Bedford acquires, develops, owns and operates multi-tenant suburban office and industrial properties in Arizona, California, Colorado, Nevada, Oregon and Washington. The decline in average rental rates compares favorably to 2004. For all of 2004, the average rental rate on renewed or re-leased space was 15.8%. For the fourth quarter of 2004, the average decline was 18.4%.
The locally based company also reported a 200 basis point drop in occupancy rates. As of the end of 2005, the company's 6.6-million-sf operating portfolio was 89% leased, according to the company's earnings announcement. At the end of 2004, its operating portfolio (then 6.1 million sf) was 91% leased.
In addition to the average rental rate falling, the percentage of space being renewed and re-leased also fell compared to 2004. In 2005, Bedford was able to renew or re-lease 71% (1.06 million sf) of the expiring square footage. In 2004, it renewed or re-leased 74% (934,180 sf) of its expiring square footage.
As for its actual financial results, its diluted earnings per share of common stock for the fourth quarter of 2005 was $1.23 compared with diluted EPS of $4.31 achieved for the fourth quarter of 2004. EPS for the year was $2.32 compared with $5.03 in 2004. Funds from operations per common share for the fourth quarter of 2005 were $0.40 compared to $0.33 for the fourth quarter of 2004. FFO per common share for all of 2005 was $1.70 compared with $2.50 in 2004.
Net income available to common stockholders for the fourth quarter of 2005 fell by $48.83 million when compared with the fourth quarter of 2004. For the year, net income available to common stockholders fell by $44.51 million when compared to 2004. Bedford officials say the decreases are primarily due to fewer property sales in 2004 than 2005.
Bedford sold 21 properties and a vacant land parcel in seven transactions in 2005 for a total of $138.42 million. In 2004, Bedford sold 11 properties for $70.23 million in the fourth quarter alone. Information on the full year was not immediately available.
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