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July 26, 1995: SPIEKER PROPERTIES REPORTS SECOND QUARTER RESULTS
July 25, 1995: SPIEKER PROPERTIES ANNOUNCES FIVE NEW INVESTMENTS
July 17,1995: SPIEKER PROPERTIES APPOINTS NEW CHIEF FINANCIAL OFFICER AND NEW CHIEF INVESTMENT OFFICER
June 28, 1995: SPIEKER PROPERTIES ANNOUNCES REDUCTION IN LINE OF CREDIT INTEREST RATE
June 15, 1995: SPIEKER PROPERTIES DECLARES SECOND QUARTER DIVIDEND
Menlo Park, CA-July 26, 1995-Spieker Properties, Inc. (NYSE: SPK) reported financial results for the second quarter and the six months ended June 30, 1995. Funds From Operations (FFO) for the second quarter of 1995 was $17,288,038 or $.52 per share, as compared to FFO of $12,601,360 or $.47 a share, for the second quarter of 1994. This represents a 37.2% increase in FFO and a 10.6% increase in FFO per share over 1994 results for the same period. Net income for the second quarter 1995 was $6.9 million on revenues of $37.7 million, as compared with net income of $3.1 million on revenues of $29.5 million for the second quarter of 1994. Net income per share available to Common Shareholders for the second quarter 1995 was $.20 per share, as compared with $.11 per share for the second quarter of 1994.
For the first six months of 1995, FFO increased to $31,476,644 or $1.03 per share from $24,796,031 or $.93 per share for the first six months of 1994. This represents an increase in FFO and FFO per share of 26.9% and 10.8%, respectively, from the same period in 1994. Net income for the first six months of 1995 was $11.4 million on revenues of $73.0 million, as compared with net income of $6.1 million on revenues of $57.1 million for the first six months of 1994. On a per share basis, net income available to Common Shareholders was $.34 per share for the first six months of 1995, as compared with $.23 per share for the same period in 1994.
At June 30, 1995, Spieker's portfolio of 120 properties, totaling 15.3 million square feet, was 96.8% leased. By property type the occupancy levels were:
69 industrial properties, totaling 9.9 million square feet, were 98.7% leased;
37 suburban office properties, totaling 3.7 million square feet, were 92.3% leased, and;
14 neighborhood retail properties, totaling 1.7 million square feet, were 95.8% leased
Executive Vice President and Chief Operating Officer, John French said, "During the first half of 1995 we have experienced strong operating results in our portfolio. Through June 30, 1995, we have signed approximately 300 leases for approximately 2.0 million square feet of space and on average rents are up 5.4%. The industrial portfolio is performing extremely well with an occupancy rate of over 98% and rents up 8.1%. Also, we continue to see meaningful rent increases in the office portfolio, with rents up 5.4%."
Menlo Park, CA-July 25, 1995--Spieker Properties, Inc. (NYSE: SPK) announced today that it has completed three acquisitions and has commenced construction on two developments.
SPK has acquired beneficial interest in a 100% leased, seven story, 116,000 square foot suburban office building in San Mateo, CA. The $13.5 million asset has an initial return on investment of 11.2%. Chief Investment Officer, Dennis Singleton said, "We believe this is a great opportunity for SPK to make an investment in one of Northern California's strongest suburban office markets. During the past year the office vacancy rate in San Mateo has dropped to less than 5% and net rents have risen in excess of 15%. We acquired our interest at about 75% of replacement cost with significantly undermarket leases rolling in the next 2 years."
SPK also acquired Striker Avenue, a three building industrial property totaling 167,200 square feet in Sacramento, CA. The property was acquired for $3.7 million or 70% of replacement cost and is currently 100% leased. SPK expects to spend an additional $.3 million in capital improvements on the property. After upgrading the property, SPK expects the return on capitalized cost to be 12.0%.
The third property acquired, West Park Plaza, is an 88,000 square foot neighborhood shopping center in San Jose, CA which SPK acquired for $6.7 million. The center is anchored by Safeway and Thrifty Drugs. Concurrent with the closing of the acquisition, SPK signed a lease with Blockbuster Video, which adds another anchor tenant to the center and increases the occupancy rate to 89%. After spending an estimated $1.0 million to upgrade the center, SPK expects the return on capitalized cost to be 11.5%.
In addition to the acquisitions completed, SPK announced that it has commenced construction on two retail developments, Metro 580 and Broadway Faire, both of which are significantly preleased.
Metro 580 is a 180,390 square foot power center in Pleasanton, CA which is 84% preleased. The center, scheduled to open in early 1996, will be anchored by Borders Books & Music, Linens N' Things, Staples, Computer City and Sears Homelife. The budgeted return is 11.8% on a total cost of $20.5 million.
Broadway Faire is a 61,400 square foot entertainment oriented shopping center situated directly across from SPK's Arbor Faire power center in Fresno, CA. The center will be anchored by Blockbuster Music, Boston Chicken and a ten screen United Artists theater and is scheduled to open in November 1995. The center is 94% preleased and is budgeted to return 11.7% on a total cost of $9.2 million.
Spieker Properties owns and operates 121 suburban office, industrial and retail properties aggregating over 15.4 million square feet in Northern California and the Pacific Northwest.
Menlo Park, CA--July 17,1995-Spieker Properties, Inc. (NYSE: SPK) announced today that Dennis E. Singleton, Director and Executive Vice President, has been appointed Chief Investment Officer with responsibilities for all real estate development and acquisitions and that Craig G. Vought, formerly Senior Vice President - Finance, has been named Executive Vice President and Chief Financial Officer.
Warren "Ned" Spieker, Chairman of Spieker Properties, commented "Craig Vought brings to his new position as Chief Financial Officer the combined real estate and financial expertise gained in his nearly 10 years with the company. Having led our capital markets effort since the initial public offering, he has clearly demonstrated a strong understanding of the financial markets."
He continued, "As one of the company's founding partners, Dennis Singleton has more than 20 years of experience in acquiring and developing commercial property. His broad real estate experience will be invaluable in his new role as chief investment officer particularly as we enter a period of increased development activity."
Spieker concluded, "Both Craig and Dennis will add a tremendous amount of value in their new roles. These changes will enable us to continue to take advantage of the new business opportunities we see as well as to finance this growth as effectively as possible."
Spieker Properties owns and operates 120 suburban office, industrial and retail properties aggregating over 15 million square feet in Northern California and the Pacific Northwest.
Menlo Park, CA--June 28, 1995--Spieker Properties, Inc. (NYSE: SPK) announced today that its lenders, Wells Fargo Bank, First Bank, Seattle First National Bank and Union Bank, agreed to reduce the interest rate on its secured line of credit by 25 basis points.
With the interest rate reduction, Spieker now has in place a $150 million credit facility bearing interest at LIBOR plus 175 basis points. At this time the entire $150 million facility is available to fund Spieker's continuing growth through the acquisition and development of new properties.
Spieker Properties is an equity real estate investment trust which owns and operates 118 income producing properties located in Northern California and the Pacific Northwest. The Company's properties aggregate over 15 million square feet, primarily in suburban office and industrial properties.
Menlo Park, CA--June 15, 1995--Spieker Properties, Inc. (NYSE: SPK) announced today that The Board of Directors has declared a cash dividend of $.42 per share to common shareholders of record as of June 30, 1995. The dividend will be paid July 18, 1995.
Spieker Properties is an equity real estate investment trust which owns and operates 118 income producing properties located in Northern California and the Pacific Northwest. The Company's properties aggregate over 15 million square feet primarily in suburban office and industrial properties.
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