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Occupancy Jumps for Mission West in Q3

SAN FRANCISCO-The R&D REIT's occupancy rate is up 180 basis points from mid-year while its average monthly rental revenue per sf stands pat.

By Brian K. Miller | Updated on October 15, 2008

SAN FRANCISCO-Mission West, an owner of 8 million sf of R&D space in the Silicon Valley is reporting a 180 basis point jump in its occupancy rate during the third quarter. As part of its quarterly earnings report the Cupertino, CA-based Silicon Valley R&D REIT says its occupancy rate was 66.7% at the end of September, up from 64.9% at the end of June. At the end of last year’s third quarter, the company’s occupancy was 62.6%.

Mission West’s average monthly rental revenue per sf during the third quarter was $1.25, up $0.01 from the second quarter. The average monthly rental revenue per sf has dropped 15% since the third quarter of 2007, when it was $1.47. The figure is obtained by taking the cash base rent for the period divided by the number of months in the period, and then divided by the average occupied square feet in the period.

The company’s Funds From Operations for the third quarter was approximately $14.2 million, or $0.13 per diluted common share. In the same 2007 period, FFO was $61 million, or $0.58 per share, a period that included $46.3 million ($0.44 per share) of lease termination fee income.

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