Chambers Street Properties (NYSE: CSG) (“Chambers Street” or the “Company”), a real estate investment trust focused on acquiring, owning and managing net leased industrial and office properties, today reported its financial results for the three-month period ended June 30, 2013.
"Our portfolio produced solid operating results in the second quarter 2013, with strong leasing activity and recent acquisitions driving Core Funds from Operations to $0.16 per diluted share," stated Jack A. Cuneo, President and Chief Executive Officer of Chambers Street. “In May, we completed the listing of our shares on the New York Stock Exchange, which we believe will provide us access to additional capital sources, enabling us to continue to execute our long-term strategies. We remain committed to our long-standing, disciplined approach of growing the Company and increasing cash flows, while maintaining a strong balance sheet to ensure our financial flexibility to take advantage of opportunities that align with our goals.”
Operational and Financial Highlights Second Quarter 2013
- Core Funds from Operations (“Core FFO”) of $0.16 per diluted share, a 23.1% increase compared to $0.13 per diluted share for the quarter ended June 30, 2012.
- Funds from Operations (“FFO”), as defined by the National Association of Real Estate Investment Trusts (“NAREIT”), of $0.13 per diluted share, an 8.3% increase compared to $0.12 per diluted share for the quarter ended June 30, 2012.
- Net loss of $3.6 million, or $0.01 per diluted share, as compared to a net loss of $1.9 million, or $0.01 per diluted share, for the quarter ended June 30, 2012.
- Portfolio occupancy and percentage leased of 95.5% at quarter end.
- Executed over 1,345,000 square feet of new, renewal and expansion leases in the first six months of 2013.
- Completed the listing of the Company’s common shares on the New York Stock Exchange under the ticker symbol “CSG”.
Financial Results for the Three Months Ended June 30, 2013Core FFO for the second quarter of 2013 was $40.9 million, or $0.16 per diluted share, compared to $31.6 million, or $0.13 per diluted share, for the second quarter of 2012. The increase in our Core FFO was driven by the acquisition of the minority interest in 17 properties previously owned in the Company’s Duke joint venture, and the completion and rent commencement of the 1400 Atwater Drive build-to-suit project located in Malvern, Pennsylvania.