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CUPERTINO, CA-Mission West Properties is reporting a 40% increase in second quarter funds from operations. Mission West’s FFO was $27.92 million, or 27 cents per diluted share, for the second quarter ended June 30, 2001, compared to $19.85 million, or 20 cents per diluted share, in the second quarter of 2000.

Mission West Properties, which invests in commercial R&D properties in the Silicon Valley, manages 93 properties totaling approximately 6.4 million sf. The company’s share price stood at $13.23 in afternoon trading Wednesday, up 36 cents on the day and more than $1.40 under a 52-week high that dates back to November.

During the second quarter of 2001, Mission West acquired three R&D properties located in San Jose and Sunnyvale, CA. These acquisitions added 206,000 sf of rentable space. The property at 5550 Hellyer Ave. was acquired from the Berg Group under the Berg Land Holdings Option Agreement for approximately $7.1 million. The properties at 245 Caspian Dr. and 855 E. Branham Lane were acquired from the Berg Group in a tax-deferred exchange for approximately $23.2 million. The combined first year unleveraged cash return for these acquisitions is 18.4%.

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