Equity Office Properties Trust reported results today for the second quarter ended June 30, 2002. Funds from operations (FFO) for the second quarter 2002 totaled $366.3 million, or $.78 per fully diluted share, as compared to FFO for the same period in 2001 of $272.7 million, or $.78 per fully diluted share.
Fully diluted earnings per share (EPS) for the second quarter 2002 were $.40, compared to EPS of $.40 for the second quarter of 2001. The weighted average number of basic shares and units outstanding totaled 470,109,997 in the second quarter, and totaled 472,610,590 on a fully diluted basis.
'We are starting to see small signs of recovery in the office industry with modest positive absorption and a return to positive job growth during the second quarter,' commented Sam Zell, chairman, president and chief executive officer of Equity Office. 'We believe there will continue to be economic uncertainty for the balance of the year, but EOP remains well-positioned with a strong balance sheet, substantial liquidity and a talented management team.'
Total revenues in the second quarter 2002 were $884 million, as compared to $664 million in the second quarter of 2001. This 33% increase was primarily due to the revenues associated with the Spieker Properties acquisition, which closed in July 2001.
For more information please visit www.equityoffice.com.
(source: Equity Office)