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Mission West Reports 30% Hike in Q3 FFO

CUPERTINO, CA-Last month, Mission West Properties sold a 77,000-sf R&D property located at 5713-5729 Fontanoso Way in San Jose to Cisco Systems for $15.4 million.

By Michelle Savage | Updated on October 15, 2001

CUPERTINO, CA-Mission West Properties, Inc. has reported that funds from operations for the quarter ending Sept. 30 was $30,501,000, a per share increase of approximately 30% from the same period last year.

The $30,501,000, or 30 cents per diluted common share, was an approximate 11% increase over the second quarter ending June 30 and a 30% hike over the third quarter of 2000.

Last month, Mission West Properties sold a 77,000-sf R&D property located at 5713-5729 Fontanoso Way in San Jose to Cisco Systems, which exercised its purchase option in November 2000. The property sold for $15.4 million, leaving Mission West with a gain of about $8.5 million.

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