Arden Realty’s Net Income Falls 11% in First Quarter

Arden Realty Inc., one of Los Angeles’ largest office building owners, said Wednesday that net income for the first quarter fell about 11% from the same period last year to $21.4 million.

Revenue at the Los Angeles-based real estate investment trust also fell to $102.8 million for the period ended March 31.

Arden’s funds from operations, a key measure for many real estate companies, also declined to $47.1million from $49million.

On the New York Stock Exchange on Wednesday, Arden shares fell 30 cents to $27.39. The firm released its earnings report after the close of financial markets.

In other earnings news, CorVel Corp., an Irvine provider of managed-care services, posted record earnings and sales for its fiscal fourth quarter and fiscal year, ended March 31. Quarterly net income rose 12% to $3.8 million, or 34 cents a share, from $3.4 million, or 29 cents a share, for last year’s final three months. Quarterly revenue rose 10% to $60.8 million.

For the year, CorVel posted a profit of $14.8 million, or $1.30 a share, a 12% increase from earnings of $13.2 million, or $1.13, for the previous year. Annual revenue grew 11% to $235.9 million.