Despite a dropoff in net income, Cabot Industrial Trust is reporting favorable results for the second quarter, with both revenues and rental revenues increasing significantly, while funds from operations was up 12% per share. Revenues increased from $32 million in the second quarter of 1999 to $44.9 million for the same period this year, while rental revenues were up from $37.1 million last year to $52.1 million. The average rent increase per property was 12%. Occupancy is 97.1% for the company’s 350 properties, which total 42 million sf in 22 states.

Cabot, which focuses on distribution facilities in such markets as Boston, Atlanta, Chicago and Los Angeles, saw its net income fall for the quarter, from $15.1 million in 1999 to $12.9 million in 2000. Nonetheless, FFO per common share was up from 50 cents in the second quarter a year ago to 56 cents this year.

Among the highlights for the second quarter were Cabot’s ongoing acquisition and development programs. Ten properties were purchased for $66 million. It also has projects underway in 12 markets nationally, ventures carrying a development cost of $252 million. Another bright spot for the quarter was the creation of a $100 million joint venture with Chase Capital Partners that will invest in value-added industrial workspace properties in major domestic markets. The partnership recently closed on the first major investment, paying $12.5 million for a 131,000 sf research facility in San Jose, CA.

“We continue to see exceptional investment opportunities in the market, and are well-positioned to pursue these opportunities,” says Cabot Chairman Ferdinand Colloredo-Mansfeld.

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 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 now!

  • Free unlimited access to'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 and

Already have an account? Sign In Now
Join GlobeSt

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