Exhibit 99.1


 
 
 
 
 
Press Release

For Immediate News Release
October 12, 2011


Mission West Properties Announces Third Quarter 2011 Operating Results


Cupertino, CA – Mission West Properties, Inc. (NASDAQ: MSW) reported today that Funds From Operations (“FFO”) for the quarter ended September 30, 2011, was approximately $14,120,000, or $0.13 per diluted common share, (considering the potential effect of all O.P. units being exchanged for shares of the Company’s common stock) as compared to approximately $11,770,000, or $0.11 per diluted common share, for the same period in 2010. On a sequential quarter basis, FFO for the quarter ended June 30, 2011, was approximately $0.13 per diluted common share. For the nine months ended September 30, 2011, FFO decreased to $44,069,000, or $0.42 per diluted common share, from FFO of $44,836,000, or $0.43 per diluted common share, for the nine months ended September 30, 2010. Realized and unrealized gain from investment in marketable securities and litigation proceeds accounted for approximately $0.05 per diluted common share for the nine months ended September 30, 2010.

Net income for the quarter ended September 30, 2011, was approximately $7,436,000 as compared to approximately $5,471,000 for the quarter ended September 30, 2010. Net income per diluted share available to common stockholders was approximately $0.08 for the quarter ended September 30, 2011, compared to $0.06 for the quarter ended September 30, 2010, a per share increase of approximately 33%. Net income for the nine months ended September 30, 2011, was approximately $24,741,000 as compared to approximately $25,655,000 for the nine months ended September 30, 2010. For the nine months ended September 30, 2011, net income per diluted share available to common stockholders was $0.27, down from $0.29 a year ago, a per share decrease of approximately 7%. Realized and unrealized gain from investment in marketable securities and litigation proceeds accounted for approximately $0.05 per diluted common share for the nine months ended September 30, 2010.

On July 1, 2011, the Company acquired an approximately 67,500 rentable square foot R&D building located at 5941 Optical Court in San Jose, California from the Berg Group. The total acquisition price for this property was approximately $10,825,000. The first year unleveraged cash return for this acquisition is 8.50%. The Company acquired this property by paying $2,000,000 in cash and issuing an unsecured short-term note payable in the amount of approximately $8,825,000 with an interest rate of 3.50%, which is due October 31, 2011. As of September 30, 2011, the remaining balance on the note payable was approximately $305,000.

On September 1, 2011, the Company entered into a change in terms agreement with Heritage Bank of Commerce to amend the maturity date of the $17,500,000 revolving line of credit to September 15, 2013. The interest rate on the revolving line of credit is the greater of LIBOR plus 1.75% or 4.00% per annum. The Heritage Bank of Commerce loan is secured by three properties consisting of approximately 219,000 rentable square feet. The Company paid approximately $21,000 in loan and legal fees in renewing the revolving line of credit.

Company Profile

Mission West Properties, Inc. operates as a self-managed, self-administered and fully integrated REIT engaged in the management, leasing, marketing, development and acquisition of commercial R&D properties, primarily located in the Silicon Valley portion of the San Francisco Bay Area. Currently, the Company manages 112 properties totaling approximately 8.1 million rentable square feet. For additional information, please contact Investor Relations at 408-725-0700.

The matters described herein contain forward-looking statements. Such statements can be identified by the use of forward-looking terminology such as “will,” “anticipate,” “estimate,” “expect,” “intend,” or similar words. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the Company’s control, which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to, the ability to complete acquisitions from the Berg Group and other factors detailed in the Company’s registration statements, and periodic filings with the Securities & Exchange Commission.
 
 
 

The following information was filed by Mission West Properties Inc (MSW) on Thursday, October 13, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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