HOUSTON-AmREIT Inc., in reporting its Q3 2013 earnings also unveiled changes to its 2013 FFO guidance. Based on sales during the quarter, the REIT revised its FFO guidance upward to between $1.07 and $1.12, while maintaining its full year Core FFO at between $0.98 and $1.03.

The sales in question included that of Sunbelt Rentals for a gain of approximately $799,000 and a binding earnest money contract to sell a CVS build-to-suit in Houston for $2 million. Also included in the FFO were:

• $171,000 in acquisition costs for the buy of Woodlake Square
• A $279,000 one-time charge in conjunction with the acquisition of the Preston Royal Village fee interest in July 2013
• $164,000 in costs connected to a MacArthur Park joint venture with Goldman Sachs
• $126,000 in acquisition costs related to the buy of Fountain Oaks in June

In addition:

• Core Funds from Operations ("Core FFO") available to common stockholders for the third quarter of 2013 was $4.5 million, or $0.24 per share, compared to $3.7 million, or $0.26 per share for the comparable period in 2012.
• FFO available to common stockholders for the third quarter of 2013 was $4.8 million, or $0.26 per share, compared to $3.4 million, or $0.23 per share for the comparable period in 2012.
• Net income available to common stockholders was $1.3 million, or $0.06 per share, compared to $1.0 million, or $0.07 per share, for the same period in 2012.
• With the recent acquisitions of Fountain Oaks and Woodlake Square, which were 89% and 88% occupied respectively, portfolio occupancy as of September 30 was 94.2%, a decrease of approximately 250 basis points as compared to portfolio occupancy of 96.7% as of Dec. 31, 2012.

The REIT also initiated vacancies at the Courtyard on Post Oak and at the Uptown Park – Baker site in preparation for their anticipated redevelopments, which also put short-term pressure on occupancy.