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Strategies & Market Trends : Meditrust NYSE: MT

MT 39.17

+3.5%

Nov 7 9:30 AM EST

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To: Jim who wrote (31)	11/12/1998 3:25:00 PM
From: Wren	Read Replies (1) of 233

The announcement of MTs plan eliminates a lot of uncertainty 1. The status of the paired share status is now clear 2. The plan for the Bass family to increase their equity ownership is very positive. They currently own about 12 million shares. It would take another 5 million to go to 14%. I certainly don't know the pricing, but that should put in $75 to $85 million. The sales proceeds from the properties on which there are committments will provide a lot of liquidity. The forward equity swap contract payoff is about $277 million. 3. At June 30, there were 107,600,000 shares outstanding. Book value was $23.05 per share. The 3rd quarter loss and dividend will be about $1.88 per share. I don't know whether part of the Santa Anita loss is in that figure or not. The Santa Anita loss could be around $2.50 a share. So, it is possible that the book value will drop to $18 before this is over. The dividend of $1.84 a year will be 10% of a $18.40 stock. This is a wild guess, but maybe the stock will settle around that level, until REITs regain favor.

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