Executives believe their company is the only REIT focusing exclusively on owning and operating office buildings that cater to small and medium-sized tenants.
Results included operations from three Denver-area buildings it has added to its portfolio -- Sheridan Center, Panorama Falls and Sheridan Plaza at Inverness, which it did not fully own in the first quarter of 2000. It was a partial owner of the Sheridan Plaza at Inverness.
''This quarter represents a continuing transition form the old to the new AmeriVest, focused 100% on office buildings for small and mid-sized tenants," says AmeriVest CEO William Atkins. ''As the year progresses, we should begin to see the results of our value-added repositioning for the company.''
Net proceeds from a secondary offering of about $2.93 million were primarily invested in the Sheridan Center. That Class A office building is not expected to contribute significantly to the FFO until late 2001.
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