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DENVER–AmeriVest Properties Inc., the nation’s only office REIT that caters exclusively to small and medium-sized tenants, posted a net loss of $1.11 million, or a 9 cents per share loss in the second quarter 2003 compared with net income of $373,330, or 4 cents per share, during the same period in 2002. The financial results for the second quarter included non-cash impairment charges of $1.46 million for non-core properties previously leased to the State of Texas.

However, funds from operations for the second quarter were $1.823 million, or 14 cents per diluted shared, compared with $1.087 million, or 12 cents per diluted share in the second quarter 2002.

This represents a 68% increase in FFO and a 17% increase in FFO per diluted share. The FFO is typically considered one of the most important measures of the financial performance of a REIT.

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