This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Chambers Street – Fourth Quarter 2013 Financial Results

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 December 31, 2013.

"We continued to strengthen our portfolio during the fourth quarter with approximately 972,000 square feet of leasing, resulting in a leased percentage of 96.5%. Core FFO was $0.17 per diluted share, a significant improvement compared to the fourth quarter last year," stated Jack A. Cuneo, President and Chief Executive Officer of Chambers Street. "In addition, we continued to execute all of our corporate strategies, by adding $106.0 million in high-quality acquisitions, and increasing the capacity and flexibility of our balance sheet, the strength of which was affirmed with investment grade ratings from Moody's and S&P. As we look to 2014, we believe our strong, stable portfolio should support steady improvement in our cash flows, while we continue to monitor markets for additional investment opportunities."

Operational and Financial Highlights Fourth 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 fourth quarter of 2012.
  • Increased total portfolio percentage leased to 96.5% as of December 31, 2013 from 96.0% as of September 30, 2013.
  • Executed 11 leases, representing approximately 972,000 square feet.
  • Acquired an 80% equity interest in three fully-leased properties encompassing approximately 1,608,000 square feet for approximately $106.0 million.
  • Sold two wholly-owned properties for $31.1 million and three unconsolidated properties for a gross sales price of $85.5 million, of which our pro rata share was approximately $73.0 million.

Financial Results for the Three Months Ended December 31, 2013

Core FFO for the fourth quarter of 2013 increased to $39.1 million, or $0.17 per diluted share, compared to $26.8 million, or $0.11 per diluted share, for the fourth quarter of 2012. The increase in Core FFO was driven primarily by acquisitions, partially offset by higher corporate general and administrative expenses, and an increase in interest expense resulting from additional borrowings.

1 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.19 -1.04%
FB $118.06 0.54%
GOOG $695.70 0.48%
TSLA $222.56 -4.20%
YHOO $36.00 -0.03%


Chart of I:DJI
DOW 17,651.26 -99.65 -0.56%
S&P 500 2,051.12 -12.25 -0.59%
NASDAQ 4,725.6390 -37.5850 -0.79%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs