The owner of eight million square feet in 111 properties in theSilicon Valley said net income for the first quarter was $5.63million ($0.07 per diluted common share), down 38% from $9.12million ($0.10 per share) in the first quarter of 2008. FFO in thefirst quarter was $12.07 million ($0.11 per share), a 20% declinefrom $15.22 million ($0.14 per share) in the first quarter of2008.

The company lost $2.76 million on its investments in marketablesecurities, which cut $0.02 per share from its profit and $0.03from its FFO. The loss is the result of the company buying stock inApartment Investment Management Co. AIV's share price has fallensince the shares were acquired in the fourth quarter of 2008.

In the past 52 weeks MSW's share price has traded as high as$12.45 [May 2, 2008] and as low as $5.60 [March 09, 2009]. A fewdays after its previous low on $5.69 in November, Mission West'sboard authorized the purchase of up to $5 million of its commonstock on the open market. Instead, the company recently acquiredstock in AIV at an average price of $9.55 per share afterdividends. "We believe they are capable of making their dividendand we think there is some upside in the stock," CEO Carl Berg toldinvestors during the company's fourth quarter conference call inearly February.

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