Spieker Reports 26.4% FFO Per Share Increase

MENLO PARK, CA-After the close of markets Monday, Spieker Properties reported 26.4% growth in funds from operations during the third quarter, in part due to rollover rent growth of more than 83%.

For the quarter ended Sept. 30, FFO were $85.3 million or $1.10 a share. In the same 1999 quarter, FFO was $65.7 million or 87 cents a share. “The…results reflect the continued strong real estate markets on the West Coast, the roll-up of rents to market, and modestly higher occupancy rates,” commented Craig Vought, co-chief executive officer. Moreover, says Vought, the company’s 13% growth in same-store net operating income “sets the stage for continued healthy performance.”

Net income–before gain on disposition of property and minority interests–was $64 million on revenues of $194.1 million. In 1999, the same column produced $48 million in profits on revenues of $164.6 million. Net income per share available to common stockholders was $1.49 per share for the third quarter. In 1999, it was 60 cents a share.