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LOS ANGELES-Arden Realty Inc. reported a dip in funds from operations and a drop in net income for the third quarter that ended Sept. 30, on revenues that rose slightly from the third quarter of 2002.

The Los Angeles-based real estate investment trust’s FFO totaled $41.9 million, or 64 cents per share on a fully diluted basis, compared with FFO of $43.2 million, or 65 cents per share, for the comparable period last year. Net income was $10.5 million, 16 cents per share, compared with $15.1 million and 23 cents per share for the third quarter of 2002. Third quarter revenue rose to $105 million versus $99.6 million for the third quarter of 2002, with overall occupancy of the REIT’s portfolio inching up to 89.9% at the end of the third quarter, compared with 89.5% at the end of the second quarter this year and 89.7% at the end of the third quarter of last year.

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