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TRINET CORPORATE REALTY TRUST REPORTS FIRST QUARTERLY RESULTS AS A PUBLIC COMPANY

    SAN FRANCISCO, Aug. 13 /PRNewswire/ -- TriNet Corporate Realty Trust Inc. (NYSE: TRI) today reported results for the second quarter ended June 30, 1993.
    The results reflect the company's 28 days of operations since it commenced activity as a Real Estate Investment Trust (REIT), following completion of its initial public offering on June 3, 1993.
    For the 28-day period, TriNet reported funds from operations of $1,159,000 on revenues of $1,649,000.  Net income was $956,000, or 15 cents per share.
    "In conjunction with the completion of the offering, we acquired 19 properties leased to Caterair, GATX Logistics and Sears Logistics and our increased funds from operations were in line with our projections," said Mark S. Whiting, president and chief operating officer of TriNet.
    "TriNet's portfolio now includes 61 properties in 18 states which are 100 percent leased with an average remaining term of 14 years.  Our net leases involving the strategic assets of major corporations ensure a highly predictable and increasing stream of cash flow," he added.
    In the June offering, TriNet raised approximately $125 million through the sale of 5,160,000 shares of common stock.  In conjunction with the offering, the company also raised $50 million through the private placement of an "AA" rated securitized debt offering placed with Nomura Securities.
    "Our strong financial position and conservative balance sheet positions TriNet for an aggressive acquisition strategy and we are currently reviewing transactions involving a number of key corporate facilities," Whiting added.
    The company also reported that one of its major corporate tenants had its credit rating upgraded by rating organizations and noted that such key tenants as Sears, GATX, Unisys and Rex Stores -- formerly Audio/Video Affiliates -- reported strong second quarter results.
    Headquartered in San Francisco, TriNet Corporate Realty Trust specializes in the acquisition and management of long-term net leased corporate real estate, including central distribution and headquarters facilities.
    The company's primary business activities are structuring sale/leaseback transactions and acquiring triple net leases.  Triple net leases obligate the tenant to pay for all operating expenses, such as taxes, insurance utilities and maintenance.  TriNet's management has been actively acquiring and managing corporate net leased properties for the past nine years.
                     TRINET CORPORATE REALTY TRUST INC.
                    CONSOLIDATED STATEMENT OF OPERATIONS
               From June 3, 1993 (commencement of operations)
                           through June 30, 1993
    REVENUES:
    Rental income                  $1,614,000
    Other income                       35,000
    Total revenues                  1,649,000
    EXPENSES:
    General and administrative        120,000
    Interest                          204,000
    Depreciation and amortization     369,000
    Total expenses                    693,000
    Net income                     $  956,000
    Net income per common share    $     0.15
    Funds from operations, per
     common share                  $     0.19
    Dividend per common share      $     0.16
    Common shares outstanding       6,240,000
    -0-             08/13/93
    CONTACT:  Mark Whiting, president, or James Reinhart, chief financial officer, both of TriNet Corporate Realty Trust, 415-391-4300
   (TRI) CO:  TRINET CORPORATE REALTY TRUST INC. SU:  ERN ST:  CA


-- SF003 -- X491 08/13/93
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Publication:PR Newswire
Date:Aug 13, 1993
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