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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.

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