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Spieker Stock Up a Buck Before Rosy Q4 Report

MENLO PARK, CA-The company didn't announce its 27.2% jump in per-share FFO until after the markets closed Monday, but its stock still rose by an anticipatory $1.12 to $52.43, less than $7 off its 52-week high in September.

By Allison Landa | Updated on January 29, 2001

MENLO PARK, CA-Spieker Properties said Monday its fourth quarter funds from operations were $90.0 million or $1.17 per share, a 27.2% jump from the fourth quarter of 1999. For the year, Spieker reported FFO of $329 million, or $4.27 per share, a 23% improvement upon 1999. Co-chief executive officer John Foster associated the success with “significant opportunities to grow earnings as we mark expiring leases to current market rates and capitalize on select development and acquisition activity.”

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.

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