The real estate investment trust, the largest office landlord in Southern California, also reported lower revenue of $104.9 million, compared with $106.5 million in the third quarter last year.
Funds Available for Distribution (FAD) for the third quarter of 2002 totaled $34.9 million, or 53 cents per share, compared with $43 million or 65 cents per share for the third quarter of 2001.
The company said that as part of its $75 million common stock repurchase program announced in August, it has purchased 1,368,000 shares to date at an average price of approximately $22.75 per share.
In late morning trading Tuesday, Arden's shares stood at $21.32, down 38 cents for the day and well below its 52-week high of $29.56, achieved in April.
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