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Prentiss Properties Reports Funds From Operations Steady With a Year Ago

DALLAS-The locally based company is taking a conservative stance, keeping a close eye on tenant credit quality.

By Jim McCartney | Updated on July 16, 2002

DALLAS-Prentiss Properties Trust said Tuesday its funds from operations totaled $37.7 million or 85 cents per share for the second quarter ended June 30, about on par with the same quarter a year ago.

Meanwhile, the company says its operating earnings were $17.9 million or 41 cents per diluted share, down from $19.4 million or 46 cents/share for the same quarter a year ago. Revenue totaled $92.2 million, up from $85.6 million during the 20001 second quarter.

The Burnett Plaza and Park West at Dulles Corner acquisitions helped both revenue and earnings, the company says in a prepared statement. The results were hurt by the expiration of the AON lease at 123 North Wacker and an overall decline in occupancy.

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