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AmeriVest Reports Mixed 1Q Results

DENVER, CO-AmeriVest Properties Inc., focusing exclusively on owning and operating office buildings that cater to small and medium-sized tenants, reports results that include three new Denver-area buildings in its portfolio.

By John Rebchook | Updated on May 17, 2001

DENVER, CO-AmeriVest Properties Inc. reports its first-quarter earnings fell 61% to $0.01 per share even though operating income rose than more than 22% to $1.98 million. However, funds from operations were up 5.7% to $413,072, or $0.18 per share.

Executives believe their company is the only REIT focusing exclusively on owning and operating office buildings that cater to small and medium-sized tenants.

Results included operations from three Denver-area buildings it has added to its portfolio — Sheridan Center, Panorama Falls and Sheridan Plaza at Inverness, which it did not fully own in the first quarter of 2000. It was a partial owner of the Sheridan Plaza at Inverness.

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