After announcing strong growth in funds from operations ("FFO")for the second three months of the year on Monday, the REIT's stockjumped nearly $5 tuesday to close at $56.563 after hitting a52-week high of $56.875. Nonetheless, Robertson Stephens ManagingDirector and Senior Real Estate Services Analyst Jay Leuppreiterated his "Long-Term Attractive" rating of the company.

"Despite Spieker's sharp increase in share price subsequent toits second quarter earnings release, we believe the company'sshares continue to represent a compelling value on both an absoluteand relative valuation basis," said Leupp.

Leupp expects Spieker to grow FFO per share by 14.1 percent 2001over 2000, while the company's shares trade at a moderate premiumon a multiple basis. As a result, Leupp is boosting RobertsonStephens' 2000 and 2001 FFO per share estimates to $4.12 and $4.70,respectively, to reflect second quarter operating results, "ourincreased same-store NOI expectation and Spieker's expandingdevelopment pipeline."