Shares of MPG Office Trust Inc. (NYSE: MPG), a self-administered and self-managed real estate investment trust (REIT), soared in trading today.
MPG shares ended the day 26.85% higher at $3.26 on above average volume of 3.24 million. The stock gained 39.91% in the last three trading sessions.
MPG Office Trust shares have been gaining momentum after the company this week announced its second-quarter financial results. For the second quarter ended June 30, 2012, MPG reported net income of $67.3 million, or $1.32 per share, compared to $118.4 million, or $2.42 per share reported for the same period last year.
Funds from Operations (FFO) available to common stockholders for the quarter ended June 30, 2012 was $71.4 million, or $1.38 per share, compared to $99.7 million, or $1.99 per share reported for the quarter ended June 30, 2011.