------
----------------
</TABLE>
(1) The number of common shares outstanding was calculated as if the
outstanding shares of Series B Convertible Preferred Stock and limited
partnership units had been converted to Common Stock, which is consistent
with the methodology used in prior periods.
(2) Value based on the June 30, 1998 Common Stock closing price of $23.00.
(3) Based on the liquidation value of $25.00 per share.
MERIDIAN INDUSTRIAL TRUST
PAGE 13 OF 14 SUPPLEMENTAL INFORMATION
<PAGE>
MERIDIAN INDUSTRIAL TRUST
Debt Summary
As of June 30, 1998
<TABLE>
<CAPTION>
PRINCIPAL MATURITIES
OF UNSECURED NOTES
DEBT MATURITY SCHEDULE AND MORTGAGE LOANS UNSECURED CREDIT FACILITY
---------------------- -------------------- -------------------------
<S> <C> <C> <C>
1998 $ 10,463,194 Facility Capacity $ 250,000,000
1999 375,134 Outstanding Balance @ 6/30/98 145,800,000
------------------
2000 405,226 Remaining Capacity $ 104,200,000
------------------
------------------
2001 437,753
2002 472,890
2003 510,869
2004 551,914
2005 66,690,518
2006 6,810,389
2007 135,466,593
2008 505,120
Thereafter 34,972,975
---------------------
Total $ 257,662,575
---------------------
---------------------
</TABLE>
<TABLE>
<CAPTION>
% OF TOTAL WEIGHTED WEIGHTED
DEBT ANALYSIS DEBT AVERAGE RATE AVERAGE MATURITY
- ------------- ---------- ------------ ----------------
<S> <C> <C> <C>
Unsecured - Fixed Rate 39.7% 7.26% 10.2 Yrs
Unsecured - Variable Rate 36.1% 6.99% 1.7 Yrs
Secured - Fixed Rate 24.2% 8.66% 7.3 Yrs
</TABLE>
MERIDIAN INDUSTRIAL TRUST
PAGE 14 OF 14 SUPPLEMENTAL INFORMATION
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