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Mission West Properties Inc. Dividends Up 27%

CUPERTINO, CA-On the heels of a favorable third quarter that lead to analysts upgrading the REIT to a Strong Buy in November, the company declares a fourth quarter dividend of 19 cents a share.

By Janet Parker | Updated on December 20, 2000

CUPERTINO, CA-The fourth quarter dividend of Mission West Properties Inc. is up a respectable 27% over that declared for the fourth quarter of 1999, the company announced Tuesday. The company’s stock price, which has been flirting with its 52-week high of late, closed at $14.18, up 18.75 cents on the day and just 50 cents off its 52-week high, set on Nov. 9.

Nineteen cents per share of common stock will be paid on Jan. 10, 2001 to common stockholders of record as of Dec. 29, 2000. On Oct. 31, Mission West reported third quarter funds from operations of 23 cents a diluted share, a 28% year-over-year increase. Two days later analysts at Legg Mason upgraded Mission West from a recommendation of Buy to a Strong Buy.

Mission West operates as a self-managed, self-administered and fully integrated REIT engaged in the management, leasing, marketing, development and acquisition of commercial R&D properties, primarily located in the Silicon Valley. The company manages 89 properties with a total of approximately 6.2 million sf.

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