Spieker Properties Inc. saw 23.5% growth in funds from operations (“FFO”) for the second three months of the year, in part due to strong internal revenue growth, completed development projects and lease termination fees, according to the company.

FFO was $80.6 million or $1.05 per share for the second quarter of 2000. In 1999, second-quarter FFO was $63.2 million, or 85 cents a share. Net income for the second quarter, before gain on disposition of property and minority interests for the second quarter, was $61.3 million, or 88 cents a share, on revenue of $184 million. The comparable numbers for the second quarter of 1999 were $48.7 million, or 59 cents a share, on revenues of $158.7 million.

For the first six months of 2000, FFO increased to $153 million or $2 per share from FFO of $123.4 million or $1.67 per share for the same period in 1999. This represents a year-to-year increase in FFO and FFO per share of 24 percent and 19.8 percent, respectively. Net income from operations for the first six months of 2000 was $114.6 million, or $1.75 a share, on revenue of $353.5 million. In the first half of 1999, net income was $96.3 million, or $1.16 a share, on revenue of $309.4 million.

Spieker Properties is a publicly traded real estate company that owns and operates more than 41 million square feet of commercial real estate in California and the Pacific Northwest. Of the 2.5 million square feet of second generation space renewed or re-leased in the second quarter, rents increased, on average, 68.1 percent. Additionally, the average term on leases signed this quarter increased to 69 months.

Concludes John Foster, co-chief executive officer at Spieker said: “While the pace is not as frenzied as it was six months ago, we continue to experience high levels of demand from a broad range of industries.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.