EOPT Reports 3Q Net Loss

Equity Office Properties Trust, Chicago, has reported a net loss of $139.4 million ($0.40 per share) for the third quarter, compared with net income of $93.7 million ($0.23 per share) for the third quarter of last year.EOPT, the largest office real estate investment trust by market capitalization, attributed the loss to a "previously announced noncash impairment charge of $188.9 million taken in anticipation of future asset sales." On a funds-from-operations basis, EOPT reported a loss of $3.4 million for the third quarter ($0.01 per share), compared with $227.7 million ($0.50 per share) for the third quarter of 2005. (FFO is a standard, not recognized under generally accepted accounting principles, that is commonly used as a performance indicator in the REIT industry.) "We continue to reposition our portfolio to take advantage of the positive momentum in office markets," said Richard Kincaid, the REIT's president and chief executive officer. He added that office rents and occupancy have gone up in EOPT's markets. The REIT can be found online at http://www.equityoffice.com.