Mission West Shares Hit 52-Week High on Solid Earnings, Analyst Upgrades

CUPERTINO, CA-Mission West Properties’ share price is soaring this week on news of solid earnings, analyst upgrades and the general health of the REIT industry. After posting a 28% gain in its third quarter FFO Tuesday, Legg Mason upgrades its recommendation on the company’s stock yesterday from “buy” to “strong buy,” helping sending shares in the company to a new high of $14.53. In afternoon trading Friday, shares of the company were hovering at $14.25, up from $12.93 a week ago and more than double its 52-week low of $6.875.

For the third quarter ended Sept. 30, the office-property REIT is reporting funds from operations of $23.2 million or 23 cents a diluted share. In the same 1999 period, the company produced FFO of $16.9 million or 23 cents a diluted share. The company says it is in the process of acquiring more than one million square feet of property. During this latest quarter, the Company acquired one R&D property located in San Jose. The company paid the Berg Group $8.6 million for the 77,184-sf property at 5400 Hellyer Ave.