Chambers Street Properties (NYSE:CSG) ("Chambers Street" or the "Company"), a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties, today reported its financial results for the three-month period ended September 30, 2013.
"Our portfolio produced solid operating results in the third quarter 2013, with increased occupancy and recent acquisitions supporting a significant improvement in Core Funds from Operations to $0.17 per diluted share," stated Jack A. Cuneo, President and Chief Executive Officer of Chambers Street. "During the quarter, we made strides on all of our corporate strategies, including executing leases for approximately 1.2 million square feet, growing our portfolio with high-quality acquisitions, and strengthening our balance sheet. As we move into the fourth quarter of the year, we will continue to execute our disciplined approach to increasing cash flows, while maintaining financial flexibility to take advantage of additional opportunities."
Operational and Financial Highlights Third Quarter 2013
- Grew Core Funds from Operations ("Core FFO") to $0.17 per diluted share, an improvement of $0.06 per share compared to the third quarter of 2012.
- Increased total portfolio leased percentage to 96.0% as of September 30, 2013 from 95.5% as of June 30, 2013.
- Executed 13 leases, representing approximately 1.2 million square feet.
- Acquired two fully-leased properties encompassing approximately 383,600 square feet for approximately $60.3 million.
- Completed $1.37 billion of unsecured financings, including an expanded $850 million revolving credit facility, as well as new and replacement term loan financings of $520 million.
Financial Results for the Three Months Ended September 30, 2013Core FFO for the third quarter of 2013 increased to $40.2 million, or $0.17 per diluted share, compared to $28.6 million, or $0.11 per diluted share, for the third quarter of 2012. The increase in Core FFO was driven primarily by acquisitions and a reduction in corporate general and administrative expenses due to the internalization of management. This was partially offset by an increase in interest expense resulting from additional borrowings.