This represents a 1.4% increase in per share FFO for the fourth quarter of 2001 compared to the fourth quarter of 2000 and a 6.4% increase in FFO per share on a year-to-year basis.
Same property net operating income increased by 3.2% on a cash basis for the fourth quarter of 2001 compared to the fourth quarter of 2000 and 5.4% on a year-to-year basis. Same space rent growth was 20% on a cash basis during the fourth quarter of 2001 and 22% on a cash basis for the year ended Dec. 31, 2001.
Revenues for the fourth quarter of 2001 were $107.2 million and $421.5 million for the year ended December 31, 2001, compared with $104.0 million for the fourth quarter of 2000 and $388.1 million for the year ended Dec. 31, 2000. Net income for the fourth quarter of 2001 was $22.2 million and $97.8 million for the year ended Dec. 31, 2001, compared with $26.6 million for the fourth quarter of 2000 and $96.7 million for the year ended Dec. 31, 2000.
Adjusting FFO by excluding straight-line rent adjustments and providing a reserve for recurring capital expenditures, tenant improvements and leasing commissions resulted in Funds Available for Distribution (FAD) for the fourth quarter of 2001 of $39.1 million and $157.5 million for the year ended Dec. 31, 2001, compared with FAD of $38.9 million for the fourth quarter of 2000 and $146.6 million for the year ended Dec.31, 2000. A dividend of $.49 per share was declared for the fourth quarter of 2001.
Total debt was approximately $1.25 billion, representing approximately 41.0% of total market capitalization at December 31, 2001.
Arden Realty is a self-administered, self-managed REIT that owns, manages, leases, develops, renovates and acquires commercial office properties located in Southern California. As of Dec. 31, 2001, its portfolio contained 133 properties and approximately 18.2 million rentable sf and two properties with approximately 566,000 rentable sf under development.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
