For the quarter ended Sept. 30, FFO were $85.3 million or $1.10 a share. In the same 1999 quarter, FFO was $65.7 million or 87 cents a share. "The...results reflect the continued strong real estate markets on the West Coast, the roll-up of rents to market, and modestly higher occupancy rates," commented Craig Vought, co-chief executive officer. Moreover, says Vought, the company's 13% growth in same-store net operating income "sets the stage for continued healthy performance."

Net income--before gain on disposition of property and minority interests--was $64 million on revenues of $194.1 million. In 1999, the same column produced $48 million in profits on revenues of $164.6 million. Net income per share available to common stockholders was $1.49 per share for the third quarter. In 1999, it was 60 cents a share.

Rents on the 1.9 million sf of second-generation space renewed or re-leased jumped by an average of 83.4% during the quarter. At September 30, 2000, the portfolio of office and industrial properties totaled 39.3 million sf and was 97.7% leased.

During the quarter Spieker completed four development projects, totaling approximately 683,000 sf, at a cost of approximately $116.9 million. Currently, the company's development pipeline consists of eight properties totaling 1.8 million sf under development or redevelopment. The estimated project cost for these investments is $457.5 million, and the expected stabilized return is 15%.