Arden Realty Posts Drop in Profitability Measures
Los Angeles office landlord Arden Realty Inc. said funds from operations, a key measure of profitability for real estate investment trusts, were $40.3 million, or 58 cents a share, in the fourth quarter.
That compared with $44.6 million, or 66 cents a share, a year earlier. The company reported a profit of $4.4 million or 7 cents a share, contrasted with $34.6 million, or 52 cents, a year earlier. Revenue was up 12% to $114.3 million.
The results included $3.6 million in costs related to the company’s pending sale to General Electric Capital Corp.
Roger Vincent
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