The owner and operator of industrial properties says earnings per share before gains from dispositions and extraordinary items was 32 cents, a decrease of 8.6% from the third quarter of 1999. Year-to-date EPS decreased 2.0% from 1999 to $0.99.

For the company's entire portfolio, rent increases on new leases were 36.4%. Occupancy was 96.6% at quarter end, compared to 96.8% at the end of the second quarter. During the quarter, AMB acquired $180 million of assets totaling 2.6 million sf and disposed of $92 million of assets totaling 498,112 sf.

AMB Institutional Alliance Fund I, a partnership between AMB and 15 institutional investors, acquired six industrial buildings totaling 644,223 sf for $38 million during the quarter. Two new development and renovation projects commenced during the quarter totaling 690,000 sf with an expected total investment of $39 million. The total development and renovation pipeline at quarter end was $414 million totaling 6.6 million sft, of which $250 million has been funded.