1
As filed with the Securities and Exchange Commission
on June 2, 1995
Registration No. 33-59215
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
AMENDMENT NO. 1
TO
FORM S-3
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
_________________
MEDITRUST
(Exact name of registrant as specified in governing instruments)
MASSACHUSETTS 04-6532031
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
197 First Avenue
Needham Heights, Massachusetts 02194
(617) 433-6000
(Address, including zip code, and telephone number, including area code,
of registrant's principal executive offices)
_________________
ABRAHAM D. GOSMAN
Chairman and Chief Executive Officer
MEDITRUST
197 First Avenue
Needham Heights, Massachusetts 02194
(617) 433-6000
(Name, address, including zip code, and telephone number,
including area code, of agent for service)
Copies of communications to:
MICHAEL J. BOHNEN, ESQUIRE
NUTTER, McCLENNEN & FISH
One International Place
Boston, MA 02110-2699
(617) 439-2000
The Registrant hereby amends this Registration Statement on such date or dates
as may be necessary to delay its effective date until the Registrant shall
file a further amendment which specifically states that this Registration
Statement shall thereafter become effective in accordance with Section 8(a) of
the Securities Act of 1933, or until the Registration Statement shall
become effective on such date as the Commission, acting pursuant to said
Section 8(a), may determine.
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PROSPECTUS
MEDITRUST
Shares of Beneficial Interest,
Debt Securities and/or Securities Warrants
_________________
Meditrust, a Massachusetts business trust (together with its
subsidiaries unless the context otherwise requires, the "Company"), is a real
estate investment trust under the Internal Revenue Code of 1986, as amended,
which may offer from time to time, in one or more series, its debt securities
(the "Debt Securities"), warrants to purchase Debt Securities (the "Debt
Securities Warrants"), shares of beneficial interest, without par value (the
"Shares"), and warrants to purchase Shares (the "Share Warrants"). The Debt
Securities Warrants and the Share Warrants are collectively referred to herein
as the "Securities Warrants." The Debt Securities, Shares and Securities
Warrants are collectively referred to herein as the "Securities." The
Securities will have an aggregate offering price of $565,652,767.50 and will
be offered in amounts, at prices and on terms to be determined at the time of
offering.
In the case of Debt Securities, the specific title, the aggregate
principal amount, the purchase price, the maturity, the rate and time of
payment of any interest, any redemption or sinking fund provisions, any
conversion provisions and any other specific term of the Debt Securities will
be set forth in an accompanying supplement to this Prospectus (the "Prospectus
Supplement"). In the case of Shares, the specific number of Shares and
issuance price per Share will be set forth in an accompanying Prospectus
Supplement. In the case of Securities Warrants, the duration, offering price,
exercise price and detachability, if applicable, will be set forth in an
accompanying Prospectus Supplement. The Prospectus Supplement will also
disclose whether the Securities will be listed on a national securities
exchange and if they are not to be listed, the possible effects thereof on
their marketability.
The Securities may be sold: (i) directly by the Company; (ii) through
underwriting syndicates represented by one or more managing underwriters, or
by one or more underwriters without a syndicate; and (iii) through agents
designated from time to time. The names of any underwriters or agents of the
Company involved in the sale of the Securities in respect of which this
Prospectus is being delivered and any applicable commissions or discounts will
be set forth in an accompanying Prospectus Supplement. See "Plan of
Distribution." The net proceeds to the Company from such sale also will be set
forth in the Prospectus Supplement.
The Company's shares are traded on the New York Stock Exchange under
the symbol "MT." On May 31, 1995, the closing sale price of the shares on the
New York Stock Exchange was $31.875.
_________________
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE
SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES
COMMISSION NOR HAS THE SECURITIES AND EXCHANGE
COMMISSION OR ANY STATE SECURITIES COMMISSION
PASSED UPON THE ACCURACY OR ADEQUACY OF THIS
PROSPECTUS. ANY REPRESENTATION TO THE
CONTRARY IS A CRIMINAL OFFENSE.
_________________
THE ATTORNEY GENERAL OF THE STATE OF NEW YORK HAS NOT PASSED
ON OR ENDORSED THE MERITS OF THIS OFFERING. ANY
REPRESENTATION TO THE CONTRARY IS UNLAWFUL.
_________________
This Prospectus may not be used to consummate sales of Securities
unless accompanied by a Prospectus Supplement.
_________________
The date of this Prospectus is June 1, 1995.
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AVAILABLE INFORMATION
The Company is subject to the informational requirements of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), and in
accordance therewith files reports, proxy statements and other information
with the Securities and Exchange Commission (the "Commission"). Such reports,
proxy statements and other information can be inspected and copied at the
public reference facilities maintained by the Commission at Room 1024 of the
offices of the Commission, Judiciary Plaza, 450 Fifth Street, N.W., Washington,
D.C. 20549, or at the regional offices of the Commission located at Seven
World Trade Center, 13th Floor, New York, New York 10048 and Suite 1400,
Northwestern Atrium Center, 500 West Madison Street, Chicago, Illinois 60661.
Copies of such material can be obtained from the principal offices of the
Commission at Judiciary Plaza, 450 Fifth Street, N.W., Washington D.C. 20549,
at prescribed rates. Reports, proxy materials and other information
concerning the Company can also be inspected at the offices of the New York
Stock Exchange, 20 Broad Street, Room 1102, New York, New York 10005.
The Company has filed with the Commission a Registration Statement on
Form S-3 (together with all amendments and exhibits thereto, the "Registration
Statement") under the Securities Act of 1993, as amended (the "Securities
Act"). This Prospectus and any accompanying Prospectus Supplement do not
contain all the information set forth in the Registration Statement, certain
parts of which are omitted in accordance with the rules and regulations of the
Commission. For further information, reference is made to the Registration
Statement, copies of which may be obtained upon payment of a fee prescribed by
the Commission, or may be examined free of charge at the principal office of
the Commission in Washington, D.C.
Statements made in this Prospectus and any accompanying Prospectus
Supplement as to the contents of any contract or other document referred to
are not necessarily complete, and reference is made to the copy of such
contract or other document filed as an exhibit to the Registration Statement,
each such statement being qualified in all respects by such reference.
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
The Company hereby incorporates by reference into this Prospectus its
Annual Report on Form 10-K for the fiscal year ended December 31, 1994, its
Current Report on Form 8-K dated March 8, 1995 and its Quarterly Report on
Form 10-Q for the fiscal quarter ended March 13, 1995, which shall be deemed
to be a part hereof. The discussion of Federal income tax treatment of the
Company and its shareholders which is contained in the Company's Current
Report on Form 8-K dated March 4, 1992, including any amendment or report
filed for the purpose of updating such discussion, is hereby incorporated by
reference into this Prospectus and shall be deemed to be a part hereof.
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All documents filed by the Company with the Commission pursuant to
Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act subsequent to the date
hereof and prior to the termination of the offering of the Securities offered
hereby shall be deemed to be incorporated by reference into this Prospectus
and to be a part hereof from the date of filing such documents. Any statement
contained herein or in a document incorporated or deemed to be incorporated by
reference herein shall be deemed to be modified or superseded for purposes of
this Prospectus to the extent that a statement contained herein or in a
subsequently filed document, as the case may be, which also is or is deemed to
be incorporated by reference herein, modifies or supersedes such statement.
Any such statement so modified or superseded shall not be deemed, except as so
modified or superseded, to constitute a part of this Prospectus.
The Company will provide without charge to each person to whom this
Prospectus is delivered, upon the written or oral request of such person, a
copy (without exhibits) of any or all documents incorporated by reference into
this Prospectus. Requests for such copies should be directed to Lisa P.
McAlister, Vice President and Treasurer, Meditrust, 197 First Avenue, Needham
Heights, Massachusetts 02194, telephone (617) 433-6000.
_________________
THE DECLARATION OF TRUST ESTABLISHING THE COMPANY, DATED AUGUST 6,
1985, AS AMENDED (THE "DECLARATION"), A COPY OF WHICH IS DULY FILED IN THE
OFFICE OF THE SECRETARY OF STATE OF THE COMMONWEALTH OF MASSACHUSETTS,
PROVIDES THAT THE NAME "MEDITRUST" REFERS TO THE TRUSTEES UNDER THE
DECLARATION COLLECTIVELY AS TRUSTEES, BUT NOT INDIVIDUALLY OR PERSONALLY; AND
THAT NO TRUSTEE, OFFICER, SHAREHOLDER, EMPLOYEE OR AGENT OF THE COMPANY SHALL
BE HELD TO ANY PERSONAL LIABILITY, JOINTLY OR SEVERALLY, FOR ANY OBLIGATION
OF, OR CLAIM AGAINST, THE COMPANY. ALL PERSONS DEALING WITH THE COMPANY, IN
ANY WAY, SHALL LOOK ONLY TO THE ASSETS OF THE COMPANY FOR THE PAYMENT OF ANY
SUM OR THE PERFORMANCE OF ANY OBLIGATION.
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THE COMPANY
Meditrust is the largest dedicated health care real estate investment
trust in the United States, based on its gross real estate investments of
$1.66 billion as of March 31, 1995. The objective of the Company is to enable
shareholders to participate in the investment in health care related
facilities held primarily for the production of cash flows to be distributed
to shareholders. In meeting this objective, the Company invests in high
quality facilities that are managed by experienced operators and attempts to
achieve diversity in its property portfolio by sector of the health care
industry, geographic location, operator and form of investment.
As of March 31, 1995, the Company had investments in 282 facilities,
consisting of 238 long-term care facilities, 23 rehabilitation hospitals, six
psychiatric hospitals, six retirement living facilities, two alcohol and
substance abuse facilities, six medical office buildings and one acute care
hospital. The properties are located in 34 different states and are operated
by 32 health care companies. Of the 32 different operators, seven are
publicly-traded companies (i.e., Sun Healthcare Group, Inc., Continental
Medical Systems, Inc., Geriatric and Medical Centers, Inc., OrNda Healthcorp.,
Integrated Health Services, Inc., NovaCare, Inc. and Mariner Health Group,
Inc.), and constitute approximately 45% of the Company's real estate
investments.
The Company's real estate investments are either owned by the Company
or secured by a mortgage lien. As of March 31, 1995 permanent mortgage loans
constituted 54%, sale/leaseback transactions constituted 41%, and development
mortgage financing constituted 5% of the Company's portfolio as measured by
gross real estate investments. The leases and mortgages provide for rental or
interest rates which generally range from 9.5% to 13.5% per annum of the
acquisition price or mortgage amount. The leases and mortgages generally
provide for an initial term of 10 years, with the leases having one or more
five-year renewal options. The leases and mortgages also provide for
additional rent and interest which are generally based upon a percentage of
increased revenues over specific base period revenues of the related
properties. For the year ended December 31, 1994, the aggregate amount of
additional rent and interest was approximately $8.2 million compared to $8.7
million for the year ended December 31, 1993.
In addition, the Company usually obtains guarantees from the parent
corporation, if any, of the operator or affiliates or individual principals of
the operator. Most obligations are backed by letters of credit, security
deposits or pledges of certificates of deposit which cover from three to
twelve months of lease or mortgage payments. In addition, permanent mortgage
and development mortgage loans generally are cross-collateralized with any
other mortgage and development loans, leases or other agreements between the
Company and the same operator or any affiliated operators. Leases and
mortgage loans generally are cross-defaulted with any other leases or
mortgages between the Company and the same
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operator or any affiliated operators. With respect to development mortgage
loans, the Company generally requires guaranteed maximum price construction
contracts, performance completion bonds or guarantees and cost overrun
guarantees. The Company enters into a development mortgage loan when the
Company will also be the permanent owner or mortgage lender. In making its
investment decisions, the Company reviews, among other criteria, the
operational viability of the facility, the experience and competency of the
operator and the financial strength of the guarantor.
The Company was organized to qualify, and intends to continue to
operate, as a real estate investment trust in accordance with Federal tax laws
and regulations. So long as the Company so complies, with limited exceptions,
the Company will not be taxed under Federal income tax laws on that portion of
its taxable income that it distributes to its shareholders. The Company has
distributed, and intends to continue to distribute, substantially all of its
real estate investment trust taxable income to shareholders.
In order to meet its ongoing capital requirements for additional
investments, the Company may raise additional equity capital through the sale
of Shares, Debt Securities, Share Warrants or Debt Securities Warrants or
through a securitization transaction.
The Company's principal executive offices are located at 197 First
Avenue, Needham Heights, Massachusetts 02194, and its telephone number is
(617) 433-6000.
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RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31, Three-month
----------------------- Period Ended
1990 1991 1992 1993 1994 March 31,1995
-------------------------------------------------------------
Ratio 1.67 l.60 1.88 2.02 2.19 2.31
For the purpose of calculating the ratio of earnings to fixed charges
for the years ended December 31, 1990, 1991, 1992, 1993 and 1994 and for the
three-month period ended March 31, 1995, net income has been added to interest
expense and that sum has been divided by such interest expense.
USE OF PROCEEDS
Unless otherwise specified in the Prospectus Supplement which
accompanies this Prospectus, the net proceeds from the sale of the Securities
offered from time to time hereby will be used for general business purposes,
including the repayment of bank lines of credit, if any, outstanding, and
investments in health care facilities. As of March 31, 1995, $50,000,000 was
outstanding under the Company's bank lines of credit. All currently
outstanding loans under the Company's bank lines of credit mature prior to July
1, 1997 and accrue interest at the lenders' respective prime rates or the
London Interbank Offering Rate plus 1.00 to 1.50%. Pending such uses, the net
proceeds will be invested in short-term, interest-bearing, direct obligations
issued or guaranteed by the United States, certificates of deposit or
accounts, or investment grade commercial paper, consistent with the Company's
qualification as a real estate investment trust, the Company's Restated
Declaration of Trust, as amended (the "Declaration"), and the Company's
agreements with its lenders.
DESCRIPTION OF SHARES
There is no limit on the number of Shares the Company is authorized to
issue. Shares may be issued by the Board of Trustees without any vote of the
shareholders. The outstanding Shares are of one class and without par value.
The following description is qualified in all respects by reference to the
Declaration and the By-laws of the Company, copies of which are incorporated
by reference as exhibits to the Registration Statement of which this Prospectus
is a part.
SHARES OF BENEFICIAL INTEREST. All Shares participate equally in
dividends and in net assets available for distribution to shareholders on
liquidation or termination of the Company, have one vote per Share on all
matters submitted to a vote of the shareholders and do not have
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cumulative voting rights in the election of Trustees. The Shares offered
hereby will be validly issued, fully paid and nonassessable by the Company
upon issuance.
REDEMPTION. For the Company to qualify as a real estate investment
trust under the Internal Revenue Code of 1986, as amended (the "Code"), in any
taxable year, not more than 50% of its outstanding Shares may be owned by five
or fewer individuals and Shares must be owned by 100 or more persons during at
least 335 days of a taxable year of 12 months or during a proportionate part
of a shorter taxable year. In order to meet these requirements, the Trustees
have the power to redeem or prohibit the transfer of a sufficient number of
Shares selected in a manner deemed appropriate to maintain or bring the
ownership of the Shares into conformity with such requirements. In connection
with the foregoing, if the Trustees shall, at any time and in good faith, be
of the opinion that direct or indirect ownership of at least 9.9% or more of
the Shares has or may become concentrated in the hands of one beneficial owner,
the Trustees shall have the power (i) by lot or other means deemed equitable by
them to call for the purchase from any shareholder of the Company of a number
of Shares sufficient, in the opinion of the Trustees, to maintain or bring the
direct or indirect ownership of Shares of such owner to a level of no more
than 9.9% of the outstanding Shares, and (ii) to refuse to transfer or issue
Shares to any person whose acquisition of such Shares would cause a beneficial
holder to hold in excess of 9.9% of the outstanding Shares. Further, any
transfer of Shares that would create a beneficial owner of more than 9.9% of
the outstanding Shares shall be deemed void and the intended transferee shall
be deemed never to have had an interest therein. The purchase price for any
Shares so redeemed shall be equal to the fair market value of the Shares
reflected in the closing sales price for the Shares, if then listed on a
national securities exchange, or the average of the closing sales price for
the Shares if then listed on more than one national securities exchange, or if
the Shares are not then listed on a national securities exchange, the latest
bid quotation for the Shares if then traded over-the-counter, on the last
business day immediately preceding the day on which notices of such
acquisition are sent by the Company. From and after the date fixed for
purchase by the Trustees, the holder of any Shares so called for purchase
shall cease to be entitled to distributions, voting rights and other benefits
with respect to such Shares, except the right to payment of the purchase price
for the Shares.
The foregoing provisions may have the effect of discouraging unilateral
tender offers or other takeover proposals which certain shareholders might
deem in their interest or in which they might receive a substantial premium.
The provisions could also have the effect of insulating current management
against the possibility of removal and could, by possibly reducing temporary
fluctuations in market price caused by accumulations of Shares, deprive
shareholders of opportunities to sell at a temporarily higher market price.
ADDITIONAL PROVISIONS. The Declaration provides that annual meetings
of shareholders are to be held within six months after the end of each fiscal
year and special meetings of the shareholders may be called by the President
of the Company, a majority of the Trustees or a
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majority of the Independent Trustees (defined in the Declaration) and shall be
called upon the written request of the holders of 10% or more of the
outstanding Shares.
Whenever any action is to be taken by the shareholders, it shall,
except as otherwise clearly indicated in the Declaration of Trust, be
authorized by holders of a majority of the Shares then outstanding and
entitled to vote thereon. Notwithstanding the foregoing, at all elections of
Trustees, voting by shareholders shall be conducted under the non-cumulative
method and the election of Trustees shall be by the affirmative vote of the
holders of Shares representing a plurality of the Shares then outstanding
which are present in person or by proxy at a meeting in which a quorum is
present.
Whenever shareholders are required or permitted to take any action
(unless a vote at a meeting is specifically required, as with respect to
termination or amendment of the Declaration), such action may be taken without
a meeting by written consents setting forth the action so taken, signed by the
holders of a majority (or such higher percentage as may be specified) of the
outstanding Shares that would be entitled to vote thereon at a meeting.
Except with respect to matters on which a shareholders' vote is
specifically required by the Declaration, no action taken by the shareholders
at any meeting shall in any way bind the Trustees.
The Shares have no preemptive, conversion, exchange, sinking fund or
appraisal rights.
The Declaration provides that shareholders of the Company shall not be
subject to any liability for the acts or obligations of the Company and that,
as far as is practicable, each written agreement of the Company is to contain
a provision to that effect. No personal liability will attach to the
shareholders for claims under any contract containing such a provision in
writing where adequate notice is given of such provision, except possibly in a
few jurisdictions. With respect to all types of claims in such jurisdictions
and with respect to tort claims, contract claims where the shareholder
liability is not disavowed as described above, claims for taxes and certain
statutory liabilities in other jurisdictions, a shareholder may be held
personally liable to the extent claims are not satisfied by the Company.
However, the Declaration provides that, upon payment of any such liability,
the shareholder will be entitled to reimbursement from the general assets of
the Company. The Trustees intend to conduct the operations of the Company,
with the advice of counsel, in such a way as to avoid, as far as is
practicable, the ultimate liability of the shareholders of the Company. For
example, almost all of the real estate and all of the mortgages included in
the assets of the Company are held by corporate subsidiaries. The Trustees do
not intend to provide insurance covering such risks to shareholders.
TRANSFER AGENT AND REGISTRAR. Fleet National Bank, Providence, Rhode
Island, acts as transfer agent and registrar of the Shares.
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DESCRIPTION OF DEBT SECURITIES
The Prospectus Supplement will describe certain terms of any Debt
Securities offered hereby, including (i) the title of such Debt Securities;
(ii) any limit on the aggregate principal amount of such Debt Securities and
their purchase price; (iii) the date or dates on which such Debt Securities
will mature; (iv) the rate or rates per annum (or manner in which interest is
to be determined) at which such Debt Securities will bear interest, if any,
and the date from which such interest, if any, will accrue; (v) the dates on
which such interest, if any, on such Debt Securities will be payable and the
regular record dates for such interest payment dates; (vi) any mandatory or
optional sinking fund or analogous provisions; (vii) additional provisions, if
any, for the defeasance of such Debt Securities; (viii) the date, if any,
after which and the price or prices at which such Debt Securities may,
pursuant to any optional or mandatory redemption or repayment provisions, be
redeemed and the other detailed terms and provisions of any such optional or
mandatory redemption or repayment provisions; (ix) whether such Debt Securities
are to be issued in whole or in part in registered form represented by one or
more registered global securities (a "Registered Global Security") and, if so,
the identity of the depository for such Registered Global Security or
Securities; (x) certain applicable United States Federal income tax
consequences; (xi) any provisions relating to security for payments due under
such Debt Securities; (xii) any provisions relating to the conversion or
exchange of such Debt Securities into or for Shares or Debt Securities of
another series; (xiii) any provisions relating to the ranking of such Debt
Securities in right of payment as compared to other obligations of the
Company; (xiv) the denominations in which such Debt Securities are authorized
to be issued; (xv) the place or places where principal of, premium, if any,
and interest, if any, on such Debt Securities will be payable; (xvi) whether
such debt Securities are to be issued pursuant to an indenture of trust; and
(xvii) any other specific term of such Debt Securities, including any
additional events of default or covenants provided for with respect to such
Debt Securities, and any terms that may be required by or advisable under
applicable laws or regulations.
The Debt Securities may be issued in one or more series under an
Indenture to be executed by the Company and a trustee (the "Trustee"), a form
of which is included as an exhibit to the Registration Statement of which this
Prospectus is a part (the "Indenture"). The terms of the Debt Securities may
include those stated in the Indenture and those made a part of the Indenture
(before any supplements) by reference to the Trust Indenture Act of 1939, as
amended.
The following is a summary of certain provisions of the Indenture and
does not purport to be complete and is qualified in its entirety by reference
to the detailed provisions of the Indenture, including the definitions of
certain terms therein to which reference is hereby made, for a complete
statement of such provisions. Wherever particular provisions or sections of
the Indenture or terms defined therein are referred to herein, such provisions
or definitions are incorporated herein by reference.
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GENERAL. The Indenture does not limit the aggregate principal amount of
Debt Securities that may be issued thereunder and provides that Debt Securities
may be issued from time to time in one or more series.
CONVERSION RIGHTS. The terms, if any, on which Debt Securities of any
series may be converted into Shares or Debt Securities of another series will
be set forth in the Prospectus Supplement relating thereto. To protect the
Company's status as a real estate investment trust ("REIT"), the holders of
Debt Securities of any series ("Holders") may not convert any Debt Security,
and such Debt Security shall not be convertible by any Holder, if as a result of
such conversion any person would then be deemed to beneficially own, directly
or indirectly, 9.9% or more of the then outstanding Shares.
The conversion price will be subject to adjustment under certain
conditions, including (i) the payment of dividends (and other distributions)
in Shares on any class of shares of the Company; (ii) subdivisions,
combinations and reclassifications of Shares; (iii) the issuance to all or
substantially all holders of Shares of rights or warrants entitling them to
subscribe for or purchase Shares at a price per Share (or having a conversion
price per Share) less than the then current market price; and (iv)
distributions to all or substantially all holders of Shares or shares of any
other class, or evidences of indebtedness or assets (including securities, but
excluding those rights, warrants, dividends and distributions referred to
above and dividends and distributions not prohibited under the terms of the
Indenture) of the Company, subject to the limitation that all adjustments by
reason of any of the foregoing would not be made until they result in a
cumulative change in the conversion price of at least 1%. In the event the
Company shall effect any capital reorganization or reclassification of its
Shares or shall consolidate or merge with or into any trust or corporation
(other than a consolidation or merger in which the Company is the surviving
entity) or shall sell or transfer substantially all its assets to any other
trust or corporation, the Holders shall, if entitled to convert such Debt
Securities at any time after such transaction, receive upon conversion
thereof, in lieu of each Share into which the Debt Securities of such series
would have been convertible prior to such transaction, the same kind and
amount of stock and other securities, cash or property as shall have been
issuable or distributable in connection with such transaction with respect to
each Share.
A conversion price adjustment made according to the provisions of the
Debt Securities of any series (or the absence of provision for such an
adjustment) might result in a constructive distribution to the Holders of Debt
Securities of such series or holders of Shares that would be subject to
taxation as a dividend. The Company may, at its option, make such reductions
in the conversion price, in addition to those set forth above, as the Board of
Trustees of the Company deems advisable to avoid or diminish any income tax to
holders of Shares resulting from any dividend or distribution of Shares (or
rights to acquire Shares) or from any event treated as such for income tax
purposes or for any other reason. The Board of Trustees will also have the
power to resolve any ambiguity or correct any error in the provisions relating
to
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the adjustment of the conversion price of the Debt Securities of such series and
its actions in so doing shall be final and conclusive.
Fractional Shares will not be issued upon conversion, but, in lieu
thereof, the Company will pay a cash adjustment based upon market price.
The Holders of Debt Securities of any series at the close of business on
an interest payment record date shall be entitled to receive the interest
payable on such Debt Securities on the corresponding interest payment date
notwithstanding the conversion thereof. However, Debt Securities surrendered
for conversion during the period from the close of business on any record date
for the payment of interest to the opening of business on the corresponding
interest payment date must be accompanied by payment of an amount equal to the
interest payable on such interest payment date. Holders of Debt Securities of
any series who convert Debt Securities of such series on an interest payment
date will receive the interest payable by the Company on such date and need not
include payment in the amount of such interest upon surrender of such Debt
Securities for conversion. Except as aforesaid, no payment or adjustment is to
be made on conversion for interest accrued on the Debt Securities of any series
or for dividends on Shares.
OPTIONAL REDEMPTION. The Debt Securities of any series that are
convertible into Shares will be subject to redemption, in whole or from time to
time in part, at any time for certain reasons intended to protect the Company's
status as a REIT at the option of the Company on at least 30 days' prior notice
by mail at a redemption price equal to 100% of the principal amount, plus
interest accrued to the date of redemption. Except as otherwise set forth in
the accompanying Prospectus Supplement, the Company may exercise its redemption
powers solely with respect to the securities of the security holder or holders
which pose a threat to the Company's REIT status and only to the extent deemed
necessary by the Company's Board of Trustees to preserve such status. (See
"Redemption" under "Description of Shares".)
DIVIDENDS, DISTRIBUTIONS AND ACQUISITIONS OF SHARES OF BENEFICIAL
INTEREST. The Indenture provides that the Company will not (i) declare or pay
any dividend or make any distribution on its Shares or to holders of its Shares
(other than dividends or distributions payable in its Shares or other than as
the Company determines is necessary to maintain its status as a REIT) or (ii)
purchase, redeem or otherwise acquire or retire for value any of its Shares or
permit any subsidiary to do so, if at the time of such action an Event of
Default (as defined in the Indenture) has occurred and is continuing or would
exist immediately after giving effect to such action.
ADDITIONAL COVENANTS. Any additional covenants of the Company with
respect to a series of the Debt Securities will be set forth in the Prospectus
Supplement relative thereto.
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MODIFICATION OF THE INDENTURE. Under the Indenture, with certain
exceptions, the rights and obligations of the Company with respect to any
series of Debt Securities and the rights of Holders of such series may only be
modified by the Company and the Trustee with the consent of the Holders of at
least a majority in principal amount of the outstanding Debt Securities of such
series. However, without the consent of each Holder of any Debt Securities
affected, an amendment, waiver or supplement may not (i) reduce the principal
of, or rate of interest on, any Debt Securities; (ii) change the stated
maturity date of the principal of, or any installment of interest on, any Debt
Securities; (iii) waive a default in the payment of the principal amount of, or
the interest on, or any premium payable on redemption of, any Debt Securities;
(iv) change the currency for payment of the principal of, or premium or
interest on, any Debt Securities; (v) impair the right to institute suit for
the enforcement of any such payment when due; (vi) adversely affect any right
to convert any Debt Securities; (vii) reduce the amount of outstanding Debt
Securities necessary to consent to an amendment, supplement or waiver provided
for in the Indenture; or (viii) modify any provisions of the Indenture relating
to the modification and amendment of the Indenture or waivers of past defaults,
except as otherwise specified.
EVENTS OF DEFAULT, NOTICE AND WAIVER. Except as otherwise set forth in
the accompanying Prospectus Supplement, the following is a summary of certain
provisions of the Indenture relating to events of default, notice and waiver.
The following are Events of Default under the Indenture with respect to
any series of Debt Securities: (i) default in the payment of interest on the
Debt Securities of such series when due and payable, which continues for 30
days; (ii) default in the payment of principal of (and premium, if any) on the
Debt Securities when due, at maturity, upon redemption or otherwise, which
continues for five Business Days; (iii) failure to perform any other covenant of
the Company contained in the Indenture or the Debt Securities of such series
which continues for 60 days after written notice as provided in the Indenture;
(iv) default under any bond, debenture or other Indebtedness (as defined in the
Indenture) of the Company or any subsidiary if (a) either (x) such event of
default results from the failure to pay any such Indebtedness at maturity or
(y) as a result of such event of default, the maturity of such Indebtedness has
been accelerated prior to its expressed maturity and such acceleration shall
not be rescinded or annulled or the accelerated amount paid within ten days
after notice to the Company of such acceleration, or such Indebtedness having
been discharged, and (b) the principal amount of such Indebtedness, together
with the principal amount of any other such Indebtedness in default for failure
to pay principal or interest thereon, or the maturity of which has been so
accelerated, aggregates $10,000,000 or more; (v) certain events of bankruptcy,
insolvency or reorganization relating to the Company; and (vi) any other Event
of Default provided with respect to the Debt Securities of that series.
-12-
14
If an Event of Default occurs and is continuing with respect to the Debt
Securities of any series, either the Trustee or the Holders of a majority in
aggregate principal amount of the outstanding Debt Securities of such series
may declare the Debt Securities due and payable immediately.
The Indenture provides that the Trustee will, within 90 days after the
occurrence of any Default or Event of Default with respect to the Debt
Securities of any series, give to the Holders of Debt Securities notice of all
uncured Defaults and Events of Default known to it, but the Trustee will be
protected in withholding such notice if it in good faith determines that the
withholding of such notice is in the interest of such Holders, except in the
case of a default in the payment of the principal of (or premium, if any) or
interest on any of the Debt Securities of such series.
The Indenture provides that the Holders of a majority in aggregate
principal amount of the Debt Securities of any series then outstanding may
direct the time, method and place of conducting any proceedings for any remedy
available to the Trustee or exercising any trust or power conferred on the
Trustee with respect to the Debt Securities of such series. The right of a
Holder to institute a proceeding with respect to the Indenture is subject to
certain conditions precedent including notice and indemnity to the Trustee, but
the Holder has an absolute right to receipt of principal of (and premium, if
any) and interest on such Holder's Debt Securities on or after the respective
due dates expressed in the Debt Securities, and to institute suit for the
enforcement of any such payments.
The Holders of a majority in principal amount of the outstanding Debt
Securities of any series then outstanding may on behalf of the Holders of all
Debt Securities of such series waive certain past defaults, except a default in
payment of the principal of (or premium, if any) or interest on any Debt
Securities of such series or in respect of certain provisions of the Indenture
which cannot be modified or amended without the consent of the Holder of each
outstanding Debt Securities of such series affected thereby.
The Company will be required to furnish to the Trustee annually a
statement of certain officers of the Company stating whether or not they know
of any Default or Events of Default (as defined in the Indenture) and, if they
have knowledge of a Default or Event of Default, a description of the efforts
to remedy the same.
CONSOLIDATION, MERGER, SALE OR CONVEYANCE. The Indenture provides that
the Company may merge or consolidate with, or sell or convey all or
substantially all of its assets to, any other trust or corporation, provided
that (i) either the Company shall be the continuing entity, or the successor
entity (if other than the Company) shall be an entity organized and existing
under the laws of the United States or a state thereof or the District of
Columbia (although it may, in turn, be owned by a foreign entity) and such
entity shall expressly assume by supplemental indenture all of the obligations
of the Company under the Debt Securities of any
-13-
15
series and the Indenture, (ii) immediately after giving effect to such
transactions no Default or Event of Default shall have occurred and be
continuing, and (iii) the Company shall have delivered to the Trustee an
Officers' Certificate and opinion of counsel, stating that the transaction and
supplemental indenture comply with the Indenture. The Indenture does not
contain any provision requiring the Company to repurchase the Debt Securities of
any series at the option of the Holders thereof in the event of a leveraged
buyout, recapitalization or similar restructuring of the Company, even though
the Company's creditworthiness and the market value of the Debt Securities may
decline significantly as a result of such transaction. The Indenture does not
protect Holders of the Debt Securities of any series against any decline in
credit quality, whether resulting from any such transaction or from any other
cause.
GLOBAL SECURITIES. The Debt Securities of a series may be issued in
whole or in part in global form (the "Global Securities"). The Global
Securities will be deposited with a depository (the "Depository"), or with a
nominee for a Depository, identified in the Prospectus Supplement. In such
case, one or more Global Securities will be issued in a denomination or
aggregate denominations equal to the portion of the aggregate principal amount
of outstanding Debt Securities of the series to be represented by such Global
Security or Securities. Unless and until it is exchanged in whole or in part
for Debt Securities in definitive form, a Global Security may not be
transferred except as a whole by the Depository for such Global Security to a
nominee of such Depository or by a nominee of such Depository to such Depository
or another nominee of such Depository or by such Depository or any such nominee
to a successor for such Depository or a nominee of such successor.
The specific material terms of the depository arrangement with respect
to any portion of a series of Debt Securities to be represented by a Global
Security will be described in the Prospectus Supplement. The Company
anticipates that the following provisions will apply to all depository
arrangements.
Upon the issuance of a Global Security, the Depository for such Global
Security will credit, on its book entry registration and transfer system, the
respective principal amounts of the Debt Securities represented by such Global
Security to the accounts of persons that have accounts with such Depository
("participants"). The accounts to be credited shall be designated by any
underwriters or agents participating in the distribution of such Debt
Securities. Ownership of beneficial interests in a Global Security will be
limited to participants or persons that may hold interests through
participants. Ownership of beneficial interests in such Global Security will
be shown on, and the transfer of that ownership will be effected only through
records maintained by the Depository for such Global Security (with respect to
interests of participants) or by participants or persons that hold through
participants (with respect to interests of persons other than participants).
So long as the Depository for a Global Security, or its nominee, is the
registered owner of such Global Security, such Depository or such nominee as the
case may be, will be considered the sole owner or Holder of the Debt Securities
represented by such Global Security for all purposes under the Indenture;
provided, however, that for purposes of
-14-
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obtaining any consents or directions required to be given by the Holders of the
Debt Securities, the Company, the Trustee and its agents will treat a
person as the holder of such principal amount of Debt Securities as specified
in a written statement of the Depository.
Principal, premium, if any, and interest payments, if any, on Debt
Securities represented by a Global Security registered in the name of a
Depository or its nominee will be made to such Depository or its nominee, as
the case may be, as the registered owner of such Global Security. None of the
Company, the Trustee or any Paying Agent for such Debt Securities will have any
responsibility or liability for any aspect of the records relating to or
payments made on account of beneficial ownership interests in such Global
Security or for maintaining, supervising or reviewing any records relating to
such beneficial ownership interests.
The Company expects that the Depository for any Debt Securities
represented by a Global Security, upon receipt of any payment of principal,
premium, if any, or interest will immediately credit participants' accounts
with payments in amounts proportionate to their respective beneficial interests
in the principal amount of such Global Security as shown on the records of such
Depository. The Company also expects that payments by participants will be
governed by standing instructions and customary practices, as is now the case
with the securities held for the accounts of customers registered in "street
names," and will be the responsibility of such participants.
If the Depository for any Debt Securities represented by a Global
Security is at any time unwilling or unable to continue as Depository and a
successor Depository is not appointed by the Company within 90 days, the
Company will issue each Debt Security in definitive form to the beneficial
owners thereof in exchange for such Global Security. In addition, the Company
may at any time and in its sole discretion determine not to have any of the Debt
Securities of a series represented by one or more Global Securities and, in
such event, will issue Debt Securities of such series in definitive form in
exchange for all of the Global Security or Securities representing such Debt
Securities.
The laws of some states require that certain purchasers of securities
take physical delivery of such securities in definitive form. Such laws may
impair the ability to transfer beneficial interests in Debt Securities
represented by Global Securities.
GOVERNING LAW. The Indenture and the Debt Securities will be governed
by and construed in accordance with the laws of the Commonwealth of
Massachusetts.
-15-
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DESCRIPTION OF SECURITIES WARRANTS
The Company may issue Securities Warrants for the purchase of Debt
Securities or Shares. Securities Warrants may be issued independently or
together with Debt Securities or Shares offered by any Prospectus Supplement
and may be attached to or separate from such Debt Securities or Shares. Each
series of Securities Warrants will be issued under a separate warrant agreement
(a "Securities Warrant Agreement") to be entered into between the Company and a
bank or trust company, as Securities Warrant agent, all as set forth in the
Prospectus Supplement relating to the particular issue of offered Securities
Warrants. The Securities Warrant agent will act solely as an agent of the
Company in connection with the Securities Warrant certificates relating to the
Securities Warrants and will not assume any obligation or relationship of
agency or trust for or with any holders of Securities Warrant certificates or
beneficial owners of Securities Warrants. The following summaries of certain
provisions of the Securities Warrant Agreement and Securities Warrants do not
purport to be complete and are subject to, and are qualified in their entirety
by reference to, all the provisions of the Securities Warrant Agreement and the
Securities Warrant certificates relating to each series of Security Warrants
which will be filed with the Commission and incorporated by reference as an
exhibit to the Registration Statement of which this Prospectus is a part at or
prior to the time of the issuance of such series of Security Warrants.
If Debt Securities Warrants are offered, the applicable Prospectus
Supplement will describe the terms of such Securities Warrants, including the
following where applicable: (i) the offering price, (ii) the denominations and
terms of the series of Debt Securities purchasable upon exercise of such
Securities Warrants, (iii) the designation and terms of any series of Debt
Securities with which such Securities Warrants are being offered and the number
of such Securities Warrants being offered with each such Debt Security, (iv)
the date, if any, on and after which such Securities Warrants and the related
series of Debt Securities will be transferable separately, (v) the principal
amount of the series of Debt Securities purchasable upon exercise of each such
Securities Warrant and the price at which such principal amount of Debt
Securities of such series may be purchased upon such exercise, (vi) the date on
which the right to exercise such Securities Warrants shall commence and the
date (the "Expiration Date") on which such right shall expire, (vii) whether
the Securities Warrants will be issued in registered or bearer form, (viii) any
special United States Federal income tax consequences, (ix) the terms, if any,
on which the Company may accelerate the Expiration Date and (x) any other terms
of such Securities Warrants.
In the case of Share Warrants, the applicable Prospectus Supplement will
describe the terms of such Securities Warrants, including the following where
applicable: (i) the offering price, (ii) the aggregate number of Shares
purchasable upon exercise of such Securities Warrants and the exercise price,
(iii) the designation and terms of the Securities with which such Securities
Warrants are being offered, if any, and the number of such Securities Warrants
being offered with each such Security, (iv) the date, if any, on and after
which such Securities Warrants and
-16-
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the related series of Debt Securities or Shares will be transferable separately,
(v) the date on which the right to exercise such Securities Warrants
shall commence and the Expiration Date, (vi) any special United States Federal
income tax consequences and (vii) any other terms of such Securities Warrants.
Securities Warrant certificates may be exchanged for new Securities
Warrant certificates of different denominations, may (if in registered form) be
presented for registration of transfer, and may be exercised at the corporate
trust office of the Securities Warrant agent or any other office indicated in
the applicable Prospectus Supplement. Prior to the exercise of any Debt
Securities Warrants, holders of such Securities Warrants will not have any of
the rights of holders of the Debt Securities purchasable upon such exercise,
including the right to receive payments of principal of, premium, if any, or
interest, if any, on such Debt Securities or to enforce covenants in the
applicable indenture. Prior to the exercise of any Share Warrants, holders of
such Securities Warrants will not have any rights of holders of such Shares,
including the right to receive payments of dividends, if any, on such Shares, or
to exercise any applicable right to vote.
CERTAIN RISK CONSIDERATIONS. Any Securities Warrants issued by the
Company will involve a certain degree of risk, including risks arising from the
fluctuations in the price of the underlying securities and general risks
applicable to the stock market (or markets) on which the underlying securities
are traded.
Prospective purchasers of the Securities Warrants should recognize that
the Securities Warrants may expire worthless and, thus, purchasers should be
prepared to sustain a total loss of the purchase price of their Securities
Warrants. This risk reflects the nature of a Securities Warrant as an asset
which, other factors held constant, tends to decline in value over time and
which may, depending on the price of the underlying securities, become worthless
when it expires. The trading price of a Securities Warrant at any time is
expected to increase as the price, or, if applicable, dividend rate on the
underlying securities increases. Conversely, the trading price of a Securities
Warrant is expected to decrease as the time remaining to expiration of the
Securities Warrant decreases and as the price or, if applicable, dividend rate
on the underlying securities, decreases. Assuming all other factors are held
constant, the more a Securities Warrant is "out of the money" (i.e., the more
the exercise price exceeds the price of the underlying securities and the
shorter its remaining term to expiration), the greater the risk that a
purchaser of the Securities Warrant will lose all or part of his or her
investment. If the price of the underlying securities does not rise before the
Securities Warrant expires to an extent sufficient to cover a purchaser's cost
of the Securities Warrant, the purchaser will lose all or part of his or her
investment in such Securities Warrant upon expiration.
In addition, prospective purchasers of the Securities Warrants should be
experienced with respect to options and option transactions and understand the
risks associated with options and should reach an investment decision only
after careful consideration, with their financial
-17-
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advisers, of the suitability of the Securities Warrants in light of their
particular financial circumstances and the information discussed herein and, if
applicable, the Prospectus Supplement. Before purchasing, exercising or
selling any Securities Warrants, prospective purchasers and holders of
Securities Warrants should carefully consider, among other things, (i) the
trading price of the Securities Warrants, (ii) the price of the underlying
securities at such time, (iii) the time remaining to expiration and (iv) any
related transaction costs. Some of the factors referred to above are in turn
influenced by various political, economic and other factors that can affect the
trading prices of the underlying securities and should be carefully considered
prior to making any investment decisions.
Purchasers of the Securities Warrants should further consider that the
initial offering price of the Securities Warrants may be in excess of the price
that a purchaser of options might pay for a comparable option in a private,
less liquid transaction. In addition it is not possible to predict the price
at which the Securities Warrants will trade in the secondary market or whether
any such market will be liquid. The Company may, but is not obligated to, file
an application to list any Securities Warrants issued on a United States
national securities exchange. To the extent that any Securities Warrants are
exercised, the number of Securities Warrants outstanding will decrease, which
may result in a lessening of the liquidity of the Securities Warrants. Finally,
the Securities Warrants will constitute direct, unconditional and unsecured
obligations of the Company and as such will be subject to any changes in the
perceived creditworthiness of the Company.
EXERCISE OF SECURITIES WARRANTS. Each Securities Warrant will entitle
the holder thereof to purchase such principal amount of Debt Securities or
number of Shares, as the case may be, at such exercise price as shall in each
case be set forth in, or calculable from, the Prospectus Supplement relating to
the offered Securities Warrants. After the close of business on the Expiration
Date (or such later date to which such Expiration Date may be extended by the
Company), unexercised Securities Warrants will become void.
Securities Warrants may be exercised by delivering to the Securities
Warrant agent payment as provided in the applicable Prospectus Supplement of
the amount required to purchase the Debt Securities or Shares, as the case may
be, purchasable upon such exercise together with certain information set forth
on the reverse side of the Securities Warrant certificate. Securities Warrants
will be deemed to have been exercised upon receipt of payment of the exercise
price, subject to the receipt within five Business Days of the Securities
Warrant certificate evidencing such Securities Warrants. Upon receipt of such
payment and the Securities Warrant certificate properly completed and duly
executed at the corporate trust office of the Securities Warrant agent or any
other office indicated in the applicable Prospectus Supplement, the Company
will, as soon as practicable, issue and deliver the Debt Securities or Shares,
as the case may be, purchasable upon such exercise. If fewer than all of the
Securities Warrants represented by such Securities Warrant certificate are
exercised, a new Securities Warrant certificate will be issued for the
remaining amount of Securities Warrants.
-18-
20
AMENDMENTS AND SUPPLEMENTS TO SECURITIES WARRANT AGREEMENT. The
Securities Warrant Agreements may be amended or supplemented without the
consent of the holders of the Securities Warrants issued thereunder, to effect
changes that are not inconsistent with the provisions of the Securities
Warrants and that do not adversely affect the interest of the holders of the
Securities Warrants.
SHARE WARRANT ADJUSTMENTS. Unless otherwise indicated in the applicable
Prospectus Supplement, the exercise price of and the number of Shares covered
by a Share Warrant are subject to adjustment in certain events, including (i)
payment of a dividend on the Shares payable in Shares and Share splits,
combinations or reclassification of Shares, (ii) issuance to all holders of
Shares of rights or warrants to subscribe for or purchase Shares at less than
their current market price (as defined in the Securities Warrant Agreement for
such series of Share Warrants) and (iii) certain distributions of evidences of
indebtedness or assets (including securities but excluding cash, dividends or
distributions paid out of consolidated earnings or retained earnings or
dividends payable in Shares or of subscription rights and warrants excluding
those referred to above).
No adjustments in the exercise price of and the number of Shares
covered by a Share Warrant will be made for regular quarterly or other
periodic or recurring cash dividends or distributions or for cash dividends or
distributions to the extent paid from consolidated earnings or retained
earnings. No adjustment will be required unless such adjustment would require
a change of at least 1% in the exercise price then in effect. Except as
stated above, the exercise price of and the number of Shares covered by a
Share Warrant will not be adjusted for the issuance of Shares or any
securities convertible into or exchangeable for Shares or carrying the right
or option to purchase or otherwise acquire the foregoing in exchange for cash,
other property or services.
In the event of any (i) consolidation or merger of the Company with or
into any entity (other than consolidation or a merger that does not result in
any reclassification, conversion, exchange or cancellation of outstanding
Shares), (ii) sale, transfer, lease or conveyance of all or substantially all
of the assets of the Company or (iii) reclassification, capital reorganization
or change of the Shares (other than solely a change in par value), then any
holder of a Share Warrant will be entitled, on or after the occurrence of any
such event, to receive on exercise of such Share Warrant the kind and amount of
Shares or other securities, cash or other property (or any combination thereof)
that the holder would have received had such holder exercised such holder's
Share Warrant immediately prior to the occurrence of such event. If the
consideration to be received upon exercise of the Share Warrant following any
such event consists of common stock (or its equivalent) of the surviving
entity, then from and after the occurrence of such event, the exercise price of
such Share Warrant will be subject to the same anti-dilution and other
adjustments described in the second preceding paragraph, applied as if such
common stock were Shares.
-19-
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PLAN OF DISTRIBUTION
The Company may sell the Securities in any of three ways: (i) through
underwriting syndicates represented by one or more managing underwriters, or by
one or more underwriters without a syndicate; (ii) through agents designated
from time to time; and (iii) directly to investors. The names of any
underwriters or agents of the Company involved in the sale of the Securities in
respect of which this Prospectus is being delivered and any applicable
commissions or discounts will be set forth in the Prospectus Supplement. The
net proceeds to the Company from such sale will also be set forth in the
Prospectus Supplement.
The distribution of the Securities may be effected from time to time in
one or more transactions at a fixed price or prices (which may be changed from
time to time), at market prices prevailing at the time of sale, at prices
related to such prevailing market prices or at negotiated prices. The
Prospectus Supplement will describe the method of distribution of the
Securities.
In connection with the sale of Securities, underwriters or agents acting
on the Company's behalf may receive compensation from the Company or from
purchasers of Securities for whom they may act as agents, in the form of
discounts, concessions or commissions. The underwriter, dealers and agents
that participate in the distribution of Securities may be deemed to be
underwriters under the Securities Act and any discounts or commissions received
by them and any profit on the resale of Securities by them may be deemed to be
underwriting discounts and commissions under the Securities Act. Any such
underwriter will be identified and any such compensation will be described in
the Prospectus Supplement.
Agents and underwriters may be entitled under agreements entered into
with the Company to indemnification by the Company against certain liabilities,
including liabilities under the Securities Act, or to contribution with respect
to payments which the agents or underwriters may be required to make in respect
thereof. Agents and underwriters may engage in transactions with or perform
services for the Company in the ordinary course of business.
LEGAL MATTERS
The validity of the Securities offered hereby will be passed upon for
the Company by Nutter, McClennen & Fish. In addition, Nutter, McClennen & Fish
will pass upon certain Federal income tax matters relating to the Company. The
name of any legal counsel that passes on the validity of the Securities offered
hereby for any underwriter or agent will be set forth in the applicable
Prospectus Supplement.
-20-
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EXPERTS
The consolidated balance sheets of the Company as of December 31, 1994
and 1993 and the related consolidated statements of income, changes in
shareholders' equity and cash flows for each of the three years in the period
ended December 31, 1994, and the financial statement schedules incorporated by
reference in this Prospectus and elsewhere in the Registration Statement, have
been audited by Coopers & Lybrand L.L.P., independent accountants, as indicated
in their report with respect thereto, and are incorporated by reference herein
in reliance upon the authority of said firm as experts in accounting and
auditing. Any financial statements and schedules hereafter incorporated by
reference in the registration statement of which this Prospectus is a part that
have been audited and are the subject of a report by independent accountants
will be so incorporated by reference in reliance upon such reports and upon the
authority of such firms as experts in accounting and auditing to the extent
covered by consents filed with the Commission.
-21-
23
_______________________________________________________________________
NO DEALER, SALESPERSON OR OTHER PERSON HAS BEEN AUTHORIZED TO GIVE ANY
INFORMATION OR TO MAKE ANY REPRESENTATIONS, OTHER THAN THOSE HEREIN,
IN CONNECTION WITH THIS OFFERING AND, IF GIVEN OR MADE, SUCH
INFORMATION OR REPRESENTATIONS MUST NOT BE RELIED UPON AS HAVING BEEN
AUTHORIZED BY THE COMPANY OR ANY OTHER PERSON. THIS PROSPECTUS DOES
NOT CONSTITUTE AN OFFER TO SELL, OR SOLICITATION OF AN OFFER TO
BUY, ANY OF THE SECURITIES IN ANY JURISDICTION TO ANY PERSON TO WHOM IT
IS UNLAWFUL TO MAKE SUCH OFFER OR SOLICITATION IN SUCH JURISDICTION.
THE DELIVERY OF THIS PROSPECTUS AT ANY TIME DOES NOT IMPLY THAT THE
INFORMATION IN THE PROSPECTUS IS CORRECT AS OF ANY TIME SUBSEQUENT
TO ITS DATE.
_______________________________________________________________________
TABLE OF CONTENTS
Page
----
Available Information............... 2
Incorporation of Certain
Documents by Reference............ 2
The Company......................... 4
Ratio of Earnings to Fixed
Charges........................... 6
Use of Proceeds..................... 6
Description of Shares............... 6
Description of Debt
Securities........................ 9
Description of Securities
Warrants.......................... 16
Plan of Distribution................ 20
Legal Matters....................... 20
Experts............................. 21
_______________________________________________________________________
MEDITRUST
PROSPECTUS
June 1, 1995
_______________________________________________________________________
24
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
Item 16. Exhibits
The following is a list of exhibits filed as part of this Registration Statement
(numbering corresponds to numbering in Item 601 of Regulation S-K).
Exhibit Description
No. -----------
- -------
1.1 Form of Underwriting Agreement (incorporated by reference to Exhibit 1
to the Current Report on Form 8-K dated October 7, 1994)
1.2 Form of Placement Agency Agreement (incorporated by reference to
Exhibit 1.1 to the Registration Statement on Form S-3
(File No. 33-55386)).
4.1 Restated Declaration of Trust, as amended (incorporated by reference
to Exhibit 3.1 to the Current Report on Form 8-K dated July 21, 1994)
4.2 By-laws, as amended (incorporated by reference to Exhibit 3.2 to the
Annual Report on form 10-K for the fiscal year ended December 31, 1992)
4.3 Form of Indenture and Form of Convertible Debenture (incorporated by
reference to Exhibit 4 to the Registration Statement on Form S-3 (File
No. 33-50835))
4.4 Form of Debt Security(1)
4.5 Form of Securities Warrant Agreement(1)
5 Opinion letter of Nutter, McClennen & Fish(2)
8 Opinion letter of Nutter, McClennen & Fish regarding tax matters(2)
12 Computation of Ratios of Earnings to Fixed Charges(2)
23.1 Consents of Nutter, McClennen & Fish (included in Exhibits 5 and 8)
23.2 Consent of Coopers & Lybrand L.L.P.(2)
25 Form T-1 Statement of Eligibility and Qualification(1)
<FN>
- ---------------
(1) To be filed by amendment or incorporated by reference in connection with
the offering of the Securities.
(2) Previously filed.
II-1
25
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the
registrant certifies that it has reasonable grounds to believe that it meets
all of the requirements for filing on Form S-3 and has duly caused this
amendment to the registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Boston, Commonwealth of
Massachusetts on May 31, 1995.
MEDITRUST
By: /s/ Abraham D. Gosman*
---------------------------------
Abraham D. Gosman, Chairman of
the Board and Chief Executive
Officer
Pursuant to the requirements of the Securities Act of 1933, as amended,
this amendment to the registration statement has been signed below by the
following persons on behalf of the registrant in the capacities and on the
dates indicated.
Signature Title Date
--------- ----- ----
/s/ Abraham D. Gosman* Chairman of the
- --------------------------------- Board and Chief
Abraham D. Gosman Executive Officer May 31, 1995
(Principal Executive Officer)
/s/ Lisa P. McAlister* Treasurer and
- --------------------------------- Vice President
Lisa P. McAlister (Principal May 31, 1995
Financial and Accounting Officer)
/s/ David F. Benson* President
- --------------------------------- and Trustee May 31, 1995
David F. Benson
/s/ Edward W. Brooke* Trustee May 31, 1995
- ---------------------------------
Edward W. Brooke
/s/ Hugh L. Carey* Trustee May 31, 1995
- ---------------------------------
Hugh L. Carey
/s/ Robert Cataldo* Trustee May 31, 1995
- ---------------------------------
Robert Cataldo
II-2
26
/s/ Philip L. Lowe* Trustee May 31, 1995
- ---------------------------------
Philip L. Lowe
/s/ Thomas J. Magovern* Trustee May 31, 1995
- ---------------------------------
Thomas J. Magovern
/s/ Gerald Tsai, Jr.* Trustee May 31, 1995
- ---------------------------------
Gerald Tsai, Jr.
/s/ Frederick W. Zuckerman* Trustee May 31, 1995
- ---------------------------------
Frederick W. Zuckerman
*By: /s/ Michael S. Bohnen
----------------------------
Michael J. Bohnen,
Attorney-in-Fact
A power of attorney was filed with the Registration Statement.
II-3