Cabot, which focuses on distribution facilities in such markets as Boston, Atlanta, Chicago and Los Angeles, saw its net income fall for the quarter, from $15.1 million in 1999 to $12.9 million in 2000. Nonetheless, FFO per common share was up from 50 cents in the second quarter a year ago to 56 cents this year.
Among the highlights for the second quarter were Cabot's ongoing acquisition and development programs. Ten properties were purchased for $66 million. It also has projects underway in 12 markets nationally, ventures carrying a development cost of $252 million. Another bright spot for the quarter was the creation of a $100 million joint venture with Chase Capital Partners that will invest in value-added industrial workspace properties in major domestic markets. The partnership recently closed on the first major investment, paying $12.5 million for a 131,000 sf research facility in San Jose, CA.
"We continue to see exceptional investment opportunities in the market, and are well-positioned to pursue these opportunities," says Cabot Chairman Ferdinand Colloredo-Mansfeld.
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