The company blamed the drop this year in part on a $5.3 million charge to depreciation for capitalized leasing costs and a $1.5 million charge to record development and bad debt reserves related to the financial condition of Peregrine Systems, Inc., an existing tenant.Revenue for this year's second quarter was $51.3 million, compared with $58.2 million for the second quarter last year.
The West Los Angeles-based REIT's funds from operations (FFO) totaled $23.4 million, or 73 cents per share, in the current second quarter, compared to $28.2 million, or 93 cents per share, in last year's second quarter.As of June 30, the company owned 7.6 million sf of office space and 5.1 million square feet of industrial space.
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