Office REIT Sees Strong Quarter

Office REIT Equity Office Properties Trust (EOP) posted stronger net income during the third quarter thanks to rental and occupancy growth. But the news was offset by EOP’s announcement that it will not provide guidance for the next few quarters due to concerns over rising operating costs.

Earlier today, the firm reported net income of $102.4 million, or 23 cents a share, for the quarter. The same quarter in 2004 saw a loss of $120.3 million, or 32 cents a share, by comparison.

Funds from operations (FFO) reached $227.7 million, or 50 cents a share. during the third quarter, which was a sharp increase over the same quarter in 2004 of $49.9 million in FFO, or just 3 cents a share. Meanwhile revenue increased by 2.3% to $738.6 million. Revenue for the same quarter in 2004 was $721.9 million.

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