Mission West Properties (NASDAQ:MSW) closed higher Wednesday just prior to reporting lower third-quarter earnings on still impeded demand for rentable space.
The Cupertino, Calif-based company posted net income of $1.37 million, or 6 cents a share, compared with $2.76 million, or 13 cents a share, in the same quarter last year.
Revenue for the leaser of Silicon Valley properties was $24 million, down slightly from $25.3 million a year ago, and missing average analyst estimates polled by Thomson Reuters of $28.9 million.
Last quarter the company entered into a fixed rate agreement for a secured mortgage loan totaling $40 million from Hartford Life Insurance and Accident Insurance.
The company paid about $457,000 in loan fees and costs and used the proceeds to repay the remaining balance of an existing loan with the Berg Group.