|
contents | news | |||||||||
| Columbia Equity Trust, Inc. Announces Third Quarter Results Columbia Equity Trust, Inc., a real estate investment trust which focuses on the acquisition, development and ownership of commercial office properties predominantly in the Greater Washington, D.C. area, announced its results of operations for the quarter ended September 30, 2005. Results for the quarter ending September 30, 2005 included the following: -- Successfully completed initial public offering ("IPO") of 13.8 million shares of common stock, including the exercise of 1.8 million shares from the exercise of the underwriters' over-allotment option, raising a total of approximately $188.5 million in net proceeds. -- Quarterly Funds from Operations (FFO) totaled $1.2 million, or $0.08 per diluted share. Included in the third quarter Funds from Operations was the recognition of two accounting charges totaling $1.5 million relating to one-time stock-based compensation expenses associated with our IPO. Without these accounting charges, quarterly FFO would have been $2.6 million or $0.18 per diluted share. -- Quarterly Adjusted Funds from Operations (AFFO) totaled $2.0 million. FFO and AFFO are supplemental non-GAAP financial measures used by many real estate investment trusts to measure operating performance. A complete reconciliation containing adjustments from GAAP net income to FFO and AFFO is included at the end of this release. -- The net loss for the quarter was $1.7 million, or $(0.12) per diluted earnings per share. -- Declared and paid dividend of $0.12 per share for the quarter. -- Completed all formation transactions associated with our IPO. This includes the July acquisitions of the Barlow Building and Loudoun Gateway IV properties for combined consideration of approximately $117 million (including our joint venture partner's equity interest in the Barlow Building). -- Fourteen leases totaling approximately 80, 500 square feet were signed during the quarter at a weighted average rental rate of $22.17 per square foot. Approximately 40, 900 square feet of space expired throughout our portfolio during the quarter of which we renewed approximately 34, 100 square feet resulting in a retention rate of 83%. -- Acquired Park Plaza II and 14700 Lee Road for a combined cost of approximately $59 million at a weighted average first-year net operating income-to-purchase price return (cash basis) of approximately 7.25% and contracted for the purchase of Patrick Henry Corporate Center for approximately $14.5 million at a first-year net operating income-to-purchase price return (cash basis) of approximately 8.4%. The Patrick Henry Corporate Center transaction is expected to close by the end of November. -- Placed approximately $61.2 million of additional properties under contract, subsequent to the quarter end, with several additional acquisition opportunities in the pipeline. write your comments about the article :: © 2005 Construction News :: home page |