Company Records Impairment Charge in Lake Mary and Acquires Illinois Property
1 report, 1 independent
Updated Wed 00:00
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What happened
The company recorded a $6.5 million impairment charge related to an office property in Lake Mary, Florida, citing changes in local lease velocity and a tenant downsizing. Separately, the company acquired 146,650 square feet of property in Redbud, Illinois, for $6.6 million with an 8-year lease term.
From fool.com
Why it matters
The financial actions contributed to a 7.9% decrease in core Funds From Operations, dropping to $0.35 per diluted share from $0.38 per share in the previous quarter. Total operating revenue also decreased by 3.6% from the prior quarter.
From fool.com