-----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, k/NlsJVXkSUDC9b/OK3n6AqNI90c25gzihbwMmHvNbjqt4tYPtOpFEVDrtzK8wy3 sI+BI5u/OiPf6QWOQX3i0w== 0000950135-95-001633.txt : 19950803 0000950135-95-001633.hdr.sgml : 19950803 ACCESSION NUMBER: 0000950135-95-001633 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19950630 FILED AS OF DATE: 19950802 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MEDITRUST CENTRAL INDEX KEY: 0000774350 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [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: 95558358 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 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 JUNE 30, 1995 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 July 31, 1995, there were outstanding 49,541,692 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 June 30, 1995 (unaudited) and December 31, 1994 3 Consolidated Statements of Income for the three months ended June 30, 1995 and 1994 (unaudited) 4 Consolidated Statements of Income for the six months ended June 30, 1995 and 1994 (unaudited) 5 Consolidated Statements of Cash Flows for the six months ended June 30, 1995 and 1994 (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 4. Submission of Matters to a Vote of Security Holders 12 Item 6. Exhibits and Reports on Form 8-K 12 Signatures 12
-2- 3 MEDITRUST PART I. FINANCIAL INFORMATION CONSOLIDATED BALANCE SHEETS
June 30, December 31, 1995 1994 ----------- ------------ (Unaudited) (In thousands) ASSETS Real estate investments (Note 3): Land . . . . . . . . . . . . . . . . . . . . . . . . . . $ 40,033 $ 42,060 Buildings and improvements, net of accumulated depreciation of $70,582 and $65,918, respectively . . . . . . . . . . . . . . 561,811 518,428 Real estate mortgages . . . . . . . . . . . . . . . . . . 1,029,735 923,741 ---------- ---------- Total real estate investments . . . . . . . . . . . 1,631,579 1,484,229 Other assets, net . . . . . . . . . . . . . . . . . . . . . . 53,873 54,246 Cash and cash equivalents . . . . . . . . . . . . . . . . . . 34,072 39,937 Fees, interest and other receivables . . . . . . . . . . . . 25,087 16,718 ---------- ---------- Total assets . . . . . . . . . . . . . . . . . . . . $1,744,611 $1,595,130 ========== ========== LIABILITIES AND SHAREHOLDERS' EQUITY Indebtedness (Note 4): Senior unsecured notes, net . . . . . . . . . . . . . . . $ 273,229 $ 285,360 Senior mortgage notes, net . . . . . . . . . . . . . . . . 21,308 21,206 Convertible debentures, net . . . . . . . . . . . . . . . 222,850 231,277 Bank notes payable, net . . . . . . . . . . . . . . . . . 74,415 168,645 Bonds and mortgages payable, net . . . . . . . . . . . . . 58,825 59,264 ---------- ---------- Total indebtedness . . . . . . . . . . . . . . . . . 650,627 765,752 Deferred income . . . . . . . . . . . . . . . . . . . . . . . 13,974 12,559 Accrued expenses and other liabilities . . . . . . . . . . . 40,233 46,672 ---------- ---------- Total liabilities . . . . . . . . . . . . . . . . . 704,834 824,983 ---------- ---------- Commitments and contingencies (Note 3) Shareholders' equity (Notes 4, 5 and 6): Shares of beneficial interest without par value: Unlimited shares authorized: 49,230 and 39,619 shares issued and outstanding in 1995 and 1994, respectively . . . . . 1,134,230 860,071 Distributions in excess of net income . . . . . . . . . (94,453) (89,924) ---------- ---------- Total shareholders' equity . . . . . . . . . . . . . . . 1,039,777 770,147 ---------- ---------- Total liabilities and shareholders' equity . . . . . $1,744,611 $1,595,130 ========== ==========
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, 1994, are an integral part of these financial statements. -3- 4 MEDITRUST CONSOLIDATED STATEMENTS OF INCOME for the three months ended June 30, 1995 and 1994 (Unaudited)
1995 1994 ---- ---- (Dollars in thousands except per Share amounts) Revenues: Rental income . . . . . . . . . . . . . . . . $21,204 $21,499 Interest income . . . . . . . . . . . . . . . 31,233 20,879 ------- ------- Total revenues . . . . . . . . . . . . . 52,437 42,378 ------- ------- Expenses: Interest . . . . . . . . . . . . . . . . . . . 15,249 16,629 Depreciation and amortization . . . . . . . . 4,464 4,573 General and administrative . . . . . . . . . . 1,795 2,168 ------- ------- Total expenses . . . . . . . . . . . . . 21,508 23,370 ------- ------- Net income . . . . . . . . . . . . . . . . . . . . $30,929 $19,008 ======= ======= Net income per share, based on 49,194,000 and 34,192,000 weighted average shares outstanding in 1995 and 1994, respectively . . . $.63 $.56 ==== ====
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, 1994, are an integral part of these financial statements. -4- 5 MEDITRUST CONSOLIDATED STATEMENTS OF INCOME for the six months ended June 30, 1995 and 1994 (Unaudited)
1995 1994 ---- ---- (Dollars in thousands except per Share amounts) Revenues: Rental income . . . . . . . . . . . . . . . . $ 41,942 $42,813 Interest income . . . . . . . . . . . . . . . 59,428 40,560 -------- ------- Total revenues . . . . . . . . . . . . . 101,370 83,373 -------- ------- Expenses: Interest . . . . . . . . . . . . . . . . . . . 33,724 33,044 Depreciation and amortization . . . . . . . . 8,807 8,995 General and administrative . . . . . . . . . . 3,727 4,621 -------- ------- Total expenses . . . . . . . . . . . . . 46,258 46,660 -------- ------- Net income . . . . . . . . . . . . . . . . . . . . $ 55,112 $36,713 ======== ======= Net income per share, based on 44,917,000 and 33,817,000 weighted average shares outstanding in 1995 and 1994, respectively . . . $1.23 $1.09 ===== =====
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, 1994, are an integral part of these financial statements. -5- 6 MEDITRUST CONSOLIDATED STATEMENTS OF CASH FLOWS for the six months ended June 30, 1995 and 1994 (Unaudited)
1995 1994 ---- ---- (In thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income . . . . . . . . . . . . . . . . . . . . . . . . . $ 55,112 $ 36,713 Depreciation of real estate . . . . . . . . . . . . . . . . 7,869 8,033 Goodwill amortization . . . . . . . . . . . . . . . . . . . 778 778 Shares issued for compensation . . . . . . . . . . . . . . . 401 473 Other depreciation, amortization and other items, net . . . 1,591 1,234 --------- --------- CASH FLOWS FROM OPERATING ACTIVITIES . . . . . . . . . . . . . . AVAILABLE FOR DISTRIBUTION . . . . . . . . . . . . . . . . . 65,751 47,231 Net change in other assets and liabilities . . . . . . . . . (9,739) 345 --------- --------- Net cash provided by operating activities . . . . . . . . 56,012 47,576 --------- --------- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from equity offering . . . . . . . . . . . . . . . 278,656 Equity offering costs . . . . . . . . . . . . . . . . . . . (14,651) Proceeds from convertible debenture offering. . . . . . . . 90,000 Debt issuance costs . . . . . . . . . . . . . . . . . . . . (516) (2,961) Proceeds from bank notes payable . . . . . . . . . . . . . . 201,700 183,000 Proceeds from warrant conversions and stock options . . . . 665 4,445 Payment of bank notes payable . . . . . . . . . . . . . . . (295,700) (113,000) Payment of senior unsecured notes . . . . . . . . . . . . . (12,500) (12,500) Principal payments on bonds and mortgages payable and notes and advances payable . . . . . . . . . . . . . . (451) (517) Distributions to shareholders . . . . . . . . . . . . . . . (59,641) (43,891) --------- --------- Net cash provided by financing activities . . . . . . . 97,562 104,576 --------- --------- CASH FLOWS FROM INVESTING ACTIVITIES: Acquisition of and additions to real estate . . . . . . . . (73,128) (13,122) Investment in real estate mortgages and development financing . . . . . . . . . . . . . . . . . . . . . . . . (93,898) (114,349) Prepayment proceeds and principal payments on real estate mortgages and note . . . . . . . . . . . . . . . . 11,800 2,064 Working capital advances . . . . . . . . . . . . . . . . . . (20,338) (22,637) Collection of receivables and repayment of working capital advances . . . . . . . . . . . . . . . . . . . . . 16,125 23,826 --------- --------- Net cash used in investing activities . . . . . . . . . (159,439) (124,218) --------- --------- Net (decrease) increase in short-term cash investments . (5,865) 27,934 Short-term cash investments at: Beginning of period . . . . . . . . . . . . . . . . . . . 39,937 16,306 --------- --------- End of period . . . . . . . . . . . . . . . . . . . . . . $ 34,072 $ 44,240 ========= =========
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, 1994, 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, 1994 (and the Report on Form 8-K dated March 8, 1995 incorporated by reference therein) 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 June 30, 1995 and the results of operations for each of the three-and six-month periods ended June 30, 1995 and 1994 and cash flows for each of the six-month periods ended June 30, 1995 and 1994. The results of operations for the six-month period ended June 30, 1995 are not necessarily indicative of the results which may be expected for the entire year. 2. Supplemental Cash Flow Information ----------------------------------
Six Months Ended June 30, ----------------------- 1995 1994 ------- -------- (In thousands) Interest paid during the period . . . . . . . . . $ 33,155 $ 30,495 Non-cash investing and financing transactions: Acquisition and lease of real estate: Value of real estate (sold) acquired: Land and buildings . . . . . . . . . . . . (27,108) (94,000) Accumulated depreciation . . . . . . . . . 3,205 22,463 Increase to real estate mortgages . . . . . 27,108 85,000 Value of shares issued for conversion of debentures 9,304 37,792
3. Real Estate Investments ----------------------- During the six months ended June 30, 1995, the Company provided permanent mortgage financing of $23,560,000 for two long-term care facilities located in Massachusetts and Nevada. Also, the Company provided $17,118,000 in additional permanent mortgage financing secured by 15 long-term care facilities located in Kansas, Kentucky, Missouri, Pennsylvania, Tennessee, Texas, Washington and Wyoming, and two retirement facilities located in Nebraska and Wyoming. In addition, the Company also provided net development financing of $53,220,000 resulting in -7- 8 MEDITRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS, Continued (Unaudited) aggregate funding of $93,898,000 through June 30, 1995 for seven long-term care facilities and eight medical office buildings. Included in the net development financing was $37,183,000 provided to an affiliate of the Company. During the six months ended June 30, 1995 the Company received principal payments on real estate mortgages of $3,181,000 and received $8,619,000 in prepayments for four long-term care facilities. During the six months ended June 30, 1995, the Company acquired for $71,500,000 an acute care hospital campus located in Arizona and one long-term care facility located in Ohio. The Company also provided $1,628,000 for additions to two facilities currently owned by the Company. At June 30, 1995, the Company was committed to providing additional financing of approximately $85,668,000 relating to five long-term care facilities and eight medical office buildings currently under construction, and additions to permanent mortgages secured by four long-term care facilities. 4. Indebtedness and Shareholders' Equity ------------------------------------- During March and April 1995, the Company completed the sale of 9,250,000 shares at $30.125 per Share. The net proceeds to the Company from this offering were used to repay short-term borrowings and for investments in additional health care facilities. During the six months ended June 30, 1995, $4,200,000 principal amount of 9% convertible debentures were converted into 155,544 Shares and $5,104,000 principal amount of 7% convertible debentures were converted into 166,657 Shares. The Company has a total of $205,000,000 in unsecured credit facilities bearing interest at the lenders' prime rate or LIBOR plus 1.0% to 1.5% of which approximately $124,000,000 was available at July 31, 1995. In January 1995, the Company entered into an 8% interest rate cap for $100,000,000 of its unsecured credit facilities. 5. Distributions Paid to Shareholders ---------------------------------- On May 15, 1995, the Company paid a dividend of $.6725 per Share to shareholders of record on April 28, 1995. This dividend related to the period from January 1, 1995 through March 31, 1995. 6. Subsequent Events ----------------- On July 11, 1995, the Company declared a dividend of $.6775 per Share payable on August 15, 1995 to shareholders of record on July 31, 1995. This dividend relates to the period from April 1, 1995 through June 30, 1995. On July 26, 1995, the Company completed the sale of $125 million of 7.375% Notes due July 15, 2000 and $80 million of 7.6% Notes due July 15, 2001. The 7.375% Notes were priced at 99.82% to yield 7.418% and the 7.6% Notes were priced at 99.948% to yield 7.61%. The Company will use the net proceeds of approximately $203 million to repay indebtedness. -8- 9 MEDITRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS, Continued (Unaudited) On July 31, 1995, the Company completed the sale of $43,334,000 of 8.54% Series A Convertible Senior Notes due July 1, 2000 and $51,666,000 of 8.56% Series B Convertible Senior Notes due July 1, 2002. These notes will be convertible into Shares of beneficial interest of the Company at $32.625 per Share. The Company will use the net proceeds of the offering to repay indebtedness. -9- 10 MEDITRUST MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS --------------------- Revenues for the three months ended June 30, 1995 were $52,437,000 compared to $42,378,000 for the three months ended June 30, 1994. Interest income increased by $10,354,000 as a result of additional real estate investments made during the past twelve months offset by decreased rental income of $295,000 due to conversion of sale/leasebacks into mortgages. For the three months ended June 30, 1995, total expenses decreased by $1,862,000. Interest expense decreased by $1,380,000 due to principal payments made during the past twelve months. Depreciation and amortization decreased by $109,000. General and administrative expenses decreased by $373,000 due to operating efficiencies. Revenues for the six months ended June 30, 1995 were $101,370,000 compared to $83,373,000 for the six months ended June 30, 1994, an increase of $17,997,000 or 22% and revenue growth resulted from increased interest income of $18,868,000 as a result of additional real estate investments made during the past twelve months offset by $871,000 in reduced rental income due to conversions of sale/leasebacks into mortgages. For the six months ended June 30, 1995, total expenses decreased by $402,000. Interest expense increased by $680,000 and resulted primarily from the issuance of $90,000,000 of 7.5% debentures in March, 1994 and was partially offset by the reduction in interest from the conversion of $14,110,000 and $16,404,000 principal amount of 9% and 7% debentures, respectively, during the past twelve months. Depreciation and amortization decreased by $188,000. General and administrative expenses decreased by $894,000 due to operating efficiencies. LIQUIDITY AND CAPITAL RESOURCES ------------------------------- As of June 30, 1995, the Company's gross real estate investments totaled $1.7 billion including 240 long-term care facilities, 23 rehabilitation hospitals, two alcohol and substance abuse treatment facilities, six psychiatric hospitals, five retirement living facilities, eight medical office buildings and one acute care hospital. As of June 30, 1995, the Company's outstanding commitments for additional financing totaled approximately $85,668,000 for the completion of 13 facilities under construction. The Company had shareholders' equity of $1,039,777,000 and debt constituted 38% of the Company's total capitalization as of June 30, 1995. -10- 11 MEDITRUST MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS LIQUIDITY AND CAPITAL RESOURCES, Continued ------------------------------------------ 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 long-term unsecured notes, the issuance of convertible debentures 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. From time to time, the Company may utilize interest rate caps or swaps to hedge interest rate volatility. 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 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 six-month period ended June 30, 1995, the Company completed the sale of 9,250,000 shares at $30.125 per share. The net proceeds to the Company from this offering were used to repay short-term borrowings and for investments in additional health care facilities. On July 26, 1995, the Company completed the sale of $125 million of 7.375% Notes due July 15, 2000 and $80 million of 7.6% Notes due July 15, 2001. The 7.375% Notes were priced at 99.82% to yield 7.418% and the 7.6% Notes were priced at 99.948% to yield 7.61%. The Company will use the net proceeds of approximately $203 million to repay indebtedness. On July 28, 1995, the Company completed the sale of $43,334,000 of 8.54% Series A Convertible Senior Notes due July 1, 2000 and $51,666,000 of 8.56% Series B Convertible Senior Notes due July 1, 2002. These notes will be convertible into Shares of beneficial interest of the Company at $32.625 per Share. The Company will use the net proceeds of the offering to repay indebtedness. Under the Company's unsecured credit facilities, a total of approximately $124,000,000 was available at July 31, 1995. In addition, the Company has effective shelf registrations on file with the Securities and Exchange Commission under which the Company may issue up to approximately $265,000,000 of securities including debt, convertible debt and shares of beneficial interest. The Company believes that its various sources of capital are adequate to finance its operations as well as pending property acquisitions, mortgage financings and future dividends. For the balance of 1995, 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 MEDITRUST PART II. OTHER INFORMATION Item 4. Submission of Matters to a Vote of Security Holders --------------------------------------------------- At the Annual Meeting of Shareholders of the Company held on May 25, 1995, the recorded vote to fix the number of trustees at nine and to vote for the election of all nominees as listed below was as follows:
For Against --- ------- Abraham D. Gosman 38,559,581 214,474 David F. Benson 38,583,033 191,022 Edward W. Brooke 38,552,344 221,711 Hugh L. Carey 38,546,099 227,956 Robert Cataldo 38,567,514 206,541 Philip L. Lowe 38,553,488 220,567 Thomas J. Magovern 38,576,164 107,891 Gerald Tsai, Jr. 38,573,797 200,258 Frederick W. Zuckerman 38,575,022 199,033
There were no abstentions or broker non-votes. 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 27 Financial Data Schedule . . . . . . . . . . . . . Filed herewith
(b) Reports on Form 8-K The Company filed no reports on Form 8-K during the quarter ended June 30, 1995. 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: August 2, 1995 By: /s/ Lisa P.McAlister ----------------------------------------------- Lisa P. McAlister, Vice President and Treasurer (and Chief Accounting Officer) -12- EX-11 2 COMPUTATIONS OF PER SHARE EARNINGS 1 Exhibit 11 MEDITRUST STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS (000 omitted except for per share amounts)
Quarter ended Six months ended June 30, June 30, ------------------ ----------------- 1995 1994 1995 1994 ---- ---- ---- ---- Primary Weighted average shares 49,194 34,192 44,917 33,817 Dilutive effect of: Stock options 203 107 145 105 Warrants N/A 34 N/A 42 ------- ------- -------- ------- Weighted average number of shares and equivalent shares outstanding 49,397 34,333 45,062 33,964 ======= ======= ======= ======= Net income 30,929 $19,008 $55,112 $36,713 ======= ======= ======= ======= Net income per share (A) $.63 $.55 $1.22 $1.08 ==== ==== ===== ===== (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 49,397 34,333 45,062 33,964 Dilutive effect of: Stock options 21 Assumed conversion of debentures 6,542 7,673 13,216 7,165 ------- ------- ------- ------- Fully diluted weighted average shares and equivalent shares outstanding 55,960 42,006 58,278 41,129 ------- ======= ======= ======= Net income $30,929 $19,008 $55,112 $36,713 Interest and debt amortization on assumed conversion of debentures 4,824 5,056 9,296 9,315 -------- ------- ------- ------- Adjusted net income for fully diluted calculation $35,753 $24,064 $64,408 $46,028 ======= ======= ======= ======= Net income per share (B) $.64 $.57 $1.25 $1.12 ==== ==== ===== ===== (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 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED BALANCE SHEET AS OF JUNE 30, 1995 AND THE CONSOLIDATED STATEMENT OF INCOME FOR THE SIX MONTHS ENDED JUNE 30, 1995 OF MEDITRUST AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 U.S. DOLLARS 6-MOS DEC-31-1995 JAN-01-1995 JUN-30-1995 1 34,072 0 25,087 0 0 0 632,393 70,582 1,744,611 0 650,627 0 0 1,134,230 (94,453) 1,744,611 0 101,370 0 0 0 0 33,724 55,112 0 55,112 0 0 0 55,112 1.23 1.23
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