Meridian Point Realty Trust VII Co. announces 1994 operating results

Business Wire, April 3, 1995

SAN FRANCISCO--(BUSINESS WIRE)--April 3, 1995--Meridian Realty Trust VII Co. (ASE:MPG and MPGpr), an equity real estate investment trust, Monday announced operating results for the year ended Dec. 31, 1994.

The company generated funds from operations of $4,422,491, or $0.472 per share, and $4,910,281, or $0.524 per share for the years ended Dec. 31, 1994 and 1993, respectively. Funds from operations is the primary earnings measure for the REIT industry.

The decrease in funds from operations during 1994 of $487,790 was primarily due to: (i) a decrease of over $700,000 in property operating results attributable to the sale of the Greentree Buildings in June 1994 and to structural repairs made to the Valencia property as a result of the Southern California earthquake in January 1994, and (ii) an increase of over $200,000 in overhead expenses due mainly to increased liability insurance coverage and costs related to the review and evaluation of various strategic business plans. The above were offset by a decrease of over $330,000 in interest expense resulting from principal payments made to the company's insurance facility and from decreasing interest rates.

As of Dec. 31, 1994, the company's properties were 99% occupied, compared with 97% at the end of 1993.

Meridian Point Realty Trust VII Co. owns 17 industrial properties and two retail centers totaling approximately 2.5 million square feet of leasable space. The properties are located in major markets in Arkansas, California, Tennessee, Arizona, Texas, Michigan, Alabama, Nevada, Georgia and Washington.

Financial highlights for the company follow.

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