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August 2003

NOTE: Although the tables below are checked and double-checked for accuracy, and may at times be 100% accurate - do NOT count on that. Please confirm through your own research any numbers on which you are to make a buy, sell or hold decision.


Office Update for 8-29-03

Office Q2 FFO Results and Expectations 8-15

    AMV's Q2 FFO were $1,823,639, or $0.14 per diluted share, compared with $1,087,106, or $0.12 per diluted share, in Q2-02. Core portfolio occupancy at the end of June was 91.0%
    ARI's Q2 FFO were $43.4 million or $0.67 per share on a fully diluted basis, compared with FFO of $46.6 million or $0.70 per share on a fully diluted basis for Q2-02. Overall portfolio occupancy stood at 89.5% at the end of Q2-03 versus 89.7% at the end of Q1-03 and 89.9% at the end of Q2-02.
    BXP's Q2 FFO were $103.4 million, or $1.07 per share basic and $1.03 per diluted share. This compares to FFO of $98.2 million, or $1.07 per share basic and $1.02 per share diluted for Q2-02.
    CLI's Q2 FFO were $66.5 million, or 92 cents a share, versus $72.1 million, or $1.00 a share for Q2-02. Analysts on average expected the company to post FFO of 89 cents a share. It expects Q3 FFO of 93 cents to 95 cents a share.
    CRE beat Street views for FFO, earning $49.7 million, or 86 cents a share, up from $40 million, or 74 cents a share, a year ago, vs analyst estimates of 80 cents. For Q3, CarrAmerica expects FFO 75 and 79 cents a share. For the year, the company expects FFO between $3.20 and $3.30 a share.
    EOP's Q2 FFO were $310.2 million, or 69 cents a share, compared with last year's $366.3 million, or 78 cents a share. EOP guided 2003 FFO as being $2.80 to $3 a share. Analysts expect $2.81 a share; the company earned $3.21 a share a year ago. Note that EOP's expected 03 FFO is one of very few that sets at the bottom of the company's guidance.
    GL's Q2 FFO were $7.0 million, or 44 cents a share, down from FFO of $9.1 million or 55 cents a share in Q2-02."The good news is, after averaging 20% per year average lease expirations over the last 3 years, our expiring leases average only 13% per year over the next 3 years said Dick May, GL's Chairman and CEO. GL project 03 FFO per common share in the range of $1.70 to $1.80.
    HIW's Q2 FFO were $39.7 million, or 66 cents a share, a penny a share above analysts' views. Q2-02's FFO were $51.1 million, or 84 cents a share. HIW expects 03 FFO between $2.60 and $2.70 a share, in line with April guidance and Wall Street's view of $2.63 a share.
    KE's Q2 FFO were $11.1 million, or 52 cents a share, as compared to Q2-02 FFO $11.0 million, or 51 cents a share. 03 FFO is expected to range between $2.10-$2.15 per share. KE reported overall occupancy of 82.5%, up from 81.1% in Q1 and down from 86.2% in Q2-02. Note that KE's analyst generated expected 03 FFO is $1.84 - well below the company's guidance.
    OFC's Q2 FFO per share increased to $0.38 from $0.37 for Q2-02. The Company's properties was 91.6% occupied and 92.0% leased.
    PKY's Q2 FFO were $13,085,000 or $1.16 per share, compared to Q2-02 FFO of $11,930,000 or $1.16 per share. PKY is forecasting FFO per diluted share of $4.67 to $4.75. PKY's occupancy of the office portfolio was 91.8% compared to 92.1% in Q1-03 and 92.3% in Q2-02.
    SLG's Q2 FFO were $31.6 million, or 87 cents per share, compared to $28.4 million, or $0.81 per share for Q2-02.
    TRZ's Q2 FFO were $70.5 million, or 47 cents per share, compared to $78.3 million, or $0.52 per share for Q2-02.TRZ'saverage occupancy of the same-property portfolio dropped from 90.7% to 87.3%. TRZ expects 03 FFO to be at the higher end of its previously stated guidance, which was $1.72 to $1.82 a share.
    VNO's Q2 FFO were $133.4 million, or $1.14 a share, compared to $116.8 million, or $1.03 a share for Q2-02. Adjusting FFO for certain items that affect comparability, Q2 FFO was $1.15 a share, or 3.6% higher than the year-ago $1.11 a share. Note that Q2's annualized FFO would be $4.56 - well above the $4.32 expectation.


Industrial Update for 8-29-03


Apartment Update for 8-29-03

NOTE: ASN's 02 FFO had to be estimated (and estimated to reflect an average decrease compared to 03) due to the fact that ASN prefers to use EPS - and I could not find the number in their press releases or annual statements.

Note: Shopping Center, Mall, and Health Care Update are on here Update page. This months articles are here.


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