Despite the news coming after markets closed Monday, shares of Spieker stock were trading for $52.43 at the close, a $1.12 improvement from Friday's close. GlobeSt.com broke a story Monday morning that Spieker is 25% of the way through an 8.3-million-sf, $400-million staged disposition of industrial properties to CalPERS via Rreeff, which oversees some $12.4 billion in pension fund real estate investments.

At the end of the year, Spieker says its office and industrial portfolio totaled nearly 38 million sf and was 97% occupied. During the year, Spieker says it sold 48 properties for $382 million. Spieker said rents in its portfolio climbed a stunning 105.2% on the 2.6 million sf of second-generation space renewed or re-leased during the fourth quarter.

Spieker's fourth quarter net income from operations before gain on disposition of property and minority interests was $61.3 million, on revenue of $206.2 million. In 1999's fourth quarter, net income was $51.3 million on revenues of $169.8 million. Net income for the year--also before gain on disposition of property and minority interests--was $239.9 million on revenue of $753.8 million. In 1999, net income totaled $195.5 million on revenue of $643.8 million. The diluted share comparison is $4.45 to $2.89, a 53% improvement.