-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, ZtEjEbQtPwSwG5zGrKhZmheDUBj+Aq2gAN+qhPt6rZTAtF4T7PUbZxR1vpbHsay6 nx5p+SVFJjPjeYiNBtpXYw== 0000950135-94-000618.txt : 19941111 0000950135-94-000618.hdr.sgml : 19941111 ACCESSION NUMBER: 0000950135-94-000618 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19940930 FILED AS OF DATE: 19941028 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MEDITRUST CENTRAL INDEX KEY: 0000774350 STANDARD INDUSTRIAL CLASSIFICATION: 6798 IRS NUMBER: 046532031 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-09582 FILM NUMBER: 94555637 BUSINESS ADDRESS: STREET 1: 197 FIRST AVENUE CITY: NEEDHAM STATE: MA ZIP: 02194 BUSINESS PHONE: 6174336000 MAIL ADDRESS: STREET 1: 197 FIRST AVENUE CITY: NEEDHAM STATE: MA ZIP: 02194 10-Q 1 MEDITRUST FROM 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 X Quarterly report pursuant to Section 13 or 15(d) of the Securities - - --- Exchange Act of 1934 For The Quarterly Period Ended SEPTEMBER 30, 1994 or ___ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Transition period from ____ to ____ Commission file number 0-14022 MEDITRUST --------- (Exact name of registrant as specified in its charter) MASSACHUSETTS 04-6532031 - - ---------------------------------- ----------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) 197 First Avenue Needham Heights, Massachusetts 02194-9127 - - ---------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (617) 433-6000 -------------- Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes X No --- --- As of September 30, 1994, there were outstanding 35,082,784 Shares of Beneficial Interest, without par value. 2 MEDITRUST FORM 10-Q INDEX
Part I. Financial Information Page(s) ------- Item 1. Financial Statements Consolidated Balance Sheets at September 30, 1994 (unaudited) and December 31, 1993 3 Consolidated Statements of Income for the three months ended September 30, 1994 and 1993 (unaudited) 4 Consolidated Statements of Income for the nine months ended September 30, 1994 and 1993 (unaudited) 5 Consolidated Statements of Cash Flows for the nine months ended September 30, 1994 and 1993 (unaudited) 6 Notes to Consolidated Financial Statements (unaudited) 7-9 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 10-11 Part II. Other Information Item 6. Exhibits and Reports on Form 8-K 12 Signatures 12
-2- 3 MEDITRUST PART I. FINANCIAL INFORMATION CONSOLIDATED BALANCE SHEETS (In thousands)
SEPTEMBER 30, December 31, 1994 1993 ---------- ------------- (UNAUDITED) (Audited) ASSETS Real estate investments (Notes 3 and 4): Land . . . . . . . . . . . . . . . . . . . . . . . . $ 42,060 $ 48,257 Buildings and improvements, net of accumulated depreciation of $62,321 and $73,294, respectively . . . 524,508 564,345 Real estate mortgages . . . . . . . . . . . . . . . . . . 768,880 601,706 ------------ ----------- Total real estate investments . . . . . . . . . . . . 1,335,448 1,214,308 Other assets, net . . . . . . . . . . . . . . . . . . . . . . 50,249 66,862 Short-term cash investments . . . . . . . . . . . . . . . . . 31,209 16,306 Fees, interest and other receivables . . . . . . . . . . . . 14,022 12,925 ------------ ----------- Total assets . . . . . . . . . . . . . . . . . . . . $ 1,430,928 $ 1,310,401 ============ =========== LIABILITIES & SHAREHOLDERS' EQUITY Indebtedness (Note 5): Senior unsecured notes payable, net . . . . . . . . . . . $ 285,179 $ 297,155 Senior mortgage notes payable, net . . . . . . . . . . . . 31,955 31,804 Convertible debentures, net . . . . . . . . . . . . . . . 231,361 199,822 Bank notes payable, net . . . . . . . . . . . . . . . . . 126,135 69,375 Bonds and mortgages payable, net . . . . . . . . . . . . . 59,476 60,089 ------------ ---------- Total indebtedness . . . . . . . . . . . . . . . . 734,106 658,245 Deferred income . . . . . . . . . . . . . . . . . . . . . . . 12,486 14,468 Accrued expenses and other liabilities . . . . . . . . . . . 46,427 51,893 ------------ ----------- Total liabilities . . . . . . . . . . . . . . . . . 793,019 724,606 ------------ ----------- Commitments and contingencies (Note 3) Shareholders' equity (Notes 5 and 6): Shares of Beneficial Interest without par value: Unlimited Shares authorized; 35,083 and 32,836 Shares issued and outstanding in 1994 and 1993, respectively . . . . . 728,508 666,220 Distributions in excess of net income . . . . . . . . (90,599) (80,425) ------------ ---------- Total shareholders' equity . . . . . . . . . . . . 637,909 585,795 ------------ ---------- Total liabilities and shareholders' equity . . . . . $ 1,430,928 $1,310,401 ============ ========== The accompanying notes, together with the Notes to the Consolidated Financial Statements included in the Company's Form 10-K for the year ended December 31, 1993, are an integral part of these financial statements.
-3- 4 MEDITRUST CONSOLIDATED STATEMENTS OF INCOME for the three months ended September 30, 1994 and 1993 (Unaudited)
1994 1993 ---- ---- (Dollars in thousands except per Share amounts) Revenues: Rental income . . . . . . . . . . . . . . . . . . . . . $ 19,547 $21,095 Interest income . . . . . . . . . . . . . . . . . . . . 23,611 17,521 -------- ------- Total revenues . . . . . . . . . . . . . . . . . . 43,158 38,616 -------- ------- Expenses: Interest expense . . . . . . . . . . . . . . . . . . . 17,058 16,503 Depreciation and amortization . . . . . . . . . . . . . 4,085 4,263 General and administrative expenses . . . . . . . . . . 2,198 1,769 -------- ------- Total expenses . . . . . . . . . . . . . . . . . . 23,341 22,535 -------- ------- Net income . . . . . . . . . . . . . . . . . . . . . . . . $ 19,817 $16,081 ======== ======= Net income per Share, based on 34,744,000 and 31,833,000 weighted average Shares outstanding in 1994 and 1993, respectively . . . . . . . . . . . . $ .57 $ .51 ======== ======= The accompanying notes, together with the Notes to the Consolidated Financial Statements included in the Company's Form 10-K for the year ended December 31, 1993, are an integral part of these financial statements.
-4- 5 MEDITRUST CONSOLIDATED STATEMENTS OF INCOME for the nine months ended September 30, 1994 and 1993 (Unaudited)
1994 1993 ---- ---- (Dollars in thousands except per Share amounts) Revenues: Rental income . . . . . . . . . . . . . . . . . . . . . $ 62,359 $ 59,142 Interest income . . . . . . . . . . . . . . . . . . . . 64,172 53,410 --------- -------- Total revenues . . . . . . . . . . . . . . . . . . 126,531 112,552 --------- -------- Expenses: Interest expense . . . . . . . . . . . . . . . . . . . 50,101 48,231 Depreciation and amortization . . . . . . . . . . . . . 13,080 11,897 General and administrative expenses . . . . . . . . . . 6,820 5,504 --------- -------- Total expenses . . . . . . . . . . . . . . . . . . 70,001 65,632 --------- -------- Net income . . . . . . . . . . . . . . . . . . . . . . . . $ 56,530 $ 46,920 ========= ======== Net income per Share, based on 34,130,000 and 30,817,000 weighted average Shares outstanding in 1994 and 1993, respectively . . . . . . . . . . . . $ 1.66 $ 1.52 ========= ======== The accompanying notes, together with the Notes to the Consolidated Financial Statements included in the Company's Form 10-K for the year ended December 31, 1993, are an integral part of these financial statements.
-5- 6 MEDITRUST CONSOLIDATED STATEMENTS OF CASH FLOWS for the nine months ended September 30, 1994 and 1993 (Unaudited)
1994 1993 ---- ---- (In thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income... . . . . . . . . . . . . . . . . . . . . . . . . $ 56,530 $ 46,920 Depreciation, amortization and provision for losses . . . . . 18,862 18,636 Gain from mortgage prepayments . . . . . . . . . . . . . . . (3,726) (2,714) Other items, net . . . . . . . . . . . . . . . . . . . . . . 561 (509) --------- --------- CASH FLOWS FROM OPERATING ACTIVITIES AVAILABLE FOR DISTRIBUTION . . . . . . . . . . . . . . . . . . 72,227 62,333 Net change in other assets and liabilities . . . . . . . . . . 5,597 (6,361) --------- --------- Net cash provided by operating activities . . . . . . . . . 77,824 55,972 --------- --------- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from convertible debenture offering . . . . . . . . 90,000 92,120 Debt issuance costs . . . . . . . . . . . . . . . . . . . . (3,033) (3,162) Proceeds from warrant conversions and stock options . . . . . 4,666 4,992 Proceeds from bank notes . . . . . . . . . . . . . . . . . . . 197,504 47,000 Repayment of bank notes . . . . . . . . . . . . . . . . . . . (140,594) (104,000) Repayment of senior unsecured notes . . . . . . . . . . . . . (12,500) Principal payments on bonds and mortgages payable . . . . . . (630) (634) Distributions to shareholders . . . . . . . . . . . . . . . . (66,704) (57,229) Proceeds from equity offering . . . . . . . . . . . . . . . . 100,373 Equity offering costs . . . . . . . . . . . . . . . . . . . . (5,016) --------- --------- Net cash provided by financing activities . . . . . . . . 68,709 74,444 --------- --------- CASH FLOWS FROM INVESTING ACTIVITIES: Acquisition of and additions to real estate . . . . . . . . . (18,693) (11,645) Investment in real estate mortgages and development financing . (134,750) (123,537) Prepayment proceeds and principal payments on real estate mortgages and note . . . . . . . . . . . . . . . . . . . . 22,054 32,919 Working capital advances . . . . . . . . . . . . . . . . . . (33,959) (38,703) Collection of receivables and repayment of working capital advances . . . . . . . . . . . . . . . . . . . . . . . . . 33,718 7,805 ---------- --------- Net cash used in investing activities . . . . . . . . . . (131,630) (133,161) ---------- --------- Net increase (decrease) in short-term cash investments...... 14,903 (2,745) Short-term cash investments at: Beginning of period . . . . . . . . . . . . . . . . . . . 16,306 24,858 ---------- --------- End of period . . . . . . . . . . . . . . . . . . . . . . $ 31,209 $ 22,113 ========== ========= Supplemental disclosure of cash flow information (see Note 2). The accompanying notes, together with the Notes to the Consolidated Financial Statements included in the Company's Form 10-K for the year ended December 31, 1993, are an integral part of these financial statements.
-6- 7 MEDITRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. Summary of Significant Accounting Policies ------------------------------------------ Certain information and footnote disclosures, normally included in financial statements prepared in accordance with generally accepted accounting principles, have been condensed or omitted in this Form 10-Q in compliance with the Rules and Regulations of the Securities and Exchange Commission. However, in the opinion of Meditrust (the "Company"), the disclosures contained in this Form 10-Q are adequate to make the information presented not misleading. See Report on Form 10-K for the year ended December 31, 1993 for additional information relevant to significant accounting policies followed by the Company. Basis of Presentation --------------------- In the opinion of the Company, the accompanying unaudited consolidated financial statements reflect all adjustments (consisting of normal recurring accruals) necessary to present fairly the financial position as of September 30, 1994 and the results of operations for each of the three and nine-month periods ended September 30, 1994 and 1993 and cash flows for each of the nine-month periods ended September 30, 1994 and 1993. The results of operations for the nine-month period ended September 30, 1994 are not necessarily indicative of the results which may be expected for the entire year. Certain 1993 amounts have been reclassified to conform to the 1994 presentation. 2. Supplemental Cash Flow Information ----------------------------------
Nine Months Ended September 30, ------------------- 1994 1993 ---- ---- (In thousands) Interest paid during the period . . . . . . . . . . . . . $44,021 $47,928 Non-cash investing and financing transactions: Acquisition and lease of real estate (see Notes 4 and 5): Value of real estate (sold) acquired: Land and buildings . . . . . . . . . . . . . . . . (94,000) 106,566 Accumulated depreciation . . . . . . . . . . . . . 22,463 Increase (reduction) of real estate mortgages net of participation reduction . . . . . . . . . . 85,000 (88,493) Issuance of demand note payable related to participation reduction . . . . . . . . (18,073) Shares issued for: Conversion of debentures . . . . . . . . . . . . . . 58,572 61,147 Executive compensation . . . . . . . . . . . . . . . 708 619
-7- 8 MEDITRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS, Continued (Unaudited) 3. Real Estate Investments ----------------------- During the nine months ended September 30, 1994, the Company provided permanent mortgage financing of $79,620,000 for 27 long-term care facilities located in Texas, Massachusetts and California and refinanced for $50,500,000 an existing mortgage with a balance of $32,836,000 secured by 28 long-term care facilities located in Illinois and refinanced for $5,765,000 an existing mortgage with a balance of $4,246,000 secured by a long-term care facility in Connecticut. In addition, the Company also provided net development financing of $35,947,000 for seven long-term care facilities and five medical office buildings under construction and for additions to existing long-term care facilities. During the nine months ended September 30, 1994, the Company received principal payments on real estate mortgages of $3,733,000 and proceeds of $18,321,000 from the prepayment of mortgage loans on a retirement living facility located in Texas and two long-term care facilities located in Connecticut. Also during the nine months ended September 30, 1994, the Company funded $16,927,000 for three long-term care facilities located in Connecticut and one long-term care facility located in Massachusetts and funded $428,000 for additions to certain facilities. The Company also acquired for $11,570,000 a long-term care facility located in Massachusetts which was substituted for a long-term care facility located in Connecticut with a mortgage balance of $10,232,000. At September 30, 1994, the Company was committed to providing additional financings of approximately $34,700,000 relating to four long-term care facilities and five medical office buildings currently under construction and additional funding for additions to four existing long-term care facilities in the real estate portfolio. 4. Merger Between Sun Healthcare and Mediplex ------------------------------------------ In June 1994, Sun Healthcare Group, Inc. ("Sun") merged with The Mediplex Group, Inc. ("Mediplex"). The merged entities comprise approximately 26% of the Company's $1.4 billion portfolio of gross real estate investments. A condition of the Company's consent to this merger was that all existing Mediplex lease and mortgage terms were extended to between 2004 and 2008 and adjusted to include annual rate escalators. In connection with this transaction, the Company (a) terminated its leases with Mediplex on three properties (two alcohol and substance abuse treatment facilities and one psychiatric hospital located in New York) with a net book value of $101,537,000 and replaced these leases with mortgages from Sun totaling $74,000,000, (b) loaned $11,000,000 to Sun which was secured by a mortgage on a rehabilitation facility located in Colorado and (c) entered into sale/leaseback transactions with Sun totaling $30,000,000 for two rehabilitation facilities located in Kentucky and Massachusetts and for a long-term care facility located in Connecticut. -8- 9 MEDITRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS, Continued (Unaudited) 5. Indebtedness and Shareholders' Equity ------------------------------------- In March 1994, the Company issued $90,000,000 of 7 1/2% convertible debentures due 2001 which are convertible into Shares of the Company at $36.18 per Share. The net proceeds from this debenture issuance were used to repay bank debt outstanding under its unsecured credit facilities. During the nine months ended September 30, 1994, the Company also paid a principal installment in the amount of $12,500,000 relating to its senior unsecured notes. During the nine months ended September 30, 1994, $25,080,000 of principal amount of 9% convertible debentures were converted into 928,870 Shares and $33,492,000 of principal amount of 7% convertible debentures were converted into 1,093,609 Shares. The Company has a total of $177,000,000 in unsecured credit facilities bearing interest at the lenders' prime rate or LIBOR plus 1.50% of which approximately $69,264,000 is available at September 30, 1994. 6. Distributions Paid to Shareholders ---------------------------------- On August 15, 1994, the Company paid a dividend of $.6575 per Share to shareholders of record on July 29, 1994. This dividend related to the period from April 1, 1994 through June 30, 1994. 7. Subsequent Events ----------------- On October 3, 1994, the Company declared a dividend of $.6625 per Share payable on November 15, 1994 to shareholders of record on October 11, 1994. This dividend relates to the period from July 1, 1994 through September 30,1994. On October 26, 1994, the Company completed the sale of 4,500,000 newly issued Shares at a price of $30.875 per Share. The proceeds will be used to repay short-term borrowings and for investments in additional health care facilities. -9- 10 MEDITRUST ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS --------------------- Revenues for the three months ended September 30, 1994 were $43,158,000 compared to $38,616,000 for the three months ended September 30, 1993, an increase of $4,542,000 or 11.8%. Rental income decreased by $1,548,000 primarily from the termination of leases in June 1994 on three facilities which became mortgage investments and is more fully described in Note 4. Interest income increased by $6,090,000 and resulted primarily from additional real estate investments made during the past twelve months. For the three months ended September 30, 1994, total expenses increased by $806,000. Interest expense increased by $555,000 and resulted primarily from the issuance of $86,250,000 of 6 7/8% debentures in November 1993 and the issuance of $90,000,000 of 7 1/2% debentures in March 1994 and was partially offset by the reduction in interest from the conversion of $25,975,000 of principal amount of 9% debentures and the conversion of $41,127,000 of principal amount of 7% debentures during the past twelve months. Depreciation and amortization decreased by $178,000 primarily due to a reduction in depreciation expense relating to the termination of the three leases in June 1994 as described above. General and administrative expenses increased by $429,000 principally attributable to a higher level of operating expenses. Revenues for the nine months ended September 30, 1994 were $126,531,000 compared to $112,552,000 for the nine months ended September 30, 1993, an increase of $13,979,000 or 12.4%. Revenue growth resulted from increased rental income of $3,217,000 and increased interest income of $10,762,000 as a result of additional real estate investments made during the past twelve months. For the nine months ended September 30, 1994, total expenses increased by $4,369,000. Interest expense increased by $1,870,000 and resulted primarily from the issuance of $86,250,000 of 6 7/8% debentures in November 1993 and the issuance of $90,000,000 of 7 1/2% debentures in March 1994 and was partially offset by the reduction in interest from the conversion of $25,975,000 of principal amount of 9% debentures and the conversion of $41,127,000 of principal amount of 7% debentures during the past twelve months. Depreciation and amortization increased by $1,183,000 primarily due to depreciation on the additional real estate investments made during the previous twelve-month period. General and administrative expenses increased by $1,316,000 principally attributable to a higher level of operating expenses. LIQUIDITY AND CAPITAL RESOURCES ------------------------------- As of September 30, 1994, the Company's gross real estate investments totaled approximately $1.4 billion including 192 long-term care facilities, 23 rehabilitation hospitals, two alcohol and substance abuse treatment facilities, six psychiatric hospitals, three retirement living facilities and five medical office buildings. -10- 11 MEDITRUST MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, Continued The Company had shareholders' equity of $637,909,000 and a debt to equity ratio of 1.15 to 1.0 as of September 30, 1994. The Company provides funding for its investments through a combination of long-term and short-term financing including both debt and equity. The Company obtains long-term financing through the issuance of Shares, the issuance of convertible debentures, the issuance of long-term secured and unsecured notes and the assumption of mortgage notes. The Company obtains short-term financing through the use of bank lines of credit which are replaced with long-term financing as appropriate. It is the Company's objective to match mortgage and lease terms with the terms of its borrowings. The Company seeks to maintain an appropriate spread between its borrowing costs and the rate of return on its investments. When development mortgage loans convert to sale/leaseback transactions or permanent mortgage loans, the base rent or interest rate, as appropriate, is fixed at the time of such conversion. During the nine-month period ended September 30, 1994, the Company issued $90,000,000 of 7 1/2% convertible debentures due 2001. The net proceeds to the Company from this offering were used to repay amounts outstanding under its unsecured credit facilities. As of September 30, 1994, the Company's outstanding commitments for additional financing totaled approximately $34,700,000 for the completion of nine facilities under construction and additional funding for additions to four facilities in the real estate portfolio. Under the Company's unsecured credit facilities, a total of approximately $69,264,000 was available at September 30, 1994. The Company believes that its various sources of capital are adequate to finance its operations as well as pending property acquisitions, mortgage financings, funding of existing development loans and future dividends. For the balance of 1994, however, in the event that the Company identifies appropriate investment opportunities, the Company may raise additional capital through the sale of Shares of Beneficial Interest or by the issuance of additional long-term debt. -11- 12 PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K -------------------------------- (a) Exhibits
Exhibit No. Title Method of Filing - - -------- ----- ---------------- 11 Statement Regarding Computation of Per Share Earnings........................................ Filed herewith (b) Reports on Form 8-K The Company filed no reports on Form 8-K during the quarter ended September 30, 1994.
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. MEDITRUST Date: October 28, 1994 By: /s/ Lisa P. McAlister ---------------------------- Lisa P. McAlister, Vice President and Treasurer (and Chief Accounting Officer) -12- EX-11 2 STATEMENT REGARDING COMPUTATION PER SHARE EARNINGS 1 Exhibit 11 ---------- MEDITRUST STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS (In thousands except per share amounts)
Quarter ended Nine months ended September 30, September 30, ------------------- ----------------- 1994 1993 1994 1993 ---- ---- ---- ---- Primary - - ------- Weighted average shares 34,744 31,833 34,130 30,817 Dilutive effect of: Stock options 87 128 99 124 Warrants 50 27 67 ------- ------- ------- ------- Weighted average number of shares and equivalent shares outstanding 34,831 32,011 34,256 31,008 ======= ======= ======= ======= Net income $19,817 $16,081 $56,530 $46,920 ======= ======= ======= ======= Net income per share (A) $ .57 $ .50 $ 1.65 $ 1.51 ======= ======= ======= ======= (A) This calculation is submitted in accordance with Regulation S-K item 601(b)(11) although not required by footnote 2 to paragraph 14 of APB Opinion No. 15 because it results in dilution of less than 3%.
Fully Diluted - - ------------- Weighted average number of shares used in primary calculation 34,831 32,011 34,256 31,008 Assumed conversion of debentures 7,210 5,041 7,181 5,216 ------- ------- ------- ------- Fully diluted weighted average shares and equivalent shares outstanding 42,041 37,052 41,437 36,224 ======= ======= ======= ======= Net income $19,817 $16,081 $56,530 $46,920 Interest and debt amortization on assumed conversion of debentures 4,667 3,985 13,982 11,266 ------- ------- ------- ------- Adjusted net income for fully diluted calculation $24,484 $20,066 $70,512 $58,186 ======= ======= ======= ======= Net income per share (B) $ .58 $ .54 $ 1.70 $ 1.61 ======= ======= ======= ======= (B) This calculation is submitted in accordance with Regulation S-K item 601(b)(11) although it is contrary to paragraph 40 of APB Opinion No. 15 because it produces anti-dilutive results.
-13- EX-27 3 ARTICLE 5 FDS FOR 3RD QUARTER 10-Q
5 This schedule contains summary financial information extracted from the Consolidated Balance Sheet as of September 30, 1994 and the Consolidated Statement of Income for the nine months ended September 30, 1994 of Meditrust and is qualified in its entirety by reference to such financial statements. 1,000 U.S. DOLLARS 9-MOS DEC-31-1994 JAN-01-1994 SEP-30-1994 1 31,209 0 14,022 0 0 0 628,889 62,321 1,430,928 0 734,106 728,508 0 0 (90,599) 1,430,928 0 126,531 0 0 0 0 50,101 56,530 0 56,530 0 0 0 56,530 1.66 1.66
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