Meridian Industrial Trust Expands Presence in Refrigeration Sector; Solidifies Market Position With Back-to-Back Cold Storage Acquisitions in Growth Markets of Florida, Texas and California.

SAN FRANCISCO--(BUSINESS WIRE)--July 14, 1998--

National REIT Forms Meridian Refrigerated; Selects Veteran Management Team; Expands Capabilities by Adding Southern California-Based Arctic Cold Storage and Southeastern-Based C.E.G.F. to Network of Modern Facilities; Declares Dividend on Series D Preferred Shares

In a move to further establish its market-leading presence, Meridian Industrial Trust (NYSE:MDN), one of the largest national industrial real estate investment trusts (REIT) in the United States, is expanding its presence in the refrigerated and distribution sector.

Responding to increased demand for modern facilities in areas of high population growth, Allen J. Anderson, chairman and chief executive officer of Meridian Industrial Trust, announced a $87 million multiphase expansion strategy, launching Meridian Refrigerated Inc. with the acquisition of two state-of-the-art national cold storage operations and commencing a refrigerated construction program.

According to Anderson, "These strategic investments give us a leadership position in three of the fastest-growing markets for cold storage and broaden an already solid platform for continued growth.

"The acquisitions and planned construction significantly increase Meridian's market share and are supported by our existing operations in these important warehouse and distribution hubs. These refrigerated facilities match our philosophy of owning and developing modern industrial properties and complement our portfolio which now encompasses more than 27 million square feet."

Meridian Refrigerated's senior management team will be led by industry veteran, Jurgen Spaethe, serving as president and chief executive officer of the new entity. With the acquisition of Southern California-based Arctic Cold Storage and southeastern-based C.E.G.F., Meridian Refrigerated now ranks among the leading owners and operators of modern refrigerated facilities.

In keeping with Meridian Industrial Trust's reputation for owning the most highly sought modern, efficient distribution facilities, Meridian Refrigerated's properties will have an average age of five years, state-of-the-art cooler and freezer equipment.

The Arctic Cold Storage acquisition encompasses 3.5 million cubic feet of space throughout Southern California. C.E.G.F. is the largest modern refrigerated operation in Florida and one of the leading companies in Houston, boasting a nearly 7 million cubic-foot portfolio throughout the southeast.

Meridian Industrial Trust's new construction program includes plans to construct one of the largest near-dock, modern cold storage facilities in the United States at the Port of Los Angeles, and plans to add 2.2 million cubic feet of refrigeration space at the Tampa, Fla., and Houston properties.

Meridian Industrial Trust's capability to deliver high-quality refrigerated facilities was reinforced when Kraft Foods selected the firm to construct four build-to-suit developments. Encompassing nearly 1.5 million square feet of cold and dry storage facilities, the projects are part of Kraft's reorganization of its national distribution network.

"The construction of state-of-the-art cold storage facilities at the Port of L.A. adds to Los Angeles' competitive arsenal," said Jack Kyser, chief economist for the Los Angeles County Economic Development Corp.

"When combined with such expansion projects as the Alameda Corridor, these kinds of unique investments diversify our portfolio of international trade facilities and place the Ports of Los Angeles and Long Beach in a stronger position to continue to fuel the brisk growth of the region."

According to Spaethe: "The ability to offer cold storage and freight consolidation services is an integral component of our coast-to-coast portfolio. It allows Meridian Refrigerated to meet its customers' needs for efficient storage and delivery of their products. We've seen a tremendous increase in demand for high-quality storage space over the past year, and we expect that trend to continue into the next millennium."

With headquarters in Anaheim, Calif., Meridian Refrigerated Inc.'s staff encompasses 100 employees. The firm's refrigerated facilities feature -20 degrees F storage capabilities; state-of-the- art Storax mobile racking systems for efficient, higher capacities; quick freezing and extreme low temperature freezing; blast freezing; receiving, warehouse and auxiliary services including USDA inspection services, refrigerated truck and rail docks; and U.S. Customs bonding.

Declares Dividend on Series D Preferred Shares

Meridian Industrial Trust Tuesday also announced dividends for the Series D Preferred Shares for the second quarter of 1998. The board of directors declared a dividend payable July 31, 1998, in the pro-rata amount of $0.1902 per share to Series D stockholders of record on July 21, 1998.

Meridian Industrial Trust's portfolio encompasses more than 200 modern industrial facilities located in key warehouse and distribution markets.

The San Francisco-based REIT is engaged primarily in the business of owning, acquiring, developing, leasing and managing warehouse/ distribution, light industrial properties and cold storage facilities in strategic distribution markets nationwide. Meridian Industrial Trust specializes in providing corporations with the space and services they require to improve the global distribution of goods.

   CONTACT:  Meridian Industrial Trust, San Francisco
              Anne Cumberledge, 415/281-3900 (investor relations)
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              Greg Terk, 415/281-3900 (marketing communications)
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                     or
              MACY + ASSOCIATES INC., Venice, Calif.
              Dennis Kaiser/Kimberly Macy, 310/821-5300
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