Equity Office Properties Trust (EOP: chart) of Chicago, Illinois, said Tuesday its third-quarter net income plunged 34% to $120.7 million from $183.6 million a year ago. The U.S. largest real estate investment trust said falling rents and lower occupancy weighed down the quarterly results. Funds from operations dropped 14% to $316 million, or 69 cents a share, compared with $366.2 million, or 77 cents a share, in the same period a year ago.

Company shares shed 11 cents on Tuesday to $28.12. The stock slipped 0.16% to $28.07 in after-market trade.