WASHINGTON, DC-Columbia Equity Trust Inc. has just released its results of operations for the fourth quarter of 2005, which was the first full quarter following the office REIT's initial public offering that was completed on July 5 of last year. And while company officials note that the results for the quarter are in line with what was expected--such as the Quarterly Funds from Operations--they point out that the comparative financial results are based on the operations of the company's predecessor and do not offer insight into the new public company's future prospects.
Columbia Equity's Quarterly FFO amounted to $3.3 million for the final quarter of 2005. The net loss for the quarter was less than $800,000, and the declared dividend was $.14 per-share. As for asset performance, overall portfolio occupancy for in-service properties held steady from the third quarter at 94%. There was also the purchase of two properties for an aggregate $30.5 million, the signing of contracts to acquire two other properties for a total of $57.6 million, as well as the securing of several leases.
"I remain confident that our strategy of investing in small and mid-sized office buildings combined with the continued strength of Washington's regional economy should lead to long term value creation for our stockholders," says Oliver T. Carr III, Columbia Equity chairman and CEO."However, we are facing a more competitive investment climate today then we faced nine months ago as many investors are attracted to the growth potential and stability of the Washington market. Our response to the level of competition, and reduced number of attractive yield opportunities, has been to stay patient, maintain our underwriting discipline, and vigorously pursue those investments that meet our return thresholds."
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
