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CommonWealth REIT Q2 Net Income More Than Triples

Aug 3, 2011 | Reprints | Unlock Link | Print

Newton-based CommonWealth REIT reported $9.5 million net income for the second quarter, up from $2.7 million reported during the same time last year.

Normalized funds from operations (FFO) for the second quarter was $66 million, an increase compared to the $60.2 million reported during the second quarter of 2010, according to a statement.

Net income for the six months ended June 30 was $47.2 million, more than double the $22 million reported during the same time last year.

Normalized FFO available for the first six months of the year was $127.8 million, an increase compared to the $120.2 million reported during the same time last year.

CommonWealth REIT’s positive results were attributed to a nearly 90 percent leasing occupancy rate and the acquisition of 10 properties with approximately 2 million square feet for an aggregate purchase price of $302.7 million.

Commercial & Industrial