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CUPERTINO, CA-The fourth quarter dividend of Mission West Properties Inc. is up a respectable 27% over that declared for the fourth quarter of 1999, the company announced Tuesday. The company’s stock price, which has been flirting with its 52-week high of late, closed at $14.18, up 18.75 cents on the day and just 50 cents off its 52-week high, set on Nov. 9.

Nineteen cents per share of common stock will be paid on Jan. 10, 2001 to common stockholders of record as of Dec. 29, 2000. On Oct. 31, Mission West reported third quarter funds from operations of 23 cents a diluted share, a 28% year-over-year increase. Two days later analysts at Legg Mason upgraded Mission West from a recommendation of Buy to a Strong Buy.

Mission West operates as a self-managed, self-administered and fully integrated REIT engaged in the management, leasing, marketing, development and acquisition of commercial R&D properties, primarily located in the Silicon Valley. The company manages 89 properties with a total of approximately 6.2 million sf.

The company’s portfolio of industrial properties in the Silicon Valley include a 117,400-sf building in South San Jose on Hellyer at Branham, across from Cisco (with a listed rent price of $1.25 per sf); 84,000 sf of manufacturing and warehouse space on Memorex Drive in Santa Clara ($0.75 per sf); and the 225-acre King Ranch Business Complex at Silver Creek and Highway 101 in South San Jose, with three buildings totaling 400,000 sf ($1.10 per sf).

The REIT caters to high-tech companies, with its four largest tenants being the Redmond WA-based software giant, Microsof, Apple Computer, Cisco Systems, and Amdahl Corp.

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