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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.”

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