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MENLO PARK, CA-A.G. Edwards & Sons Inc. upgraded its rating for Spieker Properties this week from ‘Accumulate’ to ‘Buy’ based on share price weakness.

A.G. Edwards analyst Bill Camp says he continues to believe that, among the publicly traded equity REITs, Spieker remains among the top in terms of FFO/share growth projections into 2001.

At projected growth of 19.4% for 2000 and 13.8% for 2001, Spieker remains attractively valued despite its above average Price/FFO multiple (13.3x), says Camp.

“Despite the nearly 50% increase in share price, we believe SPK offers investors an opportunity to capture one of the highest FFO/share growth projections in the REIT industry,” said Camp. “Investors can capture this at a below average growth multiple (0.7x for 1999-2001 versus a peer group average 1.0x). Additionally, SPK shares trade at an approximate 10% discount to our estimated NAV of $59.81.”

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