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<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: August 25, 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.
The company is filing the attached information in connection with its
announcement of the first quarter ended March 31, 1998 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
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 March 31, 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: August 25, 1998 By:______________________________
Robert A. Dobbin
Secretary
<PAGE>
MERIDIAN INDUSTRIAL TRUST
SUPPLEMENTAL INFORMATION
MARCH 31, 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
<TABLE>
<CAPTION>
Page
<S> <C>
Financial Highlights 1
Consolidated Balance Sheets 2
Consolidated Statements of Operations 3
Funds From Operations 4
Portfolio Summary 5
Leasing Activity & Lease Expirations 6
Fifteen Largest Tenants 7
Investment Summary 8
Property Acquisitions & Divestitures 9
Land Acquisitions and Land Inventory 10
Properties Under Development 11
Capital Structure 12
Debt Summary 13
</TABLE>
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 MONTHS ENDED MARCH 31, 1998 AND 1997
UNAUDITED
(IN THOUSANDS, EXCEPT SHARE DATA)
<TABLE>
<CAPTION>
Three months ended March 31,
----------------------------
1998 1997
------------ -----------
<S> <C> <C>
Revenues $27,043 $11,852
Net Income (1) 10,162 4,357
Funds From Operations 15,193 6,343
Funds From Operations per Share (2) 0.47 0.40
Dividends per Common Share 0.33 0.29
Ratios:
Interest Coverage Ratio (3) 4.3 4.9
Funds From Operations Payout Ratio (2) 70.5% 73.3%
</TABLE>
<TABLE>
<CAPTION>
As of March 31, As of December 31,
1998 1997
--------------- ------------------
<S> <C> <C>
ASSETS:
Investments in Real Estate Assets Before Accum. Depreciation $ 923,955 $ 844,739
Total Assets 961,174 863,512
CAPITALIZATION:
Mortgage Loans $ 93,956 $ 76,597
Unsecured Debt 251,908 180,609
---------- ------------
Total Debt $ 345,864 $ 257,206
Total Shares Outstanding (4) 32,440 32,438
Common Share Market Price $ 24.00 $ 25.50
Equity Value (4) $ 778,553 $ 827,179
Total Market Capitalization (4) $1,124,417 $1,084,385
Debt/Total Market Capitalization 30.8% 23.7%
</TABLE>
(1) Net income is before divestiture of properties, extraordinary item and
preferred stock dividends declared.
(2) See Funds From Operations schedule on page 4.
(3) Funds From Operations plus interest expense divided by interest expense.
Interest expense excludes amortization of deferred loan fees.
(4) See summary of capital structure on page 12.
MERIDIAN INDUSTRIAL TRUST
SUPPLEMENTAL INFORMATION
PAGE 1 OF 13
<PAGE>
MERIDIAN INDUSTRIAL TRUST
CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 1998 AND DECEMBER 31, 1997
(IN THOUSANDS)
<TABLE>
<CAPTION>
March 31, 1998 December 31, 1997
ASSETS (Unaudited) (Audited)
-------------- -----------------
<S> <C> <C>
Investment in Real Estate Assets:
Rental Properties Held for Investment $894,382 $813,389
Less: Accumulated Depreciation (19,085) (14,374)
Rental Properties Held for Divestiture 7,754 9,492
-------- --------
883,051 808,507
Investment in Unconsolidated Joint Venture 21,500 21,500
-------- --------
Total Investment in Real Estate Assets 904,551 830,007
OTHER ASSETS:
Investments in and Advances to Unconsolidated Subsidiaries 21,233 -
Cash and Cash Equivalents 3,658 8,847
Restricted Cash and Cash Held in Escrow 11,279 11,267
Accounts Receivable, Net 3,157 3,460
Capitalized Loan Fees, Lease Commissions and Other Assets, Net 17,296 9,931
-------- --------
TOTAL ASSETS $961,174 $863,512
-------- --------
-------- --------
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES:
Unsecured Notes, Net $160,108 $160,109
Mortgage Loans, Net 93,956 76,597
Unsecured Credit Facility 91,800 20,500
Accrued Dividends Payable 10,705 9,473
Accounts Payable, Prepaid Rent, Tenant Deposits and Other Liabilities 19,985 21,562
-------- --------
TOTAL LIABILITIES 376,554 288,241
-------- --------
Minority Interest in Consolidated Limited Partnerships 15,222 5,132
-------- --------
STOCKHOLDERS' EQUITY:
Series B Preferred Stock at $0.001 par value 2 2
Common Stock at $0.001 par value 30 30
Additional Paid-in Capital 574,589 574,848
Distributions in Excess of Income (5,223) (4,741)
-------- --------
TOTAL STOCKHOLDERS' EQUITY 569,398 570,139
-------- --------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $961,174 $863,512
-------- --------
-------- --------
</TABLE>
MERIDIAN INDUSTRIAL TRUST
SUPPLEMENTAL INFORMATION
PAGE 2 OF 13
<PAGE>
MERIDIAN INDUSTRIAL TRUST
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND 1997
UNAUDITED
(IN THOUSANDS)
<TABLE>
<CAPTION>
Three months ended March 31,
----------------------------
REVENUES: 1998 1997
-------------- -----------
<S> <C> <C>
Rentals from Real Estate Investments (1) $ 26,260 $ 11,695
Interest and Other Income 288 157
Income From Unconsolidated Joint Venture 495 -
---------- ----------
TOTAL REVENUES 27,043 11,852
---------- ----------
EXPENSES:
Interest 4,592 1,624
Property Taxes 3,309 1,629
Property Operating 1,999 1,086
General and Administrative 1,889 1,152
Depreciation and Amortization 5,003 2,004
---------- ----------
TOTAL EXPENSES 16,792 7,495
---------- ----------
Income Before Minority Interest and Gain
on Divestiture of Properties 10,251 4,357
Minority Interest in Net (Income) (89) -
Gain on Divestiture of Properties 61 428
---------- ----------
NET INCOME $ 10,223 $ 4,785
Less: Preferred Dividends Declared (750) (705)
---------- ----------
NET INCOME ALLOCABLE TO COMMON $ 9,473 $ 4,080
---------- ----------
---------- ----------
</TABLE>
(1) Includes $937 and $402 for straight-line rents for the three months
ended March 31, 1998 and 1997, respectively.
MERIDIAN INDUSTRIAL TRUST
SUPPLEMENTAL INFORMATION
PAGE 3 OF 13
<PAGE>
MERIDIAN INDUSTRIAL TRUST
FUNDS FROM OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND 1997
UNAUDITED
(IN THOUSANDS, EXCEPT SHARE DATA)
<TABLE>
<CAPTION>
Three months ended March 31,
----------------------------
1998 1997
--------------- ----------
<S> <C> <C>
Net Income $ 10,223 4,785
Add back:
Real Estate Depreciation and Amortization 4,987 1,986
(Gain) on Divestiture of Properties (61) (428)
Minority Interest in Net Income 44 -
-------------- ----------
Funds From Operations (1) $ 15,193 $ 6,343
-------------- ----------
-------------- ----------
Funds From Operations per Share $ 0.47 $ 0.40
Dividends per Common Share $ 0.33 $ 0.29
Funds From Operations Payout Ratio (2) 70.5% 73.3%
Weighted Average Number of Shares
Outstanding (3) 32,505,380 15,869,097
</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 weighted average number of shares outstanding was calculated as if the
2,272,727 outstanding shares of Series B Convertible Preferred Stock and
operating partnership units had been converted into shares of Common Stock,
which is consistent with the methodology used in prior periods.
MERIDIAN INDUSTRIAL TRUST
SUPPLEMENTAL INFORMATION
PAGE 4 OF 13
<PAGE>
MERIDIAN INDUSTRIAL TRUST
PORTFOLIO SUMMARY (1)
AS OF MARCH 31, 1998
<TABLE>
<CAPTION>
NO. OF OCCUPANCY RENTABLE % OF TOTAL ANNUALIZED % OF TOTAL
REGION PROPERTIES RATE SQUARE FEET SQUARE FEET BASE RENT BASE RENT
- ------ ----------- --------- ------------ ------------ ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
Atlanta 7 97% 1,064,591 4.3% $ 5,621,278 6.0%
Chicago 22 90% 2,655,142 10.7% 9,266,429 9.9%
Columbus 6 100% 1,968,283 8.0% 5,761,142 6.2%
Dallas 42 92% 4,682,348 19.0% 14,073,497 15.2%
Detroit 13 87% 654,338 2.7% 2,832,615 3.0%
Houston 10 94% 1,134,445 4.6% 3,475,740 3.7%
Indianapolis 1 100% 219,104 0.9% 724,428 0.8%
LA Basin 52 98% 5,699,785 23.0% 23,943,134 25.8%
Las Vegas 3 88% 612,735 2.5% 2,890,662 3.1%
Little Rock 2 100% 235,250 1.0% 599,642 0.6%
Memphis 9 100% 1,762,223 7.0% 5,452,286 5.9%
Miami 3 79% 219,379 0.9% 1,030,801 1.1%
Minneapolis 1 100% 100,000 0.4% 409,165 0.4%
Nashville 3 100% 437,552 1.8% 1,402,522 1.5%
New Jersey/I-95 10 100% 579,267 2.3% 2,327,243 2.5%
Orlando 1 100% 242,160 1.0% 1,075,992 1.2%
Phoenix 5 100% 587,105 2.4% 2,259,047 2.4%
Richmond 2 94% 145,799 0.6% 1,341,448 1.4%
San Diego 2 100% 191,451 0.8% 1,610,335 1.7%
Seattle 1 69% 237,281 1.0% 980,562 1.1%
SF Bay Area 6 99% 1,124,276 4.6% 5,581,147 6.0%
St. Louis 1 100% 126,642 0.5% 499,992 0.5%
----------- --------- ------------ ------------ ------------ ----------
TOTAL 202 95% 24,679,156 100% $93,159,107 100%
----------- --------- ------------ ------------ ------------ ----------
----------- --------- ------------ ------------ ------------ ----------
</TABLE>
(1) Does not include properties under development.
MERIDIAN INDUSTRIAL TRUST
SUPPLEMENTAL INFORMATION
PAGE 5 OF 13
<PAGE>
MERIDIAN INDUSTRIAL TRUST
LEASING ACTIVITY (1)
FOR THE THREE MONTHS ENDED MARCH 31, 1998
No. of Leases 35
Square Feet of Leases 1,057,344
Average Lease Term in Years 4.1
Base Rent % Change 8.96%
Average T.I. & L.C. per SF 1.46
Tenant Retention 60%
LEASE EXPIRATIONS (2)
AS OF MARCH 31, 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
Lease Expiration Expiring Leases Expiring Leases Expiring Leases by Expiring Leases
- ---------------- --------------- --------------- ---------------- ------------------
<S> <C> <C> <C> <C>
1998 3,018,981 13% $ 11,770,001 13%
1999 3,134,049 14% 13,776,668 15%
2000 3,155,051 14% 11,890,955 13%
2001 3,043,235 13% 12,623,944 14%
2002 2,397,176 10% 9,523,726 11%
2003 836,698 4% 3,581,258 4%
2004 492,744 2% 2,051,121 2%
2005 2,001,005 9% 6,317,307 7%
2006 2,042,867 9% 7,343,856 8%
2007 1,187,134 5% 4,581,587 5%
Thereafter 1,868,505 7% 6,876,586 8%
--------------- --------------- ---------------- ------------------
Total 23,177,445 100% $ 90,337,009 100%
--------------- --------------- ---------------- ------------------
--------------- --------------- ---------------- ------------------
</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 93% occupied at 3/31/98. Month-to-month tenants are
included as 1998 expirations.
MERIDIAN INDUSTRIAL TRUST
SUPPLEMENTAL INFORMATION
PAGE 6 OF 13
<PAGE>
MERIDIAN INDUSTRIAL TRUST
FIFTEEN LARGEST TENANTS
AS OF MARCH 31, 1998
<TABLE>
<CAPTION>
NUMBER OF SQUARE FEET % OF TOTAL ANNUALIZED % OF TOTAL
TENANT LEASES LEASED PORTFOLIO BASE RENT (1) PORTFOLIO
- -------------------------------- ---------- ------------- ----------- ------------- ----------
<S> <C> <C> <C> <C> <C>
Sears Roebuck & Co. 3 1,814,592 7.4% $ 4,966,448 5.3%
Freeman Decorating Co. 2 501,806 2.0% 2,216,710 2.4%
General Tire, Inc. 2 632,790 2.6% 2,120,916 2.3%
S. C. Johnson & Son, Inc. 2 502,500 2.0% 1,660,765 1.8%
Kirk Paper Corp. 1 315,705 1.3% 1,412,712 1.5%
Allegiance Healthcare Corp. 1 361,690 1.5% 1,294,127 1.4%
Kraft Foods, Inc. 1 351,788 1.4% 1,278,262 1.4%
Technicolor Videocassette, Inc. 1 310,736 1.3% 1,132,585 1.2%
Cumberland Swan, Inc. 2 341,552 1.4% 1,127,122 1.2%
L. D. Brinkman & Co., Inc. 1 367,744 1.5% 1,055,676 1.1%
Moog Automotive, Inc. 1 209,682 0.8% 966,215 1.0%
International Business Machines 1 150,000 0.6% 937,500 1.0%
AmeriSource Health Corp. 1 181,370 0.7% 936,747 1.0%
Mattel Toys 1 275,169 1.1% 924,576 1.0%
Core-Mark International, Inc. 1 201,380 0.8% 852,000 0.9%
---------- ------------- ----------- ------------- ----------
Total 21 6,518,504 26.4% $ 22,882,361 24.5%
---------- ------------- ----------- ------------- ----------
---------- ------------- ----------- ------------- ----------
</TABLE>
(1) Represents annualized base rent from leases in effect as of March 31, 1988.
MERIDIAN INDUSTRIAL TRUST
SUPPLEMENTAL INFORMATION
PAGE 7 OF 13
<PAGE>
MERIDIAN INDUSTRIAL TRUST
INVESTMENT SUMMARY
FOR THE THREE MONTHS ENDED MARCH 31, 1998
<TABLE>
<CAPTION>
Quarter Ended
March 31, 1998
--------------
<S> <C>
Property Acquisitions
Rentable Square Feet 1,072,164
Total Investment Cost (1) $ 66,312,663
Land Acquisitions
Acres 56.0
Total Investment Cost (1) $ 11,087,963
Property Divestitures
Rentable Square Feet 181,064
Sales Price $ 1,880,000
Properties Under Development
Rentable Square Feet 3,781,614
Estimated Development Cost (2) $ 129,481,211
</TABLE>
(1) Total investment cost includes all costs incurred to date for
property acquisitions and land acquisitions.
(2) Estimated development cost includes all estimated costs to complete
development.
MERIDIAN INDUSTRIAL TRUST
SUPPLEMENTAL INFORMATION
PAGE 8 OF 13
<PAGE>
MERIDIAN INDUSTRIAL TRUST
PROPERTY ACQUISITIONS & DIVESTITURES
FOR THE THREE MONTHS ENDED MARCH 31, 1998
<TABLE>
<CAPTION>
Rentable Investment
Property Name Location Square Feet Acquisition Date Cost (1)
- ------------------------------ ---------- ----------- ---------------- ------------
<S> <C> <C> <C> <C>
ACQUISITIONS
19631 Pauling LA Basin 57,160 2/98 $ 4,627,293
19711 Pauling LA Basin 21,120 2/98 1,731,864
29962 Avenida de las Banderas LA Basin 15,040 2/98 1,145,618
22831 Avenida Empresa LA Basin 21,354 2/98 1,420,451
Various MRI buildings LA Basin 299,000 2/98 21,233,000
624 Krona Drive Dallas 45,755 3/98 3,349,179
4701 Cameron Street Las Vegas 161,097 3/98 9,928,470
7000 Placid Street Las Vegas 309,208 3/98 13,073,919
South Arville Center Las Vegas 142,430 3/98 9,802,869
---------- ------------
Total 1,072,164 $ 66,312,663
---------- ------------
---------- ------------
Rentable
Property Name Location Square Feet Disposition Date Sales Price
- ------------------------------ ---------- ----------- ---------------- -----------
DIVESTITURES
4013 Premier Memphis 181,064 2/98 $ 1,880,000
----------- -----------
Total 181,064 $ 1,880,000
----------- -----------
----------- -----------
</TABLE>
(1) Investment cost includes all costs incurred to date for the property
acquisition.
MERIDIAN INDUSTRIAL TRUST
SUPPLEMENTAL INFORMATION
PAGE 9 OF 13
<PAGE>
MERIDIAN INDUSTRIAL TRUST
LAND ACQUISITIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1998
<TABLE>
<CAPTION>
Approx. Rentable Investment
Location Acres Square Feet Acquisition Date Cost (1)
- ------------ --------- ---------------- ---------------- -----------
<S> <C> <C> <C> <C>
LA Basin 19.3 371,763 1/98 $ 3,540,678
Dallas 17.7 219,000 3/98 1,134,000
LA Basin 10.9 228,150 3/98 4,071,780
LA Basin 2.7 48,870 3/98 1,123,701
LA Basin 5.4 100,225 3/98 1,217,804
-------- ---------- -----------
Total 56.0 968,008 $11,087,963
-------- ---------- -----------
-------- ---------- -----------
</TABLE>
LAND INVENTORY
AS OF MARCH 31, 1998
<TABLE>
<CAPTION>
Location Acres Status
------------ ----------- --------------
<S> <C> <C>
Chicago 49.9 Contract (2)
Dallas 17.7 Closed
Dallas 43.0 Option (3)
Detroit 102.1 Contract (2)
LA Basin 65.7 Closed
LA Basin 45.3 Option (3)
--------
Total 323.7
--------
--------
</TABLE>
(1) Investment cost includes all costs incurred to date for the land
acquisition.
(2) A Purchase and Sale Agreement for this land parcel has been executed
(3) A Purchase Option Agreement for this land parcel has been executed.
MERIDIAN INDUSTRIAL TRUST
SUPPLEMENTAL INFORMATION
PAGE 10 OF 13
<PAGE>
MERIDIAN INDUSTRIAL TRUST
PROPERTIES UNDER DEVELOPMENT
AS OF MARCH 31, 1998
<TABLE>
<CAPTION>
Estimated Estimated Estimated
Rentable Date of Date of Development
Property Name Location Square Feet Completion Stabilization (1) Cost (2)
- --------------------- ---------- ----------- ---------- ----------------- -------------
<S> <C> <C> <C> <C> <C>
Lever Atlanta Atlanta 600,000 11/98 11/98 $ 22,040,000
2225 Cedars Road Atlanta 249,600 7/98 3/99 6,871,508
Carrowinds Boulevard Charlotte 558,900 7/98 9/98 21,600,000
Enterprise Building C Dallas 178,013 5/98 6/98 7,052,092
Enterprise Building B Dallas 124,798 6/98 7/98 4,134,000
Frankford Trade Center Dallas 709,920 6/98 6/99 20,560,209
Meridian Distribution Center LA Basin 606,753 5/98 4/99 19,626,000
Lebanon Pike Circle Nashville 178,630 5/98 9/98 7,281,528
2100 Consulate Drive Orlando 75,000 1/98 11/98 3,915,580
Gateway One SF Bay Area 500,000 5/98 6/98 16,400,294
--------- -------------
Total 3,781,614 $ 129,481,211
--------- -------------
--------- -------------
</TABLE>
(1) Represents the Company's estimate of the date 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
SUPPLEMENTAL INFORMATION
PAGE 11 OF 13
<PAGE>
MERIDIAN INDUSTRIAL TRUST
CAPITAL STRUCTURE
AS OF MARCH 31, 1998
<TABLE>
<CAPTION>
Aggregate Principal
Outstanding at
March 31, 1998
-------------------
<S> <C>
DEBT
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 108,091
----------------
Total Unsecured Notes Including Debt Premium 160,108,091
----------------
Mortgage Loans (including unamortized debt premium of $83,051) 93,955,862
Unsecured Credit Facility 91,800,000
----------------
Total Debt $ 345,863,953
----------------
----------------
</TABLE>
<TABLE>
<CAPTION>
Shares Conversion Common Stock Market Value
EQUITY Outstanding (1) Ratio Equivalents Equivalents (2)
- -------------------------------------- --------------- ----------- ------------ ---------------
<S> <C> <C> <C> <C>
Series B Convertible Preferred Shares 2,272,727 1 : 1 2,272,727 $ 54,545,448
Common Stock 30,166,984 N/A 30,166,984 724,007,616
--------------- ---------------
Total Shares and Equity Capitalization 32,439,711 $ 778,553,064
--------------- ---------------
--------------- ---------------
Total Market Capitalization $1,124,417,017
---------------
---------------
</TABLE>
(1) The number of common shares outstanding was calculated as if the
outstanding shares of Series B Convertible Preferred Stock had been
converted to Common Stock, which is consistent with the methodology used in
prior periods.
(2) Value based on March 31, 1998 Common Stock closing price of $24.00.
MERIDIAN INDUSTRIAL TRUST
SUPPLEMENTAL INFORMATION
PAGE 12 OF 13
<PAGE>
MERIDIAN INDUSTRIAL TRUST
DEBT SUMMARY
AS OF MARCH 31, 1998
<TABLE>
<CAPTION>
Principal Maturities
of Unsecured Notes
Debt Maturity Schedule and Mortgage Loans Unsecured Credit Facility
- ---------------------- --------------------- -------------------------
<S> <C> <C> <C>
1998 $ 10,612,871 Facility Capacity $250,000,000
1999 298,049 Outstanding @ 3/31/98 91,800,000
2000 322,590 Remaining Capacity ------------
2001 349,160 $158,200,000
2002 377,918 ------------
2003 409,054 ------------
2004 442,764
2005 66,573,503
2006 3,594,980
2007 135,463,519
2008 501,790
Thereafter 34,926,613
--------------
Total $ 253,872,811
--------------
--------------
</TABLE>
<TABLE>
<CAPTION>
% of Total Weighted Weighted
Debt Analysis Debt Average Rate Average Maturity
- ------------- ---------- ------------ ----------------
<S> <C> <C> <C>
Unsecured - Fixed Rate 46.3% 7.26% 10.2 Yrs
Unsecured - Variable Rate 26.5% 7.01% 2.0 Yrs
Secured - Fixed Rate 27.2% 8.66% 7.3 Yrs
</TABLE>
MERIDIAN INDUSTRIAL TRUST
SUPPLEMENTAL INFORMATION
PAGE 13 OF 13
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