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LOS ANGELES, CA-Arden Realty Inc. reported that funds from operations for the second quarter of this year slid to $46.6 million or 70 cents per share on a fully diluted basis, compared with FFO of $49.6 million or 75 cents per share on a fully diluted basis for the second quarter of 2001.

Revenues for the second quarter of 2002 was $103.1 million, compared with $103.7 million for the second quarter of 2001, but net income dropped to $17.4 million this year versus $28 million last year. On a per-share basis, income was 27 cents per share this year compared with 44 last year.

Arden also announced that its board of directors has authorized a common stock repurchase program under which the company will be authorized to purchase up to $75 million of its common stock over the next 12 months.

A drop of 4% in the overall occupancy of Arden’s office portfolio was the biggest reason for the declines in FFO and net income this year versus last year, the company said in a conference call. Also in the conference call, Arden CEO Richard Ziman described the office leasing market as “tough and challenging,” and cited “decision paralysis” on the part of large corporations faced with leasing decisions.

Ziman said that in authorizing its stock repurchase program, Arden “is not contemplating any immediate purchases,” but wants to be prepared to “take advantage of any volatility” in the stock market.

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